UNG vs. OILK
UNG (United States Natural Gas Fund LP) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both Oil & Gas funds - UNG tracks the Front Month Natural Gas Futures while OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, UNG returned -24.87%/yr vs 13.00%/yr for OILK. At a 0.13 correlation, their price movements are largely independent. UNG charges 1.17%/yr vs 0.68%/yr for OILK.
Performance
UNG vs. OILK - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -6.20% return, which is significantly lower than OILK's 40.78% return.
UNG
- 1D
- -2.29%
- 1M
- 5.12%
- YTD
- -6.20%
- 6M
- -10.85%
- 1Y
- -31.71%
- 3Y*
- -27.52%
- 5Y*
- -24.87%
- 10Y*
- -21.37%
OILK
- 1D
- -0.59%
- 1M
- -13.38%
- YTD
- 40.78%
- 6M
- 38.63%
- 1Y
- 27.24%
- 3Y*
- 13.91%
- 5Y*
- 13.00%
- 10Y*
- —
UNG vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -6.20% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
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 UNG and OILK is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | 0.13 |
The correlation between UNG and OILK shifts across timeframes, from 0.12 (3 years) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UNG vs. OILK — Risk / Return Rank
UNG
OILK
UNG vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) 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.
| UNG | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -1.87 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.18 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 1.57 | -2.37 |
| Martin ratioReturn relative to average drawdown | -1.25 | 3.49 | -4.74 |
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Drawdowns
UNG vs. OILK - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, which is greater than OILK's maximum drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for UNG and OILK.
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Drawdown Indicators
| UNG | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -83.76% | -16.12% |
Max Drawdown (1Y)Largest decline over 1 year | -39.94% | -17.41% | -22.53% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -23.42% | -44.74% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -34.69% | -57.80% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | — | — |
Current DrawdownCurrent decline from peak | -99.86% | -17.41% | -82.45% |
Average DrawdownAverage peak-to-trough decline | -89.97% | -32.48% | -57.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.12% | 7.86% | +18.26% |
Volatility
UNG vs. OILK - Volatility Comparison
United States Natural Gas Fund LP (UNG) has a higher volatility of 12.10% compared to ProShares K-1 Free Crude Oil Strategy ETF (OILK) at 8.02%. This indicates that UNG'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
| UNG | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.10% | 8.02% | +4.08% |
Volatility (6M)Calculated over the trailing 6-month period | 50.87% | 24.07% | +26.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.39% | 29.00% | +31.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 30.27% | +33.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 35.96% | +18.84% |
UNG vs. OILK - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
UNG vs. OILK - Dividend Comparison
UNG 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% |
UNG United States Natural Gas 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
UNG and OILK have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (12.10%) compared to OILK (8.02%). In terms of maximum drawdown, UNG dropped -99.88% vs OILK's -83.76%.
On 5-year performance, OILK leads with 13.00% vs -24.87% for UNG. 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 -24.87%. 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 1.17% for UNG.
OILK has the higher dividend yield at 9.54%, compared with 0.00% for UNG.
UNG tracks Front Month Natural Gas Futures, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: USCF Investments and ProShares. Their fees differ too: 1.17% for UNG and 0.68% for OILK.
OILK currently has the higher Sharpe Ratio (0.96 vs -0.53), 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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