OILK vs. GUSH
OILK (ProShares K-1 Free Crude Oil ETF) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both exchange-traded funds - OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index, while GUSH is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 5 years, OILK returned 14.44%/yr vs 20.49%/yr for GUSH. Their 0.62 correlation means they have sometimes moved together and sometimes differently. OILK charges 0.69%/yr vs 1.17%/yr for GUSH.
Performance
OILK vs. GUSH - Performance Comparison
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Returns By Period
In the year-to-date period, OILK achieves a 52.43% return, which is significantly lower than GUSH's 84.27% return.
OILK
- 1D
- 0.57%
- 1M
- 12.53%
- 6M
- 35.52%
- YTD
- 52.43%
- 1Y
- 38.09%
- 3Y*
- 11.27%
- 5Y*
- 14.44%
- 10Y*
- —
- ALL TIME*
- 3.64%
GUSH
- 1D
- 2.66%
- 1M
- 29.75%
- 6M
- 50.64%
- YTD
- 84.27%
- 1Y
- 87.82%
- 3Y*
- 5.22%
- 5Y*
- 20.49%
- 10Y*
- -34.13%
- ALL TIME*
- -41.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $34.81M | $32.68M | $31.93M | |
| $7.09M | $6.91M | $10.69M |
OILK vs. GUSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil ETF | 52.43% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 84.27% | -19.39% | -12.73% | -7.23% | 66.47% | 129.94% | -97.38% | -52.68% | -74.28% | -40.21% |
Correlation
The correlation between OILK and GUSH is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | 0.62 |
The correlation between OILK and GUSH has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.
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Return for Risk
OILK vs. GUSH — Risk / Return Rank
OILK
GUSH
OILK vs. GUSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares K-1 Free Crude Oil ETF (OILK) and Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). 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 | GUSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.22 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 2.07 | -0.46 |
| Martin ratioReturn relative to average drawdown | 4.54 | 4.68 | -0.14 |
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Drawdowns
OILK vs. GUSH - Drawdown Comparison
The maximum OILK drawdown since its inception was -83.76%, smaller than the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for OILK and GUSH.
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Drawdown Indicators
| OILK | GUSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.76% | -99.98% | +16.22% |
Max Drawdown (1Y)Largest decline over 1 year | -21.19% | -36.18% | +14.99% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | -63.59% | +40.17% |
Max Drawdown (5Y)Largest decline over 5 years | -34.69% | -73.64% | +38.95% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.94% | — |
Current DrawdownCurrent decline from peak | -10.57% | -99.77% | +89.20% |
Average DrawdownAverage peak-to-trough decline | -32.28% | -92.98% | +60.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 16.04% | -7.55% |
Volatility
OILK vs. GUSH - Volatility Comparison
The current volatility for ProShares K-1 Free Crude Oil ETF (OILK) is 11.31%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 16.40%. This indicates that OILK experiences smaller price fluctuations and is considered to be less risky than GUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OILK | GUSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.31% | 16.40% | -5.09% |
Volatility (6M)Calculated over the trailing 6-month period | 25.98% | 45.15% | -19.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.21% | 56.92% | -26.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.46% | 67.48% | -37.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.99% | 92.83% | -56.84% |
OILK vs. GUSH - Expense Ratio Comparison
OILK has a 0.69% expense ratio, which is lower than GUSH's 1.17% expense ratio.
Dividends
OILK vs. GUSH - Dividend Comparison
OILK's dividend yield for the trailing twelve months is around 8.57%, more than GUSH's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares | 1.18% | 2.60% | 2.96% | 3.00% | 0.47% | 0.00% | 0.20% | 1.68% | 0.17% | 0.00% | 3.26% |
OILK ProShares K-1 Free Crude Oil ETF | 8.37% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% | 0.00% |
Frequently Asked Questions
OILK and GUSH have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUSH has higher volatility (16.40%) compared to OILK (11.31%). In terms of maximum drawdown, OILK dropped -83.76% vs GUSH's -99.98%.
On 5-year performance, GUSH leads with 20.49% vs 14.44% for OILK. On fees, OILK is cheaper at 0.69% per year. On volatility, OILK has been the lower-risk option at 11.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GUSH has performed better with a 20.49% return vs 14.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.69% expense ratio, compared with 1.17% for GUSH.
OILK has the higher dividend yield at 8.37%, compared with 1.18% for GUSH.
OILK is categorized as Oil & Gas, while GUSH is Leveraged Equities. OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index, while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.69% for OILK and 1.17% for GUSH.
GUSH currently has the higher Sharpe Ratio (1.32 vs 1.13), 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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