OILK vs. UCO
OILK (ProShares K-1 Free Crude Oil ETF) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Oil & Gas funds from ProShares - OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index while UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 5 years, OILK returned 15.25%/yr vs 16.72%/yr for UCO. Their 0.98 correlation means they have historically moved very closely together. OILK charges 0.69%/yr vs 0.95%/yr for UCO.
Performance
OILK vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, OILK achieves a 47.49% return, which is significantly lower than UCO's 95.50% 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%
UCO
- 1D
- -6.56%
- 1M
- 16.68%
- 6M
- 73.10%
- YTD
- 95.50%
- 1Y
- 55.11%
- 3Y*
- 6.67%
- 5Y*
- 16.72%
- 10Y*
- 24.07%
- ALL TIME*
- -9.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.74M | $7.86M | $10.67M | |
| $130.59M | $140.21M | $148.94M |
OILK vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil ETF | 47.49% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
UCO ProShares Ultra Bloomberg Crude Oil | 95.50% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between OILK and UCO is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | 0.98 |
The correlation between OILK and UCO has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.
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Return for Risk
OILK vs. UCO — Risk / Return Rank
OILK
UCO
OILK vs. UCO - 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 Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.18 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 1.44 | +0.16 |
| Martin ratioReturn relative to average drawdown | 4.49 | 3.68 | +0.82 |
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Drawdowns
OILK vs. UCO - Drawdown Comparison
The maximum OILK drawdown since its inception was -83.76%, smaller than the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for OILK and UCO.
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Drawdown Indicators
| OILK | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.76% | -99.86% | +16.10% |
Max Drawdown (1Y)Largest decline over 1 year | -21.19% | -38.55% | +17.36% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | -50.38% | +26.96% |
Max Drawdown (5Y)Largest decline over 5 years | -34.69% | -67.24% | +32.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -96.50% | — |
Current DrawdownCurrent decline from peak | -13.47% | -84.83% | +71.36% |
Average DrawdownAverage peak-to-trough decline | -32.27% | -82.13% | +49.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.52% | 15.08% | -7.56% |
Volatility
OILK vs. UCO - Volatility Comparison
The current volatility for ProShares K-1 Free Crude Oil ETF (OILK) is 11.95%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 23.68%. This indicates that OILK experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OILK | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.95% | 23.68% | -11.73% |
Volatility (6M)Calculated over the trailing 6-month period | 26.22% | 52.28% | -26.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.24% | 60.10% | -29.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.48% | 60.50% | -30.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.00% | 317.77% | -281.77% |
OILK vs. UCO - Expense Ratio Comparison
OILK has a 0.69% expense ratio, which is lower than UCO's 0.95% expense ratio.
Dividends
OILK vs. UCO - Dividend Comparison
OILK's dividend yield for the trailing twelve months is around 11.51%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, OILK and UCO 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.
UCO has higher volatility (23.68%) compared to OILK (11.95%). In terms of maximum drawdown, OILK dropped -83.76% vs UCO's -99.86%.
On 5-year performance, UCO leads with 16.72% vs 15.25% for OILK. On fees, OILK is cheaper at 0.69% per year. On volatility, OILK has been the lower-risk option at 11.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UCO has performed better with a 16.72% return vs 15.25%. 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 0.95% for UCO.
OILK has the higher dividend yield at 11.51%, compared with 0.00% for UCO.
OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Their fees differ too: 0.69% for OILK and 0.95% for UCO.
OILK currently has the higher Sharpe Ratio (1.12 vs 0.92), 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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