UGA vs. OILK
UGA (United States Gasoline Fund LP) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both Oil & Gas funds - UGA tracks the Front Month Unleaded Gasoline while OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, UGA returned 24.41%/yr vs 17.28%/yr for OILK. Their correlation of 0.81 suggests significant overlap in exposure. UGA charges 0.75%/yr vs 0.68%/yr for OILK.
Performance
UGA vs. OILK - Performance Comparison
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Returns By Period
In the year-to-date period, UGA achieves a 70.69% return, which is significantly higher than OILK's 61.09% return.
UGA
- 1D
- -2.73%
- 1M
- -12.25%
- YTD
- 70.69%
- 6M
- 59.72%
- 1Y
- 79.48%
- 3Y*
- 20.80%
- 5Y*
- 24.41%
- 10Y*
- 14.27%
OILK
- 1D
- -1.91%
- 1M
- -2.15%
- YTD
- 61.09%
- 6M
- 56.40%
- 1Y
- 56.95%
- 3Y*
- 18.39%
- 5Y*
- 17.28%
- 10Y*
- —
UGA vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 70.69% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 61.09% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
Correlation
The correlation between UGA and OILK is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | 0.81 |
The correlation between UGA and OILK has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
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Return for Risk
UGA vs. OILK — Risk / Return Rank
UGA
OILK
UGA vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) 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.
| UGA | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.33 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 5.37 | 3.30 | +2.07 |
| Martin ratioReturn relative to average drawdown | 12.86 | 6.67 | +6.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UGA | OILK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | 1.99 | +0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.58 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.11 | +0.01 |
Drawdowns
UGA vs. OILK - Drawdown Comparison
The maximum UGA drawdown since its inception was -86.59%, roughly equal to the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for UGA and OILK.
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Drawdown Indicators
| UGA | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.59% | -83.76% | -2.83% |
Max Drawdown (1Y)Largest decline over 1 year | -14.88% | -17.35% | +2.47% |
Max Drawdown (3Y)Largest decline over 3 years | -26.68% | -23.42% | -3.26% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -34.69% | -3.42% |
Max Drawdown (10Y)Largest decline over 10 years | -75.89% | — | — |
Current DrawdownCurrent decline from peak | -14.75% | -5.49% | -9.26% |
Average DrawdownAverage peak-to-trough decline | -36.76% | -32.60% | -4.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.20% | 8.57% | -2.37% |
Volatility
UGA vs. OILK - Volatility Comparison
United States Gasoline Fund LP (UGA) has a higher volatility of 11.64% compared to ProShares K-1 Free Crude Oil Strategy ETF (OILK) at 10.52%. This indicates that UGA'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
| UGA | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.64% | 10.52% | +1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 30.48% | 23.32% | +7.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.27% | 28.82% | +6.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.40% | 30.13% | +4.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.27% | 35.97% | +1.30% |
UGA vs. OILK - Expense Ratio Comparison
UGA has a 0.75% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
UGA vs. OILK - Dividend Comparison
UGA has not paid dividends to shareholders, while OILK's dividend yield for the trailing twelve months is around 8.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 8.34% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
UGA United States Gasoline Fund LP | 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 0.90, UGA 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.
UGA has higher volatility (11.64%) compared to OILK (10.52%). In terms of maximum drawdown, UGA dropped -86.59% vs OILK's -83.76%.
On 5-year performance, UGA leads with 24.41% vs 17.28% for OILK. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 10.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 24.41% return vs 17.28%. 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 0.75% for UGA.
OILK has the higher dividend yield at 8.34%, compared with 0.00% for UGA.
UGA tracks Front Month Unleaded Gasoline, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: Concierge Technologies and ProShares. Their fees differ too: 0.75% for UGA and 0.68% for OILK.
UGA currently has the higher Sharpe Ratio (2.27 vs 1.99), 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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