FRO vs. OILU

Last updated Jun 3, 2026

FRO (Frontline Ltd.) is a stock, while OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) is Leveraged Commodities fund managed by BMO. Over the past 3 years, FRO returned 45.91%/yr vs 9.29%/yr for OILU. At a 0.36 correlation, their price movements are largely independent.

Performance

FRO vs. OILU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontline Ltd. (FRO) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRO achieves a 63.98% return, which is significantly lower than OILU's 89.62% return.

FRO

• 1D: -0.49%
• 1M: -6.30%
• YTD: 63.98%
• 6M: 54.84%
• 1Y: 104.32%
• 3Y*: 45.91%
• 5Y*: 42.40%
• 10Y*: 22.58%

OILU

• 1D: 3.24%
• 1M: -10.77%
• YTD: 89.62%
• 6M: 81.13%
• 1Y: 116.30%
• 3Y*: 9.29%
• 5Y*: —
• 10Y*: —

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

FRO vs. OILU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FRO Frontline Ltd.	63.98%	61.17%	-22.48%	96.23%	73.67%	-16.43%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	89.62%	-16.50%	-21.65%	-32.50%	151.08%	-17.87%

Correlation

The correlation between FRO and OILU is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	0.36

Over the past year, the correlation between FRO and OILU has dropped to 0.15 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

FRO vs. OILU — Risk / Return Rank

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

FRO

FRO Risk / Return Rank: 89
FRO Sharpe Ratio Rank: 91
FRO Sortino Ratio Rank: 88
FRO Omega Ratio Rank: 84
FRO Calmar Ratio Rank: 90
FRO Martin Ratio Rank: 91

OILU

OILU Risk / Return Rank: 54
OILU Sharpe Ratio Rank: 55
OILU Sortino Ratio Rank: 45
OILU Omega Ratio Rank: 43
OILU Calmar Ratio Rank: 73
OILU Martin Ratio Rank: 54

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.

FRO vs. OILU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontline Ltd. (FRO) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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.

	FRO	OILU	Difference
Sharpe ratio Return per unit of total volatility	2.50	1.88	+0.62
Sortino ratio Return per unit of downside risk	3.07	2.26	+0.81
Omega ratio Gain probability vs. loss probability	1.36	1.28	+0.08
Calmar ratio Return relative to maximum drawdown	4.79	3.73	+1.06
Martin ratio Return relative to average drawdown	13.21	9.44	+3.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRO vs. OILU - Sharpe Ratio Comparison

The current FRO Sharpe Ratio is 2.50, which is higher than the OILU Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of FRO and OILU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FRO	OILU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	1.88	+0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.16	-0.05

Drawdowns

FRO vs. OILU - Drawdown Comparison

The maximum FRO drawdown since its inception was -98.36%, which is greater than OILU's maximum drawdown of -81.00%. Use the drawdown chart below to compare losses from any high point for FRO and OILU.

Drawdown Indicators

	FRO	OILU	Difference
Max Drawdown Largest peak-to-trough decline	-98.36%	-81.00%	-17.36%
Max Drawdown (1Y) Largest decline over 1 year	-21.41%	-33.51%	+12.10%
Max Drawdown (3Y) Largest decline over 3 years	-52.04%	-69.09%	+17.05%
Max Drawdown (5Y) Largest decline over 5 years	-52.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-57.14%	—	—
Current Drawdown Current decline from peak	-74.46%	-49.00%	-25.46%
Average Drawdown Average peak-to-trough decline	-67.84%	-50.59%	-17.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	13.23%	-5.47%

Volatility

FRO vs. OILU - Volatility Comparison

The current volatility for Frontline Ltd. (FRO) is 10.53%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 25.15%. This indicates that FRO experiences smaller price fluctuations and is considered to be less risky than OILU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRO	OILU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.53%	25.15%	-14.62%
Volatility (6M) Calculated over the trailing 6-month period	30.79%	49.89%	-19.10%
Volatility (1Y) Calculated over the trailing 1-year period	41.98%	62.25%	-20.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.35%	81.18%	-31.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.17%	81.18%	-30.01%

Dividends

FRO vs. OILU - Dividend Comparison

FRO's dividend yield for the trailing twelve months is around 5.07%, while OILU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRO Frontline Ltd.	5.07%	4.26%	13.74%	14.31%	1.24%	0.00%	25.72%	0.78%	0.00%	6.54%	19.83%	1.67%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRO and OILU in my portfolio?

FRO and OILU have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRO or OILU?

OILU has higher volatility (25.15%) compared to FRO (10.53%). In terms of maximum drawdown, FRO dropped -98.36% vs OILU's -81.00%.

Which has better risk-adjusted returns?

FRO currently has the higher Sharpe Ratio (2.50 vs 1.88), 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.