UCO vs. OILK
UCO (ProShares Ultra Bloomberg Crude Oil) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both Oil & Gas funds from ProShares - UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%) while OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, UCO returned 12.42%/yr vs 13.00%/yr for OILK. With a 0.98 correlation, they move nearly in lockstep. UCO charges 0.95%/yr vs 0.68%/yr for OILK.
Performance
UCO vs. OILK - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 81.88% return, which is significantly higher than OILK's 40.78% return.
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
OILK
- 1D
- -0.59%
- 1M
- -13.38%
- YTD
- 40.78%
- 6M
- 38.63%
- 1Y
- 27.24%
- 3Y*
- 13.91%
- 5Y*
- 13.00%
- 10Y*
- —
UCO vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 40.78% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
Correlation
The correlation between UCO and OILK is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | 0.98 |
The correlation between UCO and OILK has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.
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Return for Risk
UCO vs. OILK — Risk / Return Rank
UCO
OILK
UCO vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.
| UCO | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.18 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | 1.57 | -0.27 |
| Martin ratioReturn relative to average drawdown | 2.61 | 3.49 | -0.88 |
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Drawdowns
UCO vs. OILK - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, which is greater than OILK's maximum drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for UCO and OILK.
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Drawdown Indicators
| UCO | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -83.76% | -16.10% |
Max Drawdown (1Y)Largest decline over 1 year | -32.37% | -17.41% | -14.96% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -23.42% | -26.96% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -34.69% | -32.55% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | — | — |
Current DrawdownCurrent decline from peak | -85.89% | -17.41% | -68.48% |
Average DrawdownAverage peak-to-trough decline | -82.11% | -32.48% | -49.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.23% | 7.86% | +8.37% |
Volatility
UCO vs. OILK - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 16.11% compared to ProShares K-1 Free Crude Oil Strategy ETF (OILK) at 8.02%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier 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
| UCO | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.11% | 8.02% | +8.09% |
Volatility (6M)Calculated over the trailing 6-month period | 48.06% | 24.07% | +23.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.57% | 29.00% | +28.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.09% | 30.27% | +29.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.77% | 35.96% | +281.81% |
UCO vs. OILK - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
UCO vs. OILK - Dividend Comparison
UCO has not paid dividends to shareholders, while OILK's dividend yield for the trailing twelve months is around 9.54%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 9.54% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, UCO and OILK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
UCO has higher volatility (16.11%) compared to OILK (8.02%). In terms of maximum drawdown, UCO dropped -99.86% vs OILK's -83.76%.
On 5-year performance, OILK leads with 13.00% vs 12.42% for UCO. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 8.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OILK has performed better with a 13.00% return vs 12.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.68% expense ratio, compared with 0.95% for UCO.
OILK has the higher dividend yield at 9.54%, compared with 0.00% for UCO.
UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. Their fees differ too: 0.95% for UCO and 0.68% for OILK.
OILK currently has the higher Sharpe Ratio (0.96 vs 0.75), 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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