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OILK vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

OILK vs. SQQQ

Last updated Jun 4, 2026

OILK (ProShares K-1 Free Crude Oil Strategy ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 5 years, OILK returned 17.73%/yr vs -49.17%/yr for SQQQ. At a correlation of -0.12, they often move in opposite directions. OILK charges 0.68%/yr vs 0.95%/yr for SQQQ.

Performance

OILK vs. SQQQ - 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 ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, OILK achieves a 64.22% return, which is significantly higher than SQQQ's -45.27% return.

OILK

1D
1.40%
1M
-1.65%
YTD
64.22%
6M
60.70%
1Y
58.99%
3Y*
19.03%
5Y*
17.73%
10Y*
—

SQQQ

1D
0.76%
1M
-26.37%
YTD
-45.27%
6M
-42.79%
1Y
-65.16%
3Y*
-56.19%
5Y*
-49.17%
10Y*
-56.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

OILK vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SQQQ
ProShares UltraPro Short QQQ		-45.27%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between OILK and SQQQ is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.27

Correlation (3Y)
Calculated over the trailing 3-year period

0.04

Correlation (5Y)
Calculated over the trailing 5-year period

-0.05

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2016

-0.12

The correlation between OILK and SQQQ shifts across timeframes, from -0.12 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

OILK vs. SQQQ - Sectors Allocation Comparison

Sectors
OILK
SQQQ

Consumer Cyclical

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

97.1%

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Consumer Cyclical

OILK
100.0%
SQQQ

-

Basic Materials

OILK

-

SQQQ

-

Communication Services

OILK

-

SQQQ

-

Consumer Defensive

OILK

-

SQQQ

-

Energy

OILK

-

SQQQ

-

Financial Services

OILK

-

SQQQ
97.1%

Healthcare

OILK

-

SQQQ

-

Industrials

OILK

-

SQQQ

-

Real Estate

OILK

-

SQQQ

-

Technology

OILK

-

SQQQ

-

Utilities

OILK

-

SQQQ

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares K-1 Free Crude Oil Strategy ETF

ProShares UltraPro Short QQQ

Often compared with OILK:
OILK vs. USOOILK vs. GUSHOILK vs. DBOOILK vs. USOIOILK vs. WTMFOILK vs. AMOMOILK vs. REVS
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. QID

Return for Risk

OILK vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
OILK
OILK Risk / Return Rank: 5555
Overall Rank
OILK Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
OILK Sortino Ratio Rank: 5353
Sortino Ratio Rank
OILK Omega Ratio Rank: 5454
Omega Ratio Rank
OILK Calmar Ratio Rank: 6868
Calmar Ratio Rank
OILK Martin Ratio Rank: 4242
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 00
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 00
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 00
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
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. SQQQ - 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 ProShares UltraPro Short QQQ (SQQQ). 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.

OILKSQQQDifference
Sharpe ratioReturn per unit of total volatility
2.06
-1.37

+3.43

Sortino ratioReturn per unit of downside risk
2.59
-2.63

+5.22

Omega ratioGain probability vs. loss probability

1.34

0.72

+0.62

Calmar ratioReturn relative to maximum drawdown

3.42

-0.99

+4.41

Martin ratioReturn relative to average drawdown

6.91

-1.82

+8.74

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. SQQQ - Sharpe Ratio Comparison

The current OILK Sharpe Ratio is 2.06, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of OILK and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

OILKSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.06

-1.37

+3.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

-0.74

+1.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

-0.85

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

-0.88

+0.99

Drawdowns

OILK vs. SQQQ - Drawdown Comparison

The maximum OILK drawdown since its inception was -83.76%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for OILK and SQQQ.

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Drawdown Indicators

OILKSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-83.76%

-100.00%

+16.24%

Max Drawdown (1Y)

Largest decline over 1 year

-17.35%

-65.95%

+48.60%

Max Drawdown (3Y)

Largest decline over 3 years

-23.42%

-92.38%

+68.96%

Max Drawdown (5Y)

Largest decline over 5 years

-34.69%

-97.23%

+62.54%

Max Drawdown (10Y)

Largest decline over 10 years

—

-99.98%

—

Current Drawdown

Current decline from peak

-3.66%

-100.00%

+96.34%

Average Drawdown

Average peak-to-trough decline

-32.61%

-92.40%

+59.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.56%

35.73%

-27.17%

Volatility

OILK vs. SQQQ - Volatility Comparison

The current volatility for ProShares K-1 Free Crude Oil Strategy ETF (OILK) is 10.44%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that OILK experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

OILKSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.44%

13.75%

-3.31%

Volatility (6M)

Calculated over the trailing 6-month period

23.26%

36.45%

-13.19%

Volatility (1Y)

Calculated over the trailing 1-year period

28.75%

47.79%

-19.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.12%

66.64%

-36.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.97%

66.11%

-30.14%

OILK vs. SQQQ - Expense Ratio Comparison

OILK has a 0.68% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

OILK vs. SQQQ - Dividend Comparison

OILK's dividend yield for the trailing twelve months is around 8.18%, less than SQQQ's 12.48% yield.

PositionTTM202520242023202220212020201920182017
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%
SQQQ
ProShares UltraPro Short QQQ		12.48%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Frequently Asked Questions

OILK and SQQQ have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (13.75%) compared to OILK (10.44%). In terms of maximum drawdown, OILK dropped -83.76% vs SQQQ's -100.00%.

On 5-year performance, OILK leads with 17.73% vs -49.17% for SQQQ. 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, OILK has performed better with a 17.73% return vs -49.17%. 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 0.95% for SQQQ.

SQQQ has the higher dividend yield at 12.48%, compared with 8.18% for OILK.

OILK is categorized as Oil & Gas, while SQQQ is Leveraged Equities. OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.68% for OILK and 0.95% for SQQQ.

OILK currently has the higher Sharpe Ratio (2.06 vs -1.37), 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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