OILU vs. SPY

Last updated Jun 4, 2026

OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - OILU is a Leveraged Commodities fund managed by BMO, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 3 years, OILU returned 10.60%/yr vs 22.35%/yr for SPY. At a 0.30 correlation, their price movements are largely independent. OILU charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

OILU vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 SPY's 10.91% return.

OILU

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

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

OILU vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	1.98%

Correlation

The correlation between OILU and SPY is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	0.30

The correlation between OILU and SPY shifts across timeframes, from -0.08 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

OILU vs. SPY - Sectors Allocation Comparison

Sectors	OILU	SPY
Energy	100.0%	3.6%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Financial Services	-	11.8%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Technology	-	35.9%
Utilities	-	2.4%

Return for Risk

OILU vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.38	-0.50
Sortino ratio: Return per unit of downside risk	2.25	3.24	-0.99
Omega ratio: Gain probability vs. loss probability	1.28	1.43	-0.16
Calmar ratio: Return relative to maximum drawdown	3.48	3.16	+0.31
Martin ratio: Return relative to average drawdown	8.74	14.72	-5.98
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. SPY - Sharpe Ratio Comparison

The current OILU Sharpe Ratio is 1.87, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of OILU and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	2.38	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.59	-0.42

Drawdowns

OILU vs. SPY - Drawdown Comparison

The maximum OILU drawdown since its inception was -81.00%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for OILU and SPY.

Drawdown Indicators

	OILU	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-81.00%	-55.19%	-25.81%
Max Drawdown (1Y) Largest decline over 1 year	-33.51%	-8.88%	-24.63%
Max Drawdown (3Y) Largest decline over 3 years	-69.09%	-18.76%	-50.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-47.14%	-0.70%	-46.44%
Average Drawdown Average peak-to-trough decline	-50.59%	-9.05%	-41.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.32%	1.91%	+11.41%

Volatility

OILU vs. SPY - Volatility Comparison

MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a higher volatility of 25.14% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that OILU's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILU	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.14%	2.84%	+22.30%
Volatility (6M) Calculated over the trailing 6-month period	49.94%	8.90%	+41.04%
Volatility (1Y) Calculated over the trailing 1-year period	62.23%	11.83%	+50.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.16%	17.05%	+64.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.16%	17.94%	+63.22%

OILU vs. SPY - Expense Ratio Comparison

OILU has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

OILU vs. SPY - Dividend Comparison

OILU has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both OILU and SPY in my portfolio?

OILU and SPY have a correlation of -0.08, 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 SPY?

OILU has higher volatility (25.14%) compared to SPY (2.84%). In terms of maximum drawdown, OILU dropped -81.00% vs SPY's -55.19%.

Which ETF is better, OILU or SPY?

On 3-year performance, SPY leads with 22.35% vs 10.60% for OILU. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILU or SPY?

Over the 3-year period, SPY has performed better with a 22.35% return vs 10.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILU or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for OILU.

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

SPY has the higher dividend yield at 0.98%, compared with 0.00% for OILU.

What is the main difference between OILU and SPY?

OILU is categorized as Leveraged Commodities, while SPY is S&P 500. They also come from different issuers: BMO and State Street. Their fees differ too: 0.95% for OILU and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 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.