OILK vs. UNL
OILK (ProShares K-1 Free Crude Oil Strategy ETF) and UNL (United States 12 Month Natural Gas Fund LP) are both Oil & Gas funds - OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index while UNL tracks the 12 Month Natural Gas. Both are passively managed. Over the past 5 years, OILK returned 14.77%/yr vs -9.64%/yr for UNL. At a 0.13 correlation, their price movements are largely independent. OILK charges 0.68%/yr vs 0.90%/yr for UNL.
Performance
OILK vs. UNL - Performance Comparison
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Returns By Period
In the year-to-date period, OILK achieves a 49.74% return, which is significantly higher than UNL's -17.87% return.
OILK
- 1D
- 0.76%
- 1M
- -2.52%
- 6M
- 42.11%
- YTD
- 49.74%
- 1Y
- 37.34%
- 3Y*
- 13.49%
- 5Y*
- 14.77%
- 10Y*
- —
UNL
- 1D
- 0.52%
- 1M
- -5.44%
- 6M
- -11.25%
- YTD
- -17.87%
- 1Y
- -31.67%
- 3Y*
- -18.31%
- 5Y*
- -9.64%
- 10Y*
- -5.18%
OILK vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 49.74% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
UNL United States 12 Month Natural Gas Fund LP | -17.87% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
Correlation
The correlation between OILK and UNL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | 0.13 |
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Return for Risk
OILK vs. UNL — Risk / Return Rank
OILK
UNL
OILK vs. UNL - 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 12 Month Natural Gas Fund LP (UNL). 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 | UNL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.19 | ||
| Sortino ratioReturn per unit of downside risk | +2.99 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.85 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | -0.97 | +2.74 |
| Martin ratioReturn relative to average drawdown | 4.19 | -1.60 | +5.79 |
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Drawdowns
OILK vs. UNL - Drawdown Comparison
The maximum OILK drawdown since its inception was -83.76%, smaller than the maximum UNL drawdown of -89.32%. Use the drawdown chart below to compare losses from any high point for OILK and UNL.
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Drawdown Indicators
| OILK | UNL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.76% | -89.32% | +5.56% |
Max Drawdown (1Y)Largest decline over 1 year | -21.19% | -32.78% | +11.59% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | -49.67% | +26.25% |
Max Drawdown (5Y)Largest decline over 5 years | -34.69% | -78.75% | +44.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -78.75% | — |
Current DrawdownCurrent decline from peak | -12.15% | -89.26% | +77.11% |
Average DrawdownAverage peak-to-trough decline | -32.40% | -73.44% | +41.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.94% | 19.76% | -10.82% |
Volatility
OILK vs. UNL - Volatility Comparison
ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a higher volatility of 10.76% compared to United States 12 Month Natural Gas Fund LP (UNL) at 5.72%. This indicates that OILK's price experiences larger fluctuations and is considered to be riskier than UNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OILK | UNL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.76% | 5.72% | +5.04% |
Volatility (6M)Calculated over the trailing 6-month period | 25.11% | 28.88% | -3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.35% | 35.12% | -5.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.45% | 41.75% | -11.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.98% | 33.84% | +2.14% |
OILK vs. UNL - Expense Ratio Comparison
OILK has a 0.68% expense ratio, which is lower than UNL's 0.90% expense ratio.
Dividends
OILK vs. UNL - Dividend Comparison
OILK's dividend yield for the trailing twelve months is around 8.72%, while UNL 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 | 8.72% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
UNL United States 12 Month 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 UNL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILK has higher volatility (10.76%) compared to UNL (5.72%). In terms of maximum drawdown, OILK dropped -83.76% vs UNL's -89.32%.
On 5-year performance, OILK leads with 14.77% vs -9.64% for UNL. On fees, OILK is cheaper at 0.68% per year. On volatility, UNL has been the lower-risk option at 5.72%. 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 14.77% return vs -9.64%. 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 0.90% for UNL.
OILK has the higher dividend yield at 8.72%, compared with 0.00% for UNL.
OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index, while UNL tracks 12 Month Natural Gas. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.68% for OILK and 0.90% for UNL.
OILK currently has the higher Sharpe Ratio (1.28 vs -0.91), 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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