OILK vs. BNO
OILK (ProShares K-1 Free Crude Oil Strategy ETF) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds - OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index while BNO tracks the Front Month Brent Crude Oil. Both are passively managed. Over the past 5 years, OILK returned 17.73%/yr vs 24.16%/yr for BNO. With a 0.95 correlation, they move nearly in lockstep. OILK charges 0.68%/yr vs 0.90%/yr for BNO.
Performance
OILK vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, OILK achieves a 64.22% return, which is significantly lower than BNO's 90.47% return.
OILK
- 1D
- 1.40%
- 1M
- -1.65%
- YTD
- 64.22%
- 6M
- 60.70%
- 1Y
- 58.99%
- 3Y*
- 19.03%
- 5Y*
- 17.73%
- 10Y*
- —
BNO
- 1D
- 1.99%
- 1M
- -10.29%
- YTD
- 90.47%
- 6M
- 86.00%
- 1Y
- 91.89%
- 3Y*
- 27.93%
- 5Y*
- 24.16%
- 10Y*
- 13.60%
OILK vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 64.22% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
BNO United States Brent Oil Fund LP | 90.47% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between OILK and BNO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | 0.95 |
The correlation between OILK and BNO has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
OILK vs. BNO — Risk / Return Rank
OILK
BNO
OILK vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares K-1 Free Crude Oil Strategy ETF (OILK) and United States Brent Oil Fund LP (BNO). 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.
| OILK | BNO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.06 | 2.23 | -0.17 |
Sortino ratioReturn per unit of downside risk | 2.59 | 2.73 | -0.14 |
Omega ratioGain probability vs. loss probability | 1.34 | 1.38 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 3.42 | 5.17 | -1.75 |
Martin ratioReturn relative to average drawdown | 6.91 | 9.76 | -2.85 |
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
| OILK | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | 2.23 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.69 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.14 | -0.03 |
Drawdowns
OILK vs. BNO - Drawdown Comparison
The maximum OILK drawdown since its inception was -83.76%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for OILK and BNO.
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Drawdown Indicators
| OILK | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.76% | -87.06% | +3.30% |
Max Drawdown (1Y)Largest decline over 1 year | -17.35% | -17.87% | +0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | -23.75% | +0.33% |
Max Drawdown (5Y)Largest decline over 5 years | -34.69% | -33.70% | -0.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -3.66% | -10.29% | +6.63% |
Average DrawdownAverage peak-to-trough decline | -32.61% | -40.17% | +7.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.56% | 9.45% | -0.89% |
Volatility
OILK vs. BNO - Volatility Comparison
The current volatility for ProShares K-1 Free Crude Oil Strategy ETF (OILK) is 10.44%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.22%. This indicates that OILK experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OILK | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.44% | 14.22% | -3.78% |
Volatility (6M)Calculated over the trailing 6-month period | 23.26% | 36.10% | -12.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.75% | 41.46% | -12.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.12% | 35.38% | -5.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.97% | 36.68% | -0.71% |
OILK vs. BNO - Expense Ratio Comparison
OILK has a 0.68% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
OILK vs. BNO - Dividend Comparison
OILK's dividend yield for the trailing twelve months is around 8.18%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 8.18% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
Frequently Asked Questions
With a correlation of 0.96, OILK and BNO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BNO has higher volatility (14.22%) compared to OILK (10.44%). In terms of maximum drawdown, OILK dropped -83.76% vs BNO's -87.06%.
On 5-year performance, BNO leads with 24.16% vs 17.73% for OILK. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 10.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 24.16% return vs 17.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.68% expense ratio, compared with 0.90% for BNO.
OILK has the higher dividend yield at 8.18%, compared with 0.00% for BNO.
OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index, while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.68% for OILK and 0.90% for BNO.
BNO currently has the higher Sharpe Ratio (2.23 vs 2.06), 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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