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 14.77%/yr vs -67.84%/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 49.74% return, which is significantly higher than UVXY's -33.76% return.
OILK
- 1D
- 0.76%
- 1M
- -2.52%
- 6M
- 42.11%
- YTD
- 49.74%
- 1Y
- 37.34%
- 3Y*
- 13.49%
- 5Y*
- 14.77%
- 10Y*
- —
UVXY
- 1D
- -2.14%
- 1M
- -17.16%
- 6M
- -33.16%
- YTD
- -33.76%
- 1Y
- -72.68%
- 3Y*
- -62.00%
- 5Y*
- -67.84%
- 10Y*
- -72.11%
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 | 49.74% | -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 | -33.76% | -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 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
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 0.20 (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 | +2.13 | ||
| Sortino ratioReturn per unit of downside risk | +3.38 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.82 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | -0.99 | +2.76 |
| Martin ratioReturn relative to average drawdown | 4.19 | -1.48 | +5.67 |
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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 | -21.19% | -73.42% | +52.23% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | -95.32% | +71.90% |
Max Drawdown (5Y)Largest decline over 5 years | -34.69% | -99.74% | +65.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -12.15% | -100.00% | +87.85% |
Average DrawdownAverage peak-to-trough decline | -32.40% | -98.75% | +66.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.94% | 49.12% | -40.18% |
Volatility
OILK vs. UVXY - Volatility Comparison
The current volatility for ProShares K-1 Free Crude Oil Strategy ETF (OILK) is 10.76%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 20.24%. 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 | 10.76% | 20.24% | -9.48% |
Volatility (6M)Calculated over the trailing 6-month period | 25.11% | 66.67% | -41.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.35% | 85.34% | -55.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.45% | 103.83% | -73.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.98% | 112.04% | -76.06% |
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 8.72%, 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 | 8.72% | 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 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (20.24%) compared to OILK (10.76%). In terms of maximum drawdown, OILK dropped -83.76% vs UVXY's -100.00%.
On 5-year performance, OILK leads with 14.77% vs -67.84% for UVXY. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 10.76%. 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 14.77% return vs -67.84%. 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 8.72%, 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 (1.28 vs -0.85), 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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