OILU vs. SHNY

Last updated Jun 26, 2026

OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both Leveraged Commodities funds from BMO. Over the past 3 years, OILU returned 1.92%/yr vs 45.70%/yr for SHNY. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

OILU vs. SHNY - 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 MicroSectors Gold 3X Leveraged ETN (SHNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OILU achieves a 48.15% return, which is significantly higher than SHNY's -38.63% return.

OILU

• 1D: 2.71%
• 1M: -21.67%
• YTD: 48.15%
• 6M: 51.44%
• 1Y: 57.38%
• 3Y*: 1.92%
• 5Y*: —
• 10Y*: —

SHNY

• 1D: 2.56%
• 1M: -31.98%
• YTD: -38.63%
• 6M: -46.08%
• 1Y: 10.93%
• 3Y*: 45.70%
• 5Y*: —
• 10Y*: —

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

OILU vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	48.15%	-16.50%	-21.65%	-16.98%
SHNY MicroSectors Gold 3X Leveraged ETN	-38.63%	214.54%	50.30%	10.98%

Correlation

The correlation between OILU and SHNY is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	0.07

The correlation between OILU and SHNY shifts across timeframes, from -0.00 (1 year) to 0.10 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

OILU vs. SHNY — Risk / Return Rank

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

OILU

OILU Risk / Return Rank: 28
OILU Sharpe Ratio Rank: 28
OILU Sortino Ratio Rank: 29
OILU Omega Ratio Rank: 28
OILU Calmar Ratio Rank: 29
OILU Martin Ratio Rank: 29

SHNY

SHNY Risk / Return Rank: 13
SHNY Sharpe Ratio Rank: 11
SHNY Sortino Ratio Rank: 15
SHNY Omega Ratio Rank: 17
SHNY Calmar Ratio Rank: 11
SHNY Martin Ratio Rank: 11

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. SHNY - 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 MicroSectors Gold 3X Leveraged ETN (SHNY). 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.

	OILU	SHNY	Difference
Sharpe ratio: Return per unit of total volatility	0.91	0.13	+0.78
Sortino ratio: Return per unit of downside risk	1.46	0.73	+0.73
Omega ratio: Gain probability vs. loss probability	1.18	1.11	+0.07
Calmar ratio: Return relative to maximum drawdown	1.31	0.16	+1.15
Martin ratio: Return relative to average drawdown	3.68	0.37	+3.31

OILU vs. SHNY - Sharpe Ratio Comparison

The current OILU Sharpe Ratio is 0.91, which is higher than the SHNY Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of OILU and SHNY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OILU vs. SHNY - Drawdown Comparison

The maximum OILU drawdown since its inception was -81.00%, which is greater than SHNY's maximum drawdown of -68.52%. Use the drawdown chart below to compare losses from any high point for OILU and SHNY.

Drawdown Indicators

	OILU	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-81.00%	-68.52%	-12.48%
Max Drawdown (1Y) Largest decline over 1 year	-44.03%	-68.52%	+24.49%
Max Drawdown (3Y) Largest decline over 3 years	-69.09%	-68.52%	-0.57%
Current Drawdown Current decline from peak	-60.15%	-67.71%	+7.56%
Average Drawdown Average peak-to-trough decline	-50.60%	-15.77%	-34.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.63%	29.58%	-13.95%

Volatility

OILU vs. SHNY - Volatility Comparison

The current volatility for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) is 21.50%, while MicroSectors Gold 3X Leveraged ETN (SHNY) has a volatility of 26.07%. This indicates that OILU experiences smaller price fluctuations and is considered to be less risky than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILU	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.50%	26.07%	-4.57%
Volatility (6M) Calculated over the trailing 6-month period	51.20%	74.74%	-23.54%
Volatility (1Y) Calculated over the trailing 1-year period	63.26%	82.02%	-18.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.09%	59.41%	+21.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.09%	59.41%	+21.68%

OILU vs. SHNY - Expense Ratio Comparison

Both OILU and SHNY have an expense ratio of 0.95%.

Dividends

OILU vs. SHNY - Dividend Comparison

Neither OILU nor SHNY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OILU and SHNY in my portfolio?

OILU and SHNY have a correlation of -0.00, 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 SHNY?

SHNY has higher volatility (26.07%) compared to OILU (21.50%). In terms of maximum drawdown, OILU dropped -81.00% vs SHNY's -68.52%.

Which ETF is better, OILU or SHNY?

On 3-year performance, SHNY leads with 45.70% vs 1.92% for OILU. Both ETFs have the same 0.95% expense ratio. On volatility, OILU has been the lower-risk option at 21.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILU or SHNY?

Over the 3-year period, SHNY has performed better with a 45.70% return vs 1.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILU or SHNY?

OILU and SHNY have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, OILU or SHNY?

OILU and SHNY have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

OILU currently has the higher Sharpe Ratio (0.91 vs 0.13), 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.