SPXN vs. OILK
SPXN (ProShares S&P 500 Ex-Financials ETF) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both exchange-traded funds - SPXN is a S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate Index, while OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, SPXN returned 13.53%/yr vs 12.04%/yr for OILK. At a 0.14 correlation, their price movements are largely independent. SPXN charges 0.09%/yr vs 0.68%/yr for OILK.
Performance
SPXN vs. OILK - Performance Comparison
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Returns By Period
In the year-to-date period, SPXN achieves a 8.93% return, which is significantly lower than OILK's 35.89% return.
SPXN
- 1D
- -0.53%
- 1M
- -2.48%
- YTD
- 8.93%
- 6M
- 7.76%
- 1Y
- 24.75%
- 3Y*
- 20.84%
- 5Y*
- 13.53%
- 10Y*
- 15.79%
OILK
- 1D
- -3.47%
- 1M
- -16.39%
- YTD
- 35.89%
- 6M
- 33.85%
- 1Y
- 28.18%
- 3Y*
- 12.58%
- 5Y*
- 12.04%
- 10Y*
- —
SPXN vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 8.93% | 18.74% | 24.35% | 28.57% | -18.87% | 27.04% | 22.15% | 31.50% | -3.85% | 20.84% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 35.89% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
Correlation
The correlation between SPXN and OILK is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
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 | 0.14 |
The correlation between SPXN and OILK shifts across timeframes, from -0.21 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPXN vs. OILK — Risk / Return Rank
SPXN
OILK
SPXN vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) and ProShares K-1 Free Crude Oil Strategy ETF (OILK). 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.
| SPXN | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.18 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 1.40 | +1.29 |
| Martin ratioReturn relative to average drawdown | 11.51 | 3.56 | +7.95 |
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Drawdowns
SPXN vs. OILK - Drawdown Comparison
The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for SPXN and OILK.
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Drawdown Indicators
| SPXN | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.10% | -83.76% | +51.66% |
Max Drawdown (1Y)Largest decline over 1 year | -9.26% | -20.28% | +11.02% |
Max Drawdown (3Y)Largest decline over 3 years | -19.56% | -23.42% | +3.86% |
Max Drawdown (5Y)Largest decline over 5 years | -24.47% | -34.69% | +10.22% |
Max Drawdown (10Y)Largest decline over 10 years | -32.10% | — | — |
Current DrawdownCurrent decline from peak | -4.65% | -20.28% | +15.63% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -32.47% | +28.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 7.93% | -5.77% |
Volatility
SPXN vs. OILK - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 5.37%, while ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a volatility of 8.49%. This indicates that SPXN experiences smaller price fluctuations and is considered to be less risky than OILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXN | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 8.49% | -3.12% |
Volatility (6M)Calculated over the trailing 6-month period | 10.72% | 24.37% | -13.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.50% | 28.64% | -15.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 30.31% | -13.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.72% | 35.97% | -18.25% |
SPXN vs. OILK - Expense Ratio Comparison
SPXN has a 0.09% expense ratio, which is lower than OILK's 0.68% expense ratio.
Dividends
SPXN vs. OILK - Dividend Comparison
SPXN's dividend yield for the trailing twelve months is around 0.91%, less than OILK's 9.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 9.88% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% | 0.00% | 0.00% |
SPXN ProShares S&P 500 Ex-Financials ETF | 0.91% | 0.98% | 1.12% | 1.19% | 1.35% | 0.94% | 1.09% | 1.41% | 1.76% | 1.54% | 2.60% | 0.52% |
Frequently Asked Questions
SPXN and OILK 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.
OILK has higher volatility (8.49%) compared to SPXN (5.37%). In terms of maximum drawdown, SPXN dropped -32.10% vs OILK's -83.76%.
On 5-year performance, SPXN leads with 13.53% vs 12.04% for OILK. On fees, SPXN is cheaper at 0.09% per year. On volatility, SPXN has been the lower-risk option at 5.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPXN has performed better with a 13.53% return vs 12.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXN is cheaper with a 0.09% expense ratio, compared with 0.68% for OILK.
OILK has the higher dividend yield at 9.88%, compared with 0.91% for SPXN.
SPXN is categorized as S&P 500, while OILK is Oil & Gas. SPXN tracks S&P 500 Ex-Financials and Real Estate Index, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. Their fees differ too: 0.09% for SPXN and 0.68% for OILK.
SPXN currently has the higher Sharpe Ratio (1.85 vs 1.00), 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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