OILK vs. CL=F

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares K-1 Free Crude Oil Strategy ETF (OILK) and Crude Oil WTI (CL=F).

OILK is a passively managed fund by ProShares that tracks the performance of the Bloomberg Commodity Balanced WTI Crude Oil Index. It was launched on Sep 26, 2016.

Performance

OILK vs. CL=F - Performance Comparison

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

OILK vs. CL=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OILK ProShares K-1 Free Crude Oil Strategy ETF	42.24%	-11.86%	8.18%	-0.97%	27.57%	63.71%	-61.09%	30.48%	-20.40%	2.82%
CL=F Crude Oil WTI	72.26%	-19.41%	-0.82%	-10.70%	7.44%	53.98%	-19.98%	32.92%	-24.35%	12.51%

Returns By Period

In the year-to-date period, OILK achieves a 42.24% return, which is significantly lower than CL=F's 72.26% return.

OILK

• 1D: -2.66%
• 1M: 17.31%
• YTD: 42.24%
• 6M: 33.80%
• 1Y: 25.27%
• 3Y*: 12.28%
• 5Y*: 17.11%
• 10Y*: —

CL=F

• 1D: -2.44%
• 1M: 38.86%
• YTD: 72.26%
• 6M: 60.10%
• 1Y: 38.92%
• 3Y*: 9.28%
• 5Y*: 9.98%
• 10Y*: 10.40%

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

Return for Risk

OILK vs. CL=F — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OILK

OILK Risk / Return Rank: 43
OILK Sharpe Ratio Rank: 46
OILK Sortino Ratio Rank: 46
OILK Omega Ratio Rank: 40
OILK Calmar Ratio Rank: 53
OILK Martin Ratio Rank: 29

CL=F

CL=F Risk / Return Rank: 29
CL=F Sharpe Ratio Rank: 29
CL=F Sortino Ratio Rank: 39
CL=F Omega Ratio Rank: 22
CL=F Calmar Ratio Rank: 37
CL=F Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OILK vs. CL=F - 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 Crude Oil WTI (CL=F). 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	CL=F	Difference
Sharpe ratio Return per unit of total volatility	0.87	0.83	+0.04
Sortino ratio Return per unit of downside risk	1.31	1.35	-0.03
Omega ratio Gain probability vs. loss probability	1.17	1.18	-0.02
Calmar ratio Return relative to maximum drawdown	1.45	2.08	-0.63
Martin ratio Return relative to average drawdown	2.56	3.45	-0.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OILK vs. CL=F - Sharpe Ratio Comparison

The current OILK Sharpe Ratio is 0.87, which is comparable to the CL=F Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of OILK and CL=F, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OILK	CL=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	0.83	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.26	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.07	+0.01

Correlation

The correlation between OILK and CL=F is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

OILK vs. CL=F - Drawdown Comparison

The maximum OILK drawdown since its inception was -83.76%, smaller than the maximum CL=F drawdown of -92.04%. Use the drawdown chart below to compare losses from any high point for OILK and CL=F.

Drawdown Indicators

	OILK	CL=F	Difference
Max Drawdown Largest peak-to-trough decline	-83.76%	-92.04%	+8.28%
Max Drawdown (1Y) Largest decline over 1 year	-17.35%	-27.07%	+9.72%
Max Drawdown (5Y) Largest decline over 5 years	-34.69%	-53.86%	+19.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-84.82%	—
Current Drawdown Current decline from peak	-14.38%	-31.92%	+17.54%
Average Drawdown Average peak-to-trough decline	-33.08%	-40.84%	+7.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.87%	16.32%	-6.45%

Volatility

OILK vs. CL=F - Volatility Comparison

The current volatility for ProShares K-1 Free Crude Oil Strategy ETF (OILK) is 12.71%, while Crude Oil WTI (CL=F) has a volatility of 27.34%. This indicates that OILK experiences smaller price fluctuations and is considered to be less risky than CL=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILK	CL=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.71%	27.34%	-14.63%
Volatility (6M) Calculated over the trailing 6-month period	20.40%	33.40%	-13.00%
Volatility (1Y) Calculated over the trailing 1-year period	29.06%	41.12%	-12.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.85%	36.54%	-6.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.00%	48.71%	-12.71%