TCAF vs. OILK

Last updated Jun 4, 2026

TCAF (T. Rowe Price Capital Appreciation Equity ETF) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both exchange-traded funds - TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index. TCAF is actively managed, while OILK is passively managed. Over the past year, TCAF returned 20.51% vs 58.99% for OILK. At a correlation of -0.07, they often move in opposite directions. TCAF charges 0.31%/yr vs 0.68%/yr for OILK.

Performance

TCAF vs. OILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation Equity ETF (TCAF) and ProShares K-1 Free Crude Oil Strategy ETF (OILK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCAF achieves a 6.51% return, which is significantly lower than OILK's 64.22% return.

TCAF

• 1D: -0.46%
• 1M: 3.54%
• YTD: 6.51%
• 6M: 6.60%
• 1Y: 20.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OILK

• 1D: 1.40%
• 1M: -1.65%
• YTD: 64.22%
• 6M: 60.70%
• 1Y: 58.99%
• 3Y*: 19.03%
• 5Y*: 17.73%
• 10Y*: —

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

TCAF vs. OILK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TCAF T. Rowe Price Capital Appreciation Equity ETF	6.51%	15.45%	20.93%	8.40%
OILK ProShares K-1 Free Crude Oil Strategy ETF	64.22%	-11.86%	8.18%	8.61%

Correlation

The correlation between TCAF and OILK is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	-0.07

Over the past year, the inverse relationship between TCAF and OILK has strengthened: their correlation has moved from -0.07 to -0.29, meaning they now move in opposite directions more often than their long-term average.

TCAF vs. OILK - Sectors Allocation Comparison

Sectors	TCAF	OILK
Technology	33.7%	-
Healthcare	17.3%	-
Communication Services	11.4%	-
Consumer Cyclical	10.6%	100.0%
Utilities	8.6%	-
Financial Services	6.0%	-
Industrials	4.6%	-
Consumer Defensive	3.3%	-
Energy	2.6%	-
Basic Materials	0.1%	-
Real Estate	0.1%	-

Return for Risk

TCAF vs. OILK — Risk / Return Rank

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

TCAF

TCAF Risk / Return Rank: 47
TCAF Sharpe Ratio Rank: 51
TCAF Sortino Ratio Rank: 50
TCAF Omega Ratio Rank: 52
TCAF Calmar Ratio Rank: 36
TCAF Martin Ratio Rank: 44

OILK

OILK Risk / Return Rank: 55
OILK Sharpe Ratio Rank: 60
OILK Sortino Ratio Rank: 53
OILK Omega Ratio Rank: 54
OILK Calmar Ratio Rank: 68
OILK Martin Ratio Rank: 42

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.

TCAF vs. OILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Equity ETF (TCAF) 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.

	TCAF	OILK	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.06	-0.26
Sortino ratio: Return per unit of downside risk	2.48	2.59	-0.11
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	1.82	3.42	-1.60
Martin ratio: Return relative to average drawdown	7.28	6.91	+0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCAF vs. OILK - Sharpe Ratio Comparison

The current TCAF Sharpe Ratio is 1.80, which is comparable to the OILK Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of TCAF and OILK, 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

	TCAF	OILK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.06	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.12	+1.15

Drawdowns

TCAF vs. OILK - Drawdown Comparison

The maximum TCAF drawdown since its inception was -16.37%, smaller than the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for TCAF and OILK.

Drawdown Indicators

	TCAF	OILK	Difference
Max Drawdown Largest peak-to-trough decline	-16.37%	-83.76%	+67.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-17.35%	+6.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.69%	—
Current Drawdown Current decline from peak	-0.97%	-3.66%	+2.69%
Average Drawdown Average peak-to-trough decline	-2.06%	-32.61%	+30.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	8.56%	-5.74%

Volatility

TCAF vs. OILK - Volatility Comparison

The current volatility for T. Rowe Price Capital Appreciation Equity ETF (TCAF) is 2.43%, while ProShares K-1 Free Crude Oil Strategy ETF (OILK) has a volatility of 10.44%. This indicates that TCAF 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.

Volatility by Period

	TCAF	OILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.43%	10.44%	-8.01%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	23.26%	-14.51%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	28.75%	-17.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	30.12%	-16.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.94%	35.97%	-22.03%

TCAF vs. OILK - Expense Ratio Comparison

TCAF has a 0.31% expense ratio, which is lower than OILK's 0.68% expense ratio.

Dividends

TCAF vs. OILK - Dividend Comparison

TCAF's dividend yield for the trailing twelve months is around 0.47%, less than OILK's 8.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
OILK ProShares K-1 Free Crude Oil Strategy ETF	8.18%	4.79%	3.11%	5.80%	17.32%	68.82%	0.13%	0.94%	0.58%	6.17%
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.47%	0.50%	0.43%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCAF and OILK in my portfolio?

TCAF and OILK have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCAF or OILK?

OILK has higher volatility (10.44%) compared to TCAF (2.43%). In terms of maximum drawdown, TCAF dropped -16.37% vs OILK's -83.76%.

Which ETF is better, TCAF or OILK?

On 1-year performance, OILK leads with 58.99% vs 20.51% for TCAF. On fees, TCAF is cheaper at 0.31% per year. On volatility, TCAF has been the lower-risk option at 2.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TCAF or OILK?

Over the 1-year period, OILK has performed better with a 58.99% return vs 20.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TCAF or OILK?

TCAF is cheaper with a 0.31% expense ratio, compared with 0.68% for OILK.

Which ETF pays a higher dividend yield, TCAF or OILK?

OILK has the higher dividend yield at 8.18%, compared with 0.47% for TCAF.

What is the main difference between TCAF and OILK?

TCAF is categorized as Large Cap Blend Equities, while OILK is Oil & Gas. They also come from different issuers: T. Rowe Price and ProShares. Their fees differ too: 0.31% for TCAF and 0.68% for OILK.

Which has better risk-adjusted returns?

OILK currently has the higher Sharpe Ratio (2.06 vs 1.80), 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.