OILU vs. FRO

Last updated Jun 4, 2026

OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) is Leveraged Commodities fund managed by BMO, while FRO (Frontline Ltd.) is a stock. Over the past 3 years, OILU returned 10.60%/yr vs 45.60%/yr for FRO. At a 0.36 correlation, their price movements are largely independent.

Performance

OILU vs. FRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) and Frontline Ltd. (FRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OILU achieves a 96.53% return, which is significantly higher than FRO's 62.94% return.

OILU

• 1D: 3.64%
• 1M: -10.84%
• YTD: 96.53%
• 6M: 77.49%
• 1Y: 115.83%
• 3Y*: 10.60%
• 5Y*: —
• 10Y*: —

FRO

• 1D: -0.63%
• 1M: -7.02%
• YTD: 62.94%
• 6M: 51.91%
• 1Y: 106.10%
• 3Y*: 45.60%
• 5Y*: 42.39%
• 10Y*: 22.50%

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

OILU vs. FRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	96.53%	-16.50%	-21.65%	-32.50%	151.08%	-17.87%
FRO Frontline Ltd.	62.94%	61.17%	-22.48%	96.23%	73.67%	-16.43%

Correlation

The correlation between OILU and FRO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	0.36

Over the past year, the correlation between OILU and FRO has dropped to 0.16 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

OILU vs. FRO — Risk / Return Rank

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

OILU

OILU Risk / Return Rank: 52
OILU Sharpe Ratio Rank: 54
OILU Sortino Ratio Rank: 45
OILU Omega Ratio Rank: 42
OILU Calmar Ratio Rank: 69
OILU Martin Ratio Rank: 51

FRO

FRO Risk / Return Rank: 89
FRO Sharpe Ratio Rank: 92
FRO Sortino Ratio Rank: 89
FRO Omega Ratio Rank: 85
FRO Calmar Ratio Rank: 91
FRO Martin Ratio Rank: 91

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.

OILU vs. FRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) and Frontline Ltd. (FRO). 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.

	OILU	FRO	Difference
Sharpe ratio Return per unit of total volatility	1.87	2.54	-0.67
Sortino ratio Return per unit of downside risk	2.25	3.11	-0.85
Omega ratio Gain probability vs. loss probability	1.28	1.36	-0.09
Calmar ratio Return relative to maximum drawdown	3.48	4.98	-1.51
Martin ratio Return relative to average drawdown	8.74	13.64	-4.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OILU vs. FRO - Sharpe Ratio Comparison

The current OILU Sharpe Ratio is 1.87, which is comparable to the FRO Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of OILU and FRO, 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

	OILU	FRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.54	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.86	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.11	+0.06

Drawdowns

OILU vs. FRO - Drawdown Comparison

The maximum OILU drawdown since its inception was -81.00%, smaller than the maximum FRO drawdown of -98.36%. Use the drawdown chart below to compare losses from any high point for OILU and FRO.

Drawdown Indicators

	OILU	FRO	Difference
Max Drawdown Largest peak-to-trough decline	-81.00%	-98.36%	+17.36%
Max Drawdown (1Y) Largest decline over 1 year	-33.51%	-21.41%	-12.10%
Max Drawdown (3Y) Largest decline over 3 years	-69.09%	-52.04%	-17.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-52.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-57.14%	—
Current Drawdown Current decline from peak	-47.14%	-74.62%	+27.48%
Average Drawdown Average peak-to-trough decline	-50.59%	-67.84%	+17.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.32%	7.80%	+5.52%

Volatility

OILU vs. FRO - Volatility Comparison

MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a higher volatility of 25.14% compared to Frontline Ltd. (FRO) at 10.53%. This indicates that OILU's price experiences larger fluctuations and is considered to be riskier than FRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILU	FRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.14%	10.53%	+14.61%
Volatility (6M) Calculated over the trailing 6-month period	49.94%	30.64%	+19.30%
Volatility (1Y) Calculated over the trailing 1-year period	62.23%	41.97%	+20.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.16%	49.34%	+31.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.16%	51.16%	+30.00%

Dividends

OILU vs. FRO - Dividend Comparison

OILU has not paid dividends to shareholders, while FRO's dividend yield for the trailing twelve months is around 5.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRO Frontline Ltd.	5.11%	4.26%	13.74%	14.31%	1.24%	0.00%	25.72%	0.78%	0.00%	6.54%	19.83%	1.67%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OILU and FRO in my portfolio?

OILU and FRO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILU or FRO?

OILU has higher volatility (25.14%) compared to FRO (10.53%). In terms of maximum drawdown, OILU dropped -81.00% vs FRO's -98.36%.

Which has better risk-adjusted returns?

FRO currently has the higher Sharpe Ratio (2.54 vs 1.87), 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.