OILK vs. USOI
OILK (ProShares K-1 Free Crude Oil Strategy ETF) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, OILK returned 20.72% vs 23.34% for USOI. Their correlation of 0.92 suggests significant overlap in exposure. OILK charges 0.68%/yr vs 0.85%/yr for USOI.
Performance
OILK vs. USOI - Performance Comparison
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Returns By Period
In the year-to-date period, OILK achieves a 41.61% return, which is significantly higher than USOI's 28.21% return.
OILK
- 1D
- -1.44%
- 1M
- -12.86%
- YTD
- 41.61%
- 6M
- 40.08%
- 1Y
- 20.72%
- 3Y*
- 14.14%
- 5Y*
- 13.20%
- 10Y*
- —
USOI
- 1D
- -1.37%
- 1M
- -12.96%
- YTD
- 28.21%
- 6M
- 27.76%
- 1Y
- 23.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OILK vs. USOI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 41.61% | -11.86% | -2.64% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 28.21% | -8.78% | 3.24% |
Correlation
The correlation between OILK and USOI is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024 | 0.92 |
The correlation between OILK and USOI has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.
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Return for Risk
OILK vs. USOI — Risk / Return Rank
OILK
USOI
OILK vs. USOI - 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 Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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 | USOI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.18 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.34 | -0.11 |
| Martin ratioReturn relative to average drawdown | 2.67 | 4.11 | -1.44 |
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Drawdowns
OILK vs. USOI - Drawdown Comparison
The maximum OILK drawdown since its inception was -83.76%, which is greater than USOI's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for OILK and USOI.
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Drawdown Indicators
| OILK | USOI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.76% | -19.49% | -64.27% |
Max Drawdown (1Y)Largest decline over 1 year | -16.92% | -17.45% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -34.69% | — | — |
Current DrawdownCurrent decline from peak | -16.92% | -17.45% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -32.48% | -7.30% | -25.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.89% | 5.72% | +3.17% |
Volatility
OILK vs. USOI - Volatility Comparison
The current volatility for ProShares K-1 Free Crude Oil Strategy ETF (OILK) is 8.06%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 9.07%. This indicates that OILK experiences smaller price fluctuations and is considered to be less risky than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OILK | USOI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.06% | 9.07% | -1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 24.09% | 19.21% | +4.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.05% | 23.56% | +5.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.27% | 23.01% | +7.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.97% | 23.01% | +12.96% |
OILK vs. USOI - Expense Ratio Comparison
OILK has a 0.68% expense ratio, which is lower than USOI's 0.85% expense ratio.
Dividends
OILK vs. USOI - Dividend Comparison
OILK's dividend yield for the trailing twelve months is around 9.48%, less than USOI's 46.72% yield.
| 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% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 46.72% | 27.21% | 12.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, OILK and USOI 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.
USOI has higher volatility (9.07%) compared to OILK (8.06%). In terms of maximum drawdown, OILK dropped -83.76% vs USOI's -19.49%.
On 1-year performance, USOI leads with 23.34% vs 20.72% 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 1-year period, USOI has performed better with a 23.34% return vs 20.72%. 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 0.85% for USOI.
USOI has the higher dividend yield at 46.72%, compared with 9.48% for OILK.
OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: ProShares and Credit Suisse. Their fees differ too: 0.68% for OILK and 0.85% for USOI.
USOI currently has the higher Sharpe Ratio (1.00 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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