CTEX vs. CRAK

Last updated Jun 24, 2026

CTEX (ProShares S&P Kensho Cleantech ETF) and CRAK (VanEck Oil Refiners ETF) are both exchange-traded funds - CTEX is a Alternative Energy Equities fund tracking the S&P Kensho Cleantech Index, while CRAK is a Energy Equities fund tracking the MVIS Global Oil Refiners Index. Both are passively managed. Over the past 3 years, CTEX returned 11.07%/yr vs 19.31%/yr for CRAK. At a 0.36 correlation, their price movements are largely independent. CTEX charges 0.58%/yr vs 0.62%/yr for CRAK.

Performance

CTEX vs. CRAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Cleantech ETF (CTEX) and VanEck Oil Refiners ETF (CRAK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CTEX having a 20.77% return and CRAK slightly higher at 20.86%.

CTEX

• 1D: -6.36%
• 1M: -8.02%
• YTD: 20.77%
• 6M: 16.43%
• 1Y: 116.42%
• 3Y*: 11.07%
• 5Y*: —
• 10Y*: —

CRAK

• 1D: -0.83%
• 1M: -6.54%
• YTD: 20.86%
• 6M: 20.73%
• 1Y: 42.08%
• 3Y*: 19.31%
• 5Y*: 12.08%
• 10Y*: 12.77%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CTEX vs. CRAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CTEX ProShares S&P Kensho Cleantech ETF	20.77%	67.74%	-20.38%	-10.25%	-20.38%	-6.68%
CRAK VanEck Oil Refiners ETF	20.86%	39.11%	-15.05%	13.73%	19.10%	-4.99%

Correlation

The correlation between CTEX and CRAK is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.36

The correlation between CTEX and CRAK shifts across timeframes, from 0.17 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

CTEX vs. CRAK - Sectors Allocation Comparison

Sectors	CTEX	CRAK
Industrials	38.2%	4.0%
Energy	36.3%	98.8%
Utilities	16.5%	-
Technology	6.1%	-
Consumer Cyclical	2.6%	-
Basic Materials	-	1.2%
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

CTEX vs. CRAK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CTEX

CTEX Risk / Return Rank: 79
CTEX Sharpe Ratio Rank: 87
CTEX Sortino Ratio Rank: 71
CTEX Omega Ratio Rank: 69
CTEX Calmar Ratio Rank: 90
CTEX Martin Ratio Rank: 77

CRAK

CRAK Risk / Return Rank: 69
CRAK Sharpe Ratio Rank: 73
CRAK Sortino Ratio Rank: 70
CRAK Omega Ratio Rank: 66
CRAK Calmar Ratio Rank: 69
CRAK Martin Ratio Rank: 66

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CTEX vs. CRAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Cleantech ETF (CTEX) and VanEck Oil Refiners ETF (CRAK). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CTEX	CRAK	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.21	+0.44
Sortino ratio: Return per unit of downside risk	2.98	2.98	-0.01
Omega ratio: Gain probability vs. loss probability	1.38	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	5.35	3.29	+2.05
Martin ratio: Return relative to average drawdown	13.69	11.53	+2.17

CTEX vs. CRAK - Sharpe Ratio Comparison

The current CTEX Sharpe Ratio is 2.65, which is comparable to the CRAK Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of CTEX and CRAK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CTEX vs. CRAK - Drawdown Comparison

The maximum CTEX drawdown since its inception was -70.31%, which is greater than CRAK's maximum drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for CTEX and CRAK.

Drawdown Indicators

	CTEX	CRAK	Difference
Max Drawdown Largest peak-to-trough decline	-70.31%	-58.80%	-11.51%
Max Drawdown (1Y) Largest decline over 1 year	-21.90%	-12.84%	-9.06%
Max Drawdown (3Y) Largest decline over 3 years	-56.83%	-35.61%	-21.22%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-58.80%	—
Current Drawdown Current decline from peak	-17.23%	-12.74%	-4.49%
Average Drawdown Average peak-to-trough decline	-41.61%	-12.47%	-29.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.53%	3.66%	+4.87%

Volatility

CTEX vs. CRAK - Volatility Comparison

ProShares S&P Kensho Cleantech ETF (CTEX) has a higher volatility of 19.24% compared to VanEck Oil Refiners ETF (CRAK) at 6.42%. This indicates that CTEX's price experiences larger fluctuations and is considered to be riskier than CRAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CTEX	CRAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.24%	6.42%	+12.82%
Volatility (6M) Calculated over the trailing 6-month period	32.48%	15.00%	+17.48%
Volatility (1Y) Calculated over the trailing 1-year period	44.17%	19.11%	+25.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.59%	20.67%	+22.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.59%	22.17%	+21.42%

CTEX vs. CRAK - Expense Ratio Comparison

CTEX has a 0.58% expense ratio, which is lower than CRAK's 0.62% expense ratio.

Dividends

CTEX vs. CRAK - Dividend Comparison

CTEX's dividend yield for the trailing twelve months is around 1.73%, more than CRAK's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRAK VanEck Oil Refiners ETF	1.67%	2.02%	5.60%	3.65%	3.08%	2.40%	2.64%	1.49%	2.42%	1.66%	3.42%	0.47%
CTEX ProShares S&P Kensho Cleantech ETF	1.73%	2.17%	0.57%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CTEX and CRAK in my portfolio?

CTEX and CRAK have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTEX or CRAK?

CTEX has higher volatility (19.24%) compared to CRAK (6.42%). In terms of maximum drawdown, CTEX dropped -70.31% vs CRAK's -58.80%.

Which ETF is better, CTEX or CRAK?

On 3-year performance, CRAK leads with 19.31% vs 11.07% for CTEX. On fees, CTEX is cheaper at 0.58% per year. On volatility, CRAK has been the lower-risk option at 6.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CTEX or CRAK?

Over the 3-year period, CRAK has performed better with a 19.31% return vs 11.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CTEX or CRAK?

CTEX is cheaper with a 0.58% expense ratio, compared with 0.62% for CRAK.

Which ETF pays a higher dividend yield, CTEX or CRAK?

CTEX has the higher dividend yield at 1.73%, compared with 1.67% for CRAK.

What is the main difference between CTEX and CRAK?

CTEX is categorized as Alternative Energy Equities, while CRAK is Energy Equities. CTEX tracks S&P Kensho Cleantech Index, while CRAK tracks MVIS Global Oil Refiners Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.58% for CTEX and 0.62% for CRAK.

Which has better risk-adjusted returns?

CTEX currently has the higher Sharpe Ratio (2.65 vs 2.21), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.