HAP vs. OILU

Last updated Aug 2, 2026

HAP (VanEck Natural Resources ETF) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both exchange-traded funds - HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources Index, while OILU is a Leveraged Equities fund tracking the Solactive MicroSectors Oil & Gas Exploration & Production Index. Both are passively managed. Over the past 3 years, HAP returned 14.98%/yr vs 1.15%/yr for OILU. Their 0.69 correlation means they have sometimes moved together and sometimes differently. HAP charges 0.42%/yr vs 0.95%/yr for OILU.

Performance

HAP vs. OILU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Natural Resources ETF (HAP) 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, HAP achieves a 18.12% return, which is significantly lower than OILU's 95.09% return.

HAP

• 1D: -1.03%
• 1M: 2.81%
• 6M: 5.60%
• YTD: 18.12%
• 1Y: 39.17%
• 3Y*: 14.98%
• 5Y*: 12.25%
• 10Y*: 11.44%
• ALL TIME*: 5.91%

OILU

• 1D: 3.79%
• 1M: 38.67%
• 6M: 37.11%
• YTD: 95.09%
• 1Y: 107.91%
• 3Y*: 1.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.25%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HAP VanEck Natural Resources ETF	$1.89M	$2.98M	$2.39M
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	$8.21M	$8.45M	$7.94M

HAP vs. OILU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HAP VanEck Natural Resources ETF	18.12%	34.91%	-4.08%	2.46%	7.84%	-0.76%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	95.09%	-16.50%	-21.65%	-32.50%	151.08%	-16.79%

Correlation

The correlation between HAP and OILU is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.59
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	0.69

Over the past year, the correlation between HAP and OILU has dropped to 0.40 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

HAP vs. OILU - Sectors Allocation Comparison

Sectors	HAP	OILU
Basic Materials	38.2%	-
Energy	28.7%	100.0%
Industrials	11.6%	-
Utilities	9.8%	-
Consumer Defensive	6.3%	-
Healthcare	3.8%	-
Technology	1.0%	-
Real Estate	0.4%	-
Consumer Cyclical	0.2%	-
Communication Services	-	-
Financial Services	-	-

Return for Risk

HAP vs. OILU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HAP

HAP Risk / Return Rank: 91
HAP Sharpe Ratio Rank: 93
HAP Sortino Ratio Rank: 91
HAP Omega Ratio Rank: 91
HAP Calmar Ratio Rank: 92
HAP Martin Ratio Rank: 86

OILU

OILU Risk / Return Rank: 56
OILU Sharpe Ratio Rank: 65
OILU Sortino Ratio Rank: 57
OILU Omega Ratio Rank: 55
OILU Calmar Ratio Rank: 59
OILU Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HAP vs. OILU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) 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.

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.

	HAP	OILU	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.50	+0.98
Sortino ratio: Return per unit of downside risk	3.21	1.96	+1.25
Omega ratio: Gain probability vs. loss probability	1.44	1.24	+0.20
Calmar ratio: Return relative to maximum drawdown	4.28	2.07	+2.21
Martin ratio: Return relative to average drawdown	12.10	5.11	+6.99

HAP vs. OILU - Sharpe Ratio Comparison

The current HAP Sharpe Ratio is 2.48, which is higher than the OILU Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of HAP 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.

Drawdowns

HAP vs. OILU - Drawdown Comparison

The maximum HAP drawdown since its inception was -50.99%, smaller than the maximum OILU drawdown of -81.00%. Use the drawdown chart below to compare losses from any high point for HAP and OILU.

Drawdown Indicators

	HAP	OILU	Difference
Max Drawdown Largest peak-to-trough decline	-50.99%	-81.00%	+30.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-46.49%	+37.40%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	-69.09%	+52.17%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	—	—
Current Drawdown Current decline from peak	-4.67%	-47.53%	+42.86%
Average Drawdown Average peak-to-trough decline	-12.03%	-50.69%	+38.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	18.88%	-15.67%

Volatility

HAP vs. OILU - Volatility Comparison

The current volatility for VanEck Natural Resources ETF (HAP) is 4.08%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 19.22%. This indicates that HAP 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

	HAP	OILU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	19.22%	-15.14%
Volatility (6M) Calculated over the trailing 6-month period	12.98%	51.99%	-39.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.67%	64.36%	-48.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	80.80%	-62.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	80.80%	-61.13%

HAP vs. OILU - Expense Ratio Comparison

HAP has a 0.42% expense ratio, which is lower than OILU's 0.95% expense ratio.

Dividends

HAP vs. OILU - Dividend Comparison

HAP's dividend yield for the trailing twelve months is around 1.92%, while OILU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAP VanEck Natural Resources ETF	1.92%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%
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 HAP and OILU in my portfolio?

HAP and OILU have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HAP or OILU?

OILU has higher volatility (19.22%) compared to HAP (4.08%). In terms of maximum drawdown, HAP dropped -50.99% vs OILU's -81.00%.

Which ETF is better, HAP or OILU?

On 3-year performance, HAP leads with 14.98% vs 1.15% for OILU. On fees, HAP is cheaper at 0.42% per year. On volatility, HAP has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAP or OILU?

Over the 3-year period, HAP has performed better with a 14.98% return vs 1.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAP or OILU?

HAP is cheaper with a 0.42% expense ratio, compared with 0.95% for OILU.

Which ETF pays a higher dividend yield, HAP or OILU?

HAP has the higher dividend yield at 1.92%, compared with 0.00% for OILU.

What is the main difference between HAP and OILU?

HAP is categorized as Energy Equities, while OILU is Leveraged Equities. HAP tracks MarketVector Global Natural Resources Index, while OILU tracks Solactive MicroSectors Oil & Gas Exploration & Production Index. They also come from different issuers: VanEck and BMO. Their fees differ too: 0.42% for HAP and 0.95% for OILU.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (2.48 vs 1.50), 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.