OILK vs. USL

Last updated Jun 4, 2026

OILK (ProShares K-1 Free Crude Oil Strategy ETF) and USL (United States 12 Month Oil Fund LP) are both Oil & Gas funds - OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index while USL tracks the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, OILK returned 17.73%/yr vs 17.41%/yr for USL. With a 0.97 correlation, they move nearly in lockstep. OILK charges 0.68%/yr vs 0.88%/yr for USL.

Performance

OILK vs. USL - 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 United States 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with OILK having a 64.22% return and USL slightly lower at 63.07%.

OILK

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

USL

• 1D: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

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

OILK vs. USL - 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%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	8.30%	-1.11%	27.10%	62.48%	-25.23%	28.01%	-14.15%	2.55%

Correlation

The correlation between OILK and USL is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016	0.97

The correlation between OILK and USL has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

OILK vs. USL - Sectors Allocation Comparison

Sectors	OILK	USL
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	4.5%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

OILK vs. USL — 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

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 59
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

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. USL - 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 Oil Fund LP (USL). 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	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.04	+0.03
Sortino ratio: Return per unit of downside risk	2.59	2.58	+0.01
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	3.42	3.47	-0.05
Martin ratio: Return relative to average drawdown	6.91	7.02	-0.11
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. USL - Sharpe Ratio Comparison

The current OILK Sharpe Ratio is 2.06, which is comparable to the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of OILK and USL, 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	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	2.04	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.58	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.01	+0.11

Drawdowns

OILK vs. USL - Drawdown Comparison

The maximum OILK drawdown since its inception was -83.76%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for OILK and USL.

Drawdown Indicators

	OILK	USL	Difference
Max Drawdown Largest peak-to-trough decline	-83.76%	-89.06%	+5.30%
Max Drawdown (1Y) Largest decline over 1 year	-17.35%	-16.76%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-23.42%	-23.33%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-34.69%	-33.82%	-0.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-3.66%	-38.16%	+34.50%
Average Drawdown Average peak-to-trough decline	-32.61%	-61.46%	+28.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.56%	8.27%	+0.29%

Volatility

OILK vs. USL - Volatility Comparison

ProShares K-1 Free Crude Oil Strategy ETF (OILK) and United States 12 Month Oil Fund LP (USL) have volatilities of 10.44% and 10.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILK	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.44%	10.53%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	23.26%	23.33%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	28.75%	28.54%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.12%	30.08%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.97%	32.35%	+3.62%

OILK vs. USL - Expense Ratio Comparison

OILK has a 0.68% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

OILK vs. USL - Dividend Comparison

OILK's dividend yield for the trailing twelve months is around 8.18%, while USL 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%
USL United States 12 Month Oil 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

Can I hold both OILK and USL in my portfolio?

With a correlation of 0.99, OILK and USL 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.

Which is riskier, OILK or USL?

USL has higher volatility (10.53%) compared to OILK (10.44%). In terms of maximum drawdown, OILK dropped -83.76% vs USL's -89.06%.

Which ETF is better, OILK or USL?

On 5-year performance, OILK leads with 17.73% vs 17.41% for USL. On fees, OILK is cheaper at 0.68% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILK or USL?

Over the 5-year period, OILK has performed better with a 17.73% return vs 17.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILK or USL?

OILK is cheaper with a 0.68% expense ratio, compared with 0.88% for USL.

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

OILK has the higher dividend yield at 8.18%, compared with 0.00% for USL.

What is the main difference between OILK and USL?

OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.68% for OILK and 0.88% for USL.

Which has better risk-adjusted returns?

OILK currently has the higher Sharpe Ratio (2.06 vs 2.04), 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.