GOVT vs. OILK
GOVT (iShares U.S. Treasury Bond ETF) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both exchange-traded funds - GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index, while OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, GOVT returned -0.43%/yr vs 17.28%/yr for OILK. At a correlation of -0.19, they often move in opposite directions. GOVT charges 0.05%/yr vs 0.68%/yr for OILK.
Performance
GOVT vs. OILK - Performance Comparison
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Returns By Period
In the year-to-date period, GOVT achieves a 0.02% return, which is significantly lower than OILK's 61.09% return.
GOVT
- 1D
- 0.13%
- 1M
- 0.14%
- YTD
- 0.02%
- 6M
- 0.01%
- 1Y
- 3.37%
- 3Y*
- 2.88%
- 5Y*
- -0.43%
- 10Y*
- 0.90%
OILK
- 1D
- -1.91%
- 1M
- -2.15%
- YTD
- 61.09%
- 6M
- 56.40%
- 1Y
- 56.95%
- 3Y*
- 18.39%
- 5Y*
- 17.28%
- 10Y*
- —
GOVT vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | 0.02% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | 7.28% | 7.36% | 0.26% | 2.19% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 61.09% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
Correlation
The correlation between GOVT and OILK is -0.39, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | -0.19 |
Over the past year, the inverse relationship between GOVT and OILK has strengthened: their correlation has moved from -0.19 to -0.39, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GOVT vs. OILK — Risk / Return Rank
GOVT
OILK
GOVT vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Treasury Bond ETF (GOVT) and ProShares K-1 Free Crude Oil Strategy ETF (OILK). 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.
| GOVT | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.33 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | 3.30 | -2.11 |
| Martin ratioReturn relative to average drawdown | 3.47 | 6.67 | -3.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GOVT | OILK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | 1.99 | -1.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.07 | 0.58 | -0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.11 | +0.15 |
Drawdowns
GOVT vs. OILK - Drawdown Comparison
The maximum GOVT drawdown since its inception was -19.07%, smaller than the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for GOVT and OILK.
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Drawdown Indicators
| GOVT | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.07% | -83.76% | +64.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -17.35% | +14.50% |
Max Drawdown (3Y)Largest decline over 3 years | -5.43% | -23.42% | +17.99% |
Max Drawdown (5Y)Largest decline over 5 years | -16.60% | -34.69% | +18.09% |
Max Drawdown (10Y)Largest decline over 10 years | -19.07% | — | — |
Current DrawdownCurrent decline from peak | -7.05% | -5.49% | -1.56% |
Average DrawdownAverage peak-to-trough decline | -5.25% | -32.60% | +27.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 8.57% | -7.60% |
Volatility
GOVT vs. OILK - Volatility Comparison
The current volatility for iShares U.S. Treasury Bond ETF (GOVT) is 1.10%, while ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a volatility of 10.52%. This indicates that GOVT experiences smaller price fluctuations and is considered to be less risky than OILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVT | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 10.52% | -9.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 23.32% | -20.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.63% | 28.82% | -25.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.04% | 30.13% | -24.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.22% | 35.97% | -30.75% |
GOVT vs. OILK - Expense Ratio Comparison
GOVT has a 0.05% expense ratio, which is lower than OILK's 0.68% expense ratio.
Dividends
GOVT vs. OILK - Dividend Comparison
GOVT's dividend yield for the trailing twelve months is around 3.58%, less than OILK's 8.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | 3.58% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 8.34% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% | 0.00% | 0.00% |
Frequently Asked Questions
GOVT and OILK have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILK has higher volatility (10.52%) compared to GOVT (1.10%). In terms of maximum drawdown, GOVT dropped -19.07% vs OILK's -83.76%.
On 5-year performance, OILK leads with 17.28% vs -0.43% for GOVT. On fees, GOVT is cheaper at 0.05% per year. On volatility, GOVT has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OILK has performed better with a 17.28% return vs -0.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVT is cheaper with a 0.05% expense ratio, compared with 0.68% for OILK.
OILK has the higher dividend yield at 8.34%, compared with 3.58% for GOVT.
GOVT is categorized as Government Bonds, while OILK is Oil & Gas. GOVT tracks ICE U.S. Treasury Core Bond Index, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.05% for GOVT and 0.68% for OILK.
OILK currently has the higher Sharpe Ratio (1.99 vs 0.95), 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.
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