OILK vs. UVXY

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares K-1 Free Crude Oil Strategy ETF (OILK) and ProShares Ultra VIX Short-Term Futures ETF (UVXY).

OILK and UVXY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OILK is a passively managed fund by ProShares that tracks the performance of the Bloomberg Commodity Balanced WTI Crude Oil Index. It was launched on Sep 26, 2016. UVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX SHORT-TERM FUTURES TR (150%). It was launched on Oct 3, 2011. Both OILK and UVXY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

OILK vs. UVXY - 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 ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

OILK vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OILK ProShares K-1 Free Crude Oil Strategy ETF	42.24%	-11.86%	8.18%	-0.97%	27.57%	63.71%	-61.09%	30.48%	-20.40%	2.82%
UVXY ProShares Ultra VIX Short-Term Futures ETF	40.61%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%

Returns By Period

The year-to-date returns for both stocks are quite close, with OILK having a 42.24% return and UVXY slightly lower at 40.61%.

OILK

• 1D: -2.66%
• 1M: 17.31%
• YTD: 42.24%
• 6M: 33.80%
• 1Y: 25.27%
• 3Y*: 12.28%
• 5Y*: 17.11%
• 10Y*: —

UVXY

• 1D: -3.40%
• 1M: 25.05%
• YTD: 40.61%
• 6M: -2.75%
• 1Y: -57.00%
• 3Y*: -64.84%
• 5Y*: -67.28%
• 10Y*: -72.80%

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

OILK vs. UVXY - Expense Ratio Comparison

OILK has a 0.68% expense ratio, which is lower than UVXY's 0.95% expense ratio.

UVXY

ProShares Ultra VIX Short-Term Futures ETF

OILK

ProShares K-1 Free Crude Oil Strategy ETF

Return for Risk

OILK vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OILK

OILK Risk / Return Rank: 43
OILK Sharpe Ratio Rank: 46
OILK Sortino Ratio Rank: 46
OILK Omega Ratio Rank: 40
OILK Calmar Ratio Rank: 53
OILK Martin Ratio Rank: 29

UVXY

UVXY Risk / Return Rank: 5
UVXY Sharpe Ratio Rank: 4
UVXY Sortino Ratio Rank: 6
UVXY Omega Ratio Rank: 6
UVXY Calmar Ratio Rank: 2
UVXY Martin Ratio Rank: 6

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. UVXY - 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 ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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	UVXY	Difference
Sharpe ratio Return per unit of total volatility	0.87	-0.51	+1.38
Sortino ratio Return per unit of downside risk	1.31	-0.30	+1.61
Omega ratio Gain probability vs. loss probability	1.17	0.96	+0.20
Calmar ratio Return relative to maximum drawdown	1.45	-0.66	+2.12
Martin ratio Return relative to average drawdown	2.56	-0.80	+3.36
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. UVXY - Sharpe Ratio Comparison

The current OILK Sharpe Ratio is 0.87, which is higher than the UVXY Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of OILK and UVXY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OILK	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	-0.51	+1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	-0.64	+1.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	-0.67	+0.75

Correlation

The correlation between OILK and UVXY is -0.19. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

OILK vs. UVXY - Dividend Comparison

OILK's dividend yield for the trailing twelve months is around 4.30%, while UVXY has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
OILK ProShares K-1 Free Crude Oil Strategy ETF	4.30%	4.79%	3.11%	5.80%	17.32%	68.82%	0.13%	0.94%	0.58%	6.17%
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

OILK vs. UVXY - Drawdown Comparison

The maximum OILK drawdown since its inception was -83.76%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for OILK and UVXY.

Drawdown Indicators

	OILK	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-83.76%	-100.00%	+16.24%
Max Drawdown (1Y) Largest decline over 1 year	-17.35%	-85.64%	+68.29%
Max Drawdown (5Y) Largest decline over 5 years	-34.69%	-99.77%	+65.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-14.38%	-100.00%	+85.62%
Average Drawdown Average peak-to-trough decline	-33.08%	-98.53%	+65.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.87%	71.09%	-61.22%

Volatility

OILK vs. UVXY - Volatility Comparison

The current volatility for ProShares K-1 Free Crude Oil Strategy ETF (OILK) is 12.71%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 45.03%. This indicates that OILK experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILK	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.71%	45.03%	-32.32%
Volatility (6M) Calculated over the trailing 6-month period	20.40%	71.80%	-51.40%
Volatility (1Y) Calculated over the trailing 1-year period	29.06%	113.07%	-84.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.85%	105.47%	-75.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.00%	114.51%	-78.51%