OILK vs. USO
OILK (ProShares K-1 Free Crude Oil Strategy ETF) and USO (United States Oil Fund LP) are both Oil & Gas funds - OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index while USO tracks the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, OILK returned 13.20%/yr vs 17.78%/yr for USO. With a 0.98 correlation, they move nearly in lockstep. OILK charges 0.68%/yr vs 0.86%/yr for USO.
Performance
OILK vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, OILK achieves a 41.61% return, which is significantly lower than USO's 62.94% return.
OILK
- 1D
- -1.44%
- 1M
- -12.86%
- YTD
- 41.61%
- 6M
- 40.08%
- 1Y
- 20.72%
- 3Y*
- 14.14%
- 5Y*
- 13.20%
- 10Y*
- —
USO
- 1D
- -1.90%
- 1M
- -20.03%
- YTD
- 62.94%
- 6M
- 61.61%
- 1Y
- 35.58%
- 3Y*
- 21.76%
- 5Y*
- 17.78%
- 10Y*
- 2.14%
OILK vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 41.61% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
USO United States Oil Fund LP | 62.94% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between OILK and USO is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | 0.98 |
The correlation between OILK and USO has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
OILK vs. USO — Risk / Return Rank
OILK
USO
OILK vs. USO - 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 Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.17 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.36 | -0.13 |
| Martin ratioReturn relative to average drawdown | 2.67 | 3.61 | -0.94 |
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Drawdowns
OILK vs. USO - Drawdown Comparison
The maximum OILK drawdown since its inception was -83.76%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for OILK and USO.
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Drawdown Indicators
| OILK | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.76% | -98.19% | +14.43% |
Max Drawdown (1Y)Largest decline over 1 year | -16.92% | -26.33% | +9.41% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | -26.33% | +2.91% |
Max Drawdown (5Y)Largest decline over 5 years | -34.69% | -36.23% | +1.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -16.92% | -88.01% | +71.09% |
Average DrawdownAverage peak-to-trough decline | -32.48% | -75.31% | +42.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.89% | 11.59% | -2.70% |
Volatility
OILK vs. USO - Volatility Comparison
The current volatility for ProShares K-1 Free Crude Oil Strategy ETF (OILK) is 8.06%, while United States Oil Fund LP (USO) has a volatility of 11.79%. This indicates that OILK experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OILK | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.06% | 11.79% | -3.73% |
Volatility (6M)Calculated over the trailing 6-month period | 24.09% | 39.34% | -15.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.05% | 44.41% | -15.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.27% | 36.32% | -6.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.97% | 39.05% | -3.08% |
OILK vs. USO - Expense Ratio Comparison
OILK has a 0.68% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
OILK vs. USO - Dividend Comparison
OILK's dividend yield for the trailing twelve months is around 9.48%, while USO 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 | 9.48% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
USO United States 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
With a correlation of 0.96, OILK and USO 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.
USO has higher volatility (11.79%) compared to OILK (8.06%). In terms of maximum drawdown, OILK dropped -83.76% vs USO's -98.19%.
On 5-year performance, USO leads with 17.78% vs 13.20% for OILK. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 8.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 17.78% return vs 13.20%. 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 0.86% for USO.
OILK has the higher dividend yield at 9.48%, compared with 0.00% for USO.
OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.68% for OILK and 0.86% for USO.
USO currently has the higher Sharpe Ratio (0.81 vs 0.72), 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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