JAPN vs. OILK

Last updated Aug 4, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and OILK (ProShares K-1 Free Crude Oil ETF) are both exchange-traded funds - JAPN is a Japan Equities fund actively managed by Horizon, while OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index. JAPN is actively managed, while OILK is passively managed. Over the past year, JAPN returned -8.72% vs 33.62% for OILK. Their -0.16 correlation means they have often moved in opposite directions in the past. JAPN charges 0.85%/yr vs 0.69%/yr for OILK.

Performance

JAPN vs. OILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) and ProShares K-1 Free Crude Oil ETF (OILK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAPN achieves a -2.20% return, which is significantly lower than OILK's 47.49% return.

JAPN

• 1D: 0.18%
• 1M: 8.13%
• 6M: 3.31%
• YTD: -2.20%
• 1Y: -8.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.67%

OILK

• 1D: -3.24%
• 1M: 8.88%
• 6M: 37.83%
• YTD: 47.49%
• 1Y: 33.62%
• 3Y*: 9.71%
• 5Y*: 15.25%
• 10Y*: —
• ALL TIME*: 3.29%

*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)
JAPN Horizon Kinetics Japan Owner Operator ETF	$237.11K	$161.04K	$133.74K
OILK ProShares K-1 Free Crude Oil ETF	$8.74M	$7.86M	$10.67M

JAPN vs. OILK - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.20%	3.10%
OILK ProShares K-1 Free Crude Oil ETF	47.49%	-1.83%

Correlation

The correlation between JAPN and OILK is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.14
Correlation (All Time) Calculated using the full available price history since May 13, 2025	-0.16

Return for Risk

JAPN vs. OILK — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 6
JAPN Sharpe Ratio Rank: 5
JAPN Sortino Ratio Rank: 5
JAPN Omega Ratio Rank: 5
JAPN Calmar Ratio Rank: 6
JAPN Martin Ratio Rank: 7

OILK

OILK Risk / Return Rank: 42
OILK Sharpe Ratio Rank: 44
OILK Sortino Ratio Rank: 43
OILK Omega Ratio Rank: 41
OILK Calmar Ratio Rank: 44
OILK Martin Ratio Rank: 41

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.

JAPN vs. OILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) and ProShares K-1 Free Crude Oil 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.

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.

	JAPN	OILK	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	1.12	-1.55
Sortino ratio: Return per unit of downside risk	-0.50	1.62	-2.12
Omega ratio: Gain probability vs. loss probability	0.94	1.20	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.37	1.59	-1.96
Martin ratio: Return relative to average drawdown	-0.59	4.49	-5.09

JAPN vs. OILK - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.43, which is lower than the OILK Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of JAPN and OILK, 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

JAPN vs. OILK - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, smaller than the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for JAPN and OILK.

Drawdown Indicators

	JAPN	OILK	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-83.76%	+59.82%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	-21.19%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.69%	—
Current Drawdown Current decline from peak	-13.01%	-13.47%	+0.46%
Average Drawdown Average peak-to-trough decline	-10.71%	-32.27%	+21.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.73%	7.52%	+7.21%

Volatility

JAPN vs. OILK - Volatility Comparison

The current volatility for Horizon Kinetics Japan Owner Operator ETF (JAPN) is 6.62%, while ProShares K-1 Free Crude Oil ETF (OILK) has a volatility of 11.95%. This indicates that JAPN 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.

Volatility by Period

	JAPN	OILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	11.95%	-5.33%
Volatility (6M) Calculated over the trailing 6-month period	16.88%	26.22%	-9.34%
Volatility (1Y) Calculated over the trailing 1-year period	20.17%	30.24%	-10.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	30.48%	-10.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	36.00%	-16.19%

JAPN vs. OILK - Expense Ratio Comparison

JAPN has a 0.85% expense ratio, which is higher than OILK's 0.69% expense ratio.

Dividends

JAPN vs. OILK - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.25%, less than OILK's 11.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OILK ProShares K-1 Free Crude Oil ETF	11.51%	4.79%	3.11%	5.80%	17.32%	68.82%	0.13%	0.94%	0.58%	6.17%

Frequently Asked Questions

Can I hold both JAPN and OILK in my portfolio?

JAPN and OILK have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAPN or OILK?

OILK has higher volatility (11.95%) compared to JAPN (6.62%). In terms of maximum drawdown, JAPN dropped -23.94% vs OILK's -83.76%.

Which ETF is better, JAPN or OILK?

On 1-year performance, OILK leads with 33.62% vs -8.72% for JAPN. On fees, OILK is cheaper at 0.69% per year. On volatility, JAPN has been the lower-risk option at 6.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAPN or OILK?

Over the 1-year period, OILK has performed better with a 33.62% return vs -8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAPN or OILK?

OILK is cheaper with a 0.69% expense ratio, compared with 0.85% for JAPN.

Which ETF pays a higher dividend yield, JAPN or OILK?

OILK has the higher dividend yield at 11.51%, compared with 0.25% for JAPN.

What is the main difference between JAPN and OILK?

JAPN is categorized as Japan Equities, while OILK is Oil & Gas. They also come from different issuers: Horizon and ProShares. Their fees differ too: 0.85% for JAPN and 0.69% for OILK.

Which has better risk-adjusted returns?

OILK currently has the higher Sharpe Ratio (1.12 vs -0.43), 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.