OILK vs. UVXY
OILK (ProShares K-1 Free Crude Oil Strategy ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 5 years, OILK returned 13.00%/yr vs -66.90%/yr for UVXY. At a correlation of -0.18, they often move in opposite directions. OILK charges 0.68%/yr vs 0.95%/yr for UVXY.
Performance
OILK vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, OILK achieves a 40.78% return, which is significantly higher than UVXY's -22.07% return.
OILK
- 1D
- -0.59%
- 1M
- -13.38%
- YTD
- 40.78%
- 6M
- 38.63%
- 1Y
- 27.24%
- 3Y*
- 13.91%
- 5Y*
- 13.00%
- 10Y*
- —
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
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 | 40.78% | -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 | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between OILK and UVXY is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | -0.18 |
The correlation between OILK and UVXY shifts across timeframes, from -0.18 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
OILK vs. UVXY — Risk / Return Rank
OILK
UVXY
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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +3.06 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.81 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | -1.01 | +2.58 |
| Martin ratioReturn relative to average drawdown | 3.49 | -1.45 | +4.94 |
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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.
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Drawdown Indicators
| OILK | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.76% | -100.00% | +16.24% |
Max Drawdown (1Y)Largest decline over 1 year | -17.41% | -73.51% | +56.10% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | -94.93% | +71.51% |
Max Drawdown (5Y)Largest decline over 5 years | -34.69% | -99.71% | +65.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -17.41% | -100.00% | +82.59% |
Average DrawdownAverage peak-to-trough decline | -32.48% | -98.75% | +66.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 55.34% | -47.48% |
Volatility
OILK vs. UVXY - Volatility Comparison
The current volatility for ProShares K-1 Free Crude Oil Strategy ETF (OILK) is 8.02%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. 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.
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Volatility by Period
| OILK | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.02% | 25.85% | -17.83% |
Volatility (6M)Calculated over the trailing 6-month period | 24.07% | 66.46% | -42.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.00% | 85.46% | -56.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.27% | 103.96% | -73.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.96% | 112.39% | -76.43% |
OILK vs. UVXY - Expense Ratio Comparison
OILK has a 0.68% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
OILK vs. UVXY - Dividend Comparison
OILK's dividend yield for the trailing twelve months is around 9.54%, while UVXY 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 | 9.54% | 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% |
Frequently Asked Questions
OILK and UVXY have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to OILK (8.02%). In terms of maximum drawdown, OILK dropped -83.76% vs UVXY's -100.00%.
On 5-year performance, OILK leads with 13.00% vs -66.90% for UVXY. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 8.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OILK has performed better with a 13.00% return vs -66.90%. 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 0.95% for UVXY.
OILK has the higher dividend yield at 9.54%, compared with 0.00% for UVXY.
OILK is categorized as Oil & Gas, while UVXY is Volatility. OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.68% for OILK and 0.95% for UVXY.
OILK currently has the higher Sharpe Ratio (0.96 vs -0.87), 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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