OILK vs. UCON

Last updated Jun 4, 2026

OILK (ProShares K-1 Free Crude Oil Strategy ETF) and UCON (First Trust TCW Unconstrained Plus Bond ETF) are both exchange-traded funds - OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index, while UCON is a Nontraditional Bonds fund actively managed by First Trust. OILK is passively managed, while UCON is actively managed. Over the past 5 years, OILK returned 17.73%/yr vs 2.76%/yr for UCON. At a correlation of -0.08, they often move in opposite directions. OILK charges 0.68%/yr vs 0.86%/yr for UCON.

Performance

OILK vs. UCON - 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 First Trust TCW Unconstrained Plus Bond ETF (UCON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OILK achieves a 64.22% return, which is significantly higher than UCON's 0.58% return.

OILK

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

UCON

• 1D: -0.24%
• 1M: 0.38%
• YTD: 0.58%
• 6M: 0.66%
• 1Y: 5.50%
• 3Y*: 5.68%
• 5Y*: 2.76%
• 10Y*: —

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

OILK vs. UCON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%	-27.26%
UCON First Trust TCW Unconstrained Plus Bond ETF	0.58%	7.00%	4.69%	7.72%	-5.72%	1.02%	6.54%	7.39%	1.11%

Correlation

The correlation between OILK and UCON is -0.40, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.40
Correlation (3Y) Calculated over the trailing 3-year period	-0.22
Correlation (5Y) Calculated over the trailing 5-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Jun 6, 2018	-0.08

Over the past year, the inverse relationship between OILK and UCON has strengthened: their correlation has moved from -0.08 to -0.40, meaning they now move in opposite directions more often than their long-term average.

OILK vs. UCON - Sectors Allocation Comparison

Sectors	OILK	UCON
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	100.0%

Return for Risk

OILK vs. UCON — Risk / Return Rank

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

OILK

OILK Risk / Return Rank: 55
OILK Sharpe Ratio Rank: 60
OILK Sortino Ratio Rank: 53
OILK Omega Ratio Rank: 54
OILK Calmar Ratio Rank: 68
OILK Martin Ratio Rank: 42

UCON

UCON Risk / Return Rank: 52
UCON Sharpe Ratio Rank: 53
UCON Sortino Ratio Rank: 55
UCON Omega Ratio Rank: 56
UCON Calmar Ratio Rank: 46
UCON Martin Ratio Rank: 51

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. UCON - 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 First Trust TCW Unconstrained Plus Bond ETF (UCON). 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	UCON	Difference
Sharpe ratio Return per unit of total volatility	2.06	1.85	+0.21
Sortino ratio Return per unit of downside risk	2.59	2.65	-0.06
Omega ratio Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio Return relative to maximum drawdown	3.42	2.25	+1.16
Martin ratio Return relative to average drawdown	6.91	8.74	-1.83
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. UCON - Sharpe Ratio Comparison

The current OILK Sharpe Ratio is 2.06, which is comparable to the UCON Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of OILK and UCON, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OILK	UCON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.85	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.71	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.63	-0.52

Drawdowns

OILK vs. UCON - Drawdown Comparison

The maximum OILK drawdown since its inception was -83.76%, which is greater than UCON's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for OILK and UCON.

Drawdown Indicators

	OILK	UCON	Difference
Max Drawdown Largest peak-to-trough decline	-83.76%	-15.31%	-68.45%
Max Drawdown (1Y) Largest decline over 1 year	-17.35%	-2.45%	-14.90%
Max Drawdown (3Y) Largest decline over 3 years	-23.42%	-2.85%	-20.57%
Max Drawdown (5Y) Largest decline over 5 years	-34.69%	-9.60%	-25.09%
Current Drawdown Current decline from peak	-3.66%	-0.61%	-3.05%
Average Drawdown Average peak-to-trough decline	-32.61%	-1.48%	-31.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.56%	0.63%	+7.93%

Volatility

OILK vs. UCON - Volatility Comparison

ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a higher volatility of 10.44% compared to First Trust TCW Unconstrained Plus Bond ETF (UCON) at 1.14%. This indicates that OILK's price experiences larger fluctuations and is considered to be riskier than UCON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILK	UCON	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.44%	1.14%	+9.30%
Volatility (6M) Calculated over the trailing 6-month period	23.26%	2.33%	+20.93%
Volatility (1Y) Calculated over the trailing 1-year period	28.75%	2.98%	+25.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.12%	3.89%	+26.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.97%	5.89%	+30.08%

OILK vs. UCON - Expense Ratio Comparison

OILK has a 0.68% expense ratio, which is lower than UCON's 0.86% expense ratio.

Dividends

OILK vs. UCON - Dividend Comparison

OILK's dividend yield for the trailing twelve months is around 8.18%, more than UCON's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
UCON First Trust TCW Unconstrained Plus Bond ETF	4.67%	4.63%	4.95%	4.75%	3.12%	2.20%	3.14%	3.25%	1.76%	0.00%

Frequently Asked Questions

Can I hold both OILK and UCON in my portfolio?

OILK and UCON have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILK or UCON?

OILK has higher volatility (10.44%) compared to UCON (1.14%). In terms of maximum drawdown, OILK dropped -83.76% vs UCON's -15.31%.

Which ETF is better, OILK or UCON?

On 5-year performance, OILK leads with 17.73% vs 2.76% for UCON. On fees, OILK is cheaper at 0.68% per year. On volatility, UCON has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILK or UCON?

Over the 5-year period, OILK has performed better with a 17.73% return vs 2.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILK or UCON?

OILK is cheaper with a 0.68% expense ratio, compared with 0.86% for UCON.

Which ETF pays a higher dividend yield, OILK or UCON?

OILK has the higher dividend yield at 8.18%, compared with 4.67% for UCON.

What is the main difference between OILK and UCON?

OILK is categorized as Oil & Gas, while UCON is Nontraditional Bonds. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.68% for OILK and 0.86% for UCON.

Which has better risk-adjusted returns?

OILK currently has the higher Sharpe Ratio (2.06 vs 1.85), 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.