OILK vs. USOY

Last updated Jun 4, 2026

OILK (ProShares K-1 Free Crude Oil Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index, while USOY is a Derivative Income fund actively managed by Defiance. OILK is passively managed, while USOY is actively managed. Over the past year, OILK returned 58.99% vs 57.29% for USOY. Their correlation of 0.91 suggests significant overlap in exposure. OILK charges 0.68%/yr vs 1.22%/yr for USOY.

Performance

OILK vs. USOY - 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 Defiance Oil Enhanced Options Income ETF (USOY). 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 USOY slightly lower at 62.18%.

OILK

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

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OILK vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OILK ProShares K-1 Free Crude Oil Strategy ETF	64.22%	-11.86%	-2.47%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%

Correlation

The correlation between OILK and USOY 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 May 13, 2024	0.91

The correlation between OILK and USOY has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

OILK vs. USOY — 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

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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. USOY - 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 Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.89	+0.17
Sortino ratio: Return per unit of downside risk	2.59	2.30	+0.29
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	3.42	4.03	-0.61
Martin ratio: Return relative to average drawdown	6.91	7.74	-0.83
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. USOY - Sharpe Ratio Comparison

The current OILK Sharpe Ratio is 2.06, which is comparable to the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of OILK and USOY, 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	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.89	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.99	-0.88

Drawdowns

OILK vs. USOY - Drawdown Comparison

The maximum OILK drawdown since its inception was -83.76%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for OILK and USOY.

Drawdown Indicators

	OILK	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-83.76%	-17.46%	-66.30%
Max Drawdown (1Y) Largest decline over 1 year	-17.35%	-14.29%	-3.06%
Max Drawdown (3Y) Largest decline over 3 years	-23.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.69%	—	—
Current Drawdown Current decline from peak	-3.66%	-5.11%	+1.45%
Average Drawdown Average peak-to-trough decline	-32.61%	-6.47%	-26.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.56%	7.42%	+1.14%

Volatility

OILK vs. USOY - Volatility Comparison

The current volatility for ProShares K-1 Free Crude Oil Strategy ETF (OILK) is 10.44%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that OILK experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILK	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.44%	11.62%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	23.26%	27.18%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	28.75%	30.44%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.12%	26.13%	+3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.97%	26.13%	+9.84%

OILK vs. USOY - Expense Ratio Comparison

OILK has a 0.68% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

OILK vs. USOY - Dividend Comparison

OILK's dividend yield for the trailing twelve months is around 8.18%, less than USOY's 54.16% yield.

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%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OILK and USOY in my portfolio?

With a correlation of 0.91, OILK and USOY 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 USOY?

USOY has higher volatility (11.62%) compared to OILK (10.44%). In terms of maximum drawdown, OILK dropped -83.76% vs USOY's -17.46%.

Which ETF is better, OILK or USOY?

On 1-year performance, OILK leads with 58.99% vs 57.29% for USOY. 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.

Which ETF has performed better, OILK or USOY?

Over the 1-year period, OILK has performed better with a 58.99% return vs 57.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILK or USOY?

OILK is cheaper with a 0.68% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 8.18% for OILK.

What is the main difference between OILK and USOY?

OILK is categorized as Oil & Gas, while USOY is Derivative Income. They also come from different issuers: ProShares and Defiance. Their fees differ too: 0.68% for OILK and 1.22% for USOY.

Which has better risk-adjusted returns?

OILK currently has the higher Sharpe Ratio (2.06 vs 1.89), 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.