OILK vs. UNG
OILK (ProShares K-1 Free Crude Oil Strategy ETF) and UNG (United States Natural Gas Fund LP) are both Oil & Gas funds - OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index while UNG tracks the Front Month Natural Gas. Both are passively managed. Over the past 5 years, OILK returned 17.73%/yr vs -23.11%/yr for UNG. At a 0.13 correlation, their price movements are largely independent. OILK charges 0.68%/yr vs 1.28%/yr for UNG.
Performance
OILK vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, OILK achieves a 64.22% return, which is significantly higher than UNG's -4.49% return.
OILK
- 1D
- 1.40%
- 1M
- -1.65%
- YTD
- 64.22%
- 6M
- 60.70%
- 1Y
- 58.99%
- 3Y*
- 19.03%
- 5Y*
- 17.73%
- 10Y*
- —
UNG
- 1D
- 2.09%
- 1M
- 6.94%
- YTD
- -4.49%
- 6M
- -24.31%
- 1Y
- -30.96%
- 3Y*
- -21.19%
- 5Y*
- -23.11%
- 10Y*
- -20.48%
OILK vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UNG United States Natural Gas Fund LP | -4.49% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between OILK and UNG is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | 0.13 |
The correlation between OILK and UNG shifts across timeframes, from 0.13 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
OILK vs. UNG — Risk / Return Rank
OILK
UNG
OILK vs. UNG - 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 United States Natural Gas Fund LP (UNG). 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 | UNG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.06 | -0.51 | +2.58 |
Sortino ratioReturn per unit of downside risk | 2.59 | -0.42 | +3.01 |
Omega ratioGain probability vs. loss probability | 1.34 | 0.95 | +0.39 |
Calmar ratioReturn relative to maximum drawdown | 3.42 | -0.71 | +4.12 |
Martin ratioReturn relative to average drawdown | 6.91 | -1.04 | +7.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OILK | UNG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | -0.51 | +2.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | -0.36 | +0.95 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | -0.57 | +0.69 |
Drawdowns
OILK vs. UNG - Drawdown Comparison
The maximum OILK drawdown since its inception was -83.76%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for OILK and UNG.
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Drawdown Indicators
| OILK | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.76% | -99.88% | +16.12% |
Max Drawdown (1Y)Largest decline over 1 year | -17.35% | -43.86% | +26.51% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | -68.16% | +44.74% |
Max Drawdown (5Y)Largest decline over 5 years | -34.69% | -92.49% | +57.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.55% | — |
Current DrawdownCurrent decline from peak | -3.66% | -99.86% | +96.20% |
Average DrawdownAverage peak-to-trough decline | -32.61% | -89.96% | +57.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.56% | 29.68% | -21.12% |
Volatility
OILK vs. UNG - Volatility Comparison
The current volatility for ProShares K-1 Free Crude Oil Strategy ETF (OILK) is 10.44%, while United States Natural Gas Fund LP (UNG) has a volatility of 13.09%. This indicates that OILK experiences smaller price fluctuations and is considered to be less risky than UNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OILK | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.44% | 13.09% | -2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 23.26% | 52.96% | -29.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.75% | 60.48% | -31.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.12% | 64.10% | -33.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.97% | 54.78% | -18.81% |
OILK vs. UNG - Expense Ratio Comparison
OILK has a 0.68% expense ratio, which is lower than UNG's 1.28% expense ratio.
Dividends
OILK vs. UNG - Dividend Comparison
OILK's dividend yield for the trailing twelve months is around 8.18%, while UNG has not paid dividends to shareholders.
| 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% |
UNG United States Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OILK and UNG have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (13.09%) compared to OILK (10.44%). In terms of maximum drawdown, OILK dropped -83.76% vs UNG's -99.88%.
On 5-year performance, OILK leads with 17.73% vs -23.11% for UNG. 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 -23.11%. 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 1.28% for UNG.
OILK has the higher dividend yield at 8.18%, compared with 0.00% for UNG.
OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index, while UNG tracks Front Month Natural Gas. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.68% for OILK and 1.28% for UNG.
OILK currently has the higher Sharpe Ratio (2.06 vs -0.51), 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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