OILK vs. BITO

Last updated Aug 4, 2026

OILK (ProShares K-1 Free Crude Oil ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index, while BITO is a Cryptocurrency fund actively managed by ProShares. OILK is passively managed, while BITO is actively managed. Over the past 3 years, OILK returned 9.71%/yr vs 22.22%/yr for BITO. Their 0.06 correlation means their historical movements had little consistent relationship. OILK charges 0.69%/yr vs 0.95%/yr for BITO.

Performance

OILK vs. BITO - Performance Comparison

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

Returns By Period

In the year-to-date period, OILK achieves a 47.49% return, which is significantly higher than BITO's -28.40% return.

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%

BITO

• 1D: 1.45%
• 1M: 3.64%
• 6M: -19.37%
• YTD: -28.40%
• 1Y: -45.62%
• 3Y*: 22.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.87%

*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)
BITO ProShares Bitcoin Strategy ETF	$1.59B	$2.59B	$2.08B
OILK ProShares K-1 Free Crude Oil ETF	$8.74M	$7.86M	$10.67M

OILK vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILK ProShares K-1 Free Crude Oil ETF	47.49%	-11.86%	8.18%	-0.97%	27.57%	-3.96%
BITO ProShares Bitcoin Strategy ETF	-28.40%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between OILK and BITO is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.04
Correlation (3Y) Balances recent behavior with more history.	-0.00
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.06

Return for Risk

OILK vs. BITO — Risk / Return Rank

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

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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

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.

OILK vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares K-1 Free Crude Oil ETF (OILK) and ProShares Bitcoin Strategy ETF (BITO). 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.

	OILK	BITO	Difference
Sharpe ratio: Return per unit of total volatility	1.12	-1.04	+2.16
Sortino ratio: Return per unit of downside risk	1.62	-1.56	+3.18
Omega ratio: Gain probability vs. loss probability	1.20	0.83	+0.37
Calmar ratio: Return relative to maximum drawdown	1.59	-0.84	+2.43
Martin ratio: Return relative to average drawdown	4.49	-1.28	+5.78

OILK vs. BITO - Sharpe Ratio Comparison

The current OILK Sharpe Ratio is 1.12, which is higher than the BITO Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of OILK and BITO, 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

OILK vs. BITO - Drawdown Comparison

The maximum OILK drawdown since its inception was -83.76%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for OILK and BITO.

Drawdown Indicators

	OILK	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-83.76%	-77.86%	-5.90%
Max Drawdown (1Y) Largest decline over 1 year	-21.19%	-54.47%	+33.28%
Max Drawdown (3Y) Largest decline over 3 years	-23.42%	-54.47%	+31.05%
Max Drawdown (5Y) Largest decline over 5 years	-34.69%	—	—
Current Drawdown Current decline from peak	-13.47%	-50.61%	+37.14%
Average Drawdown Average peak-to-trough decline	-32.27%	-37.19%	+4.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.52%	35.62%	-28.10%

Volatility

OILK vs. BITO - Volatility Comparison

ProShares K-1 Free Crude Oil ETF (OILK) has a higher volatility of 11.95% compared to ProShares Bitcoin Strategy ETF (BITO) at 8.72%. This indicates that OILK's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILK	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.95%	8.72%	+3.23%
Volatility (6M) Calculated over the trailing 6-month period	26.22%	33.49%	-7.27%
Volatility (1Y) Calculated over the trailing 1-year period	30.24%	44.21%	-13.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.48%	54.58%	-24.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.00%	54.58%	-18.58%

OILK vs. BITO - Expense Ratio Comparison

OILK has a 0.69% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

OILK vs. BITO - Dividend Comparison

OILK's dividend yield for the trailing twelve months is around 11.51%, less than BITO's 47.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITO ProShares Bitcoin Strategy ETF	47.03%	78.29%	61.59%	15.14%	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 OILK and BITO in my portfolio?

OILK and BITO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILK or BITO?

OILK has higher volatility (11.95%) compared to BITO (8.72%). In terms of maximum drawdown, OILK dropped -83.76% vs BITO's -77.86%.

Which ETF is better, OILK or BITO?

On 3-year performance, BITO leads with 22.22% vs 9.71% for OILK. On fees, OILK is cheaper at 0.69% per year. On volatility, BITO has been the lower-risk option at 8.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILK or BITO?

Over the 3-year period, BITO has performed better with a 22.22% return vs 9.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILK or BITO?

OILK is cheaper with a 0.69% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 47.03%, compared with 11.51% for OILK.

What is the main difference between OILK and BITO?

OILK is categorized as Oil & Gas, while BITO is Cryptocurrency. Their fees differ too: 0.69% for OILK and 0.95% for BITO.

Which has better risk-adjusted returns?

OILK currently has the higher Sharpe Ratio (1.12 vs -1.04), 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.