USL vs. OILK
USL (United States 12 Month Oil Fund LP) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both Oil & Gas funds - USL tracks the 12 Month Light Sweet Crude Oil while OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, USL returned 11.84%/yr vs 12.04%/yr for OILK. With a 0.97 correlation, they move nearly in lockstep. USL charges 0.88%/yr vs 0.68%/yr for OILK.
Performance
USL vs. OILK - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with USL having a 35.42% return and OILK slightly higher at 35.89%.
USL
- 1D
- -3.22%
- 1M
- -16.18%
- YTD
- 35.42%
- 6M
- 33.45%
- 1Y
- 27.96%
- 3Y*
- 12.05%
- 5Y*
- 11.84%
- 10Y*
- 9.07%
OILK
- 1D
- -3.47%
- 1M
- -16.39%
- YTD
- 35.89%
- 6M
- 33.85%
- 1Y
- 28.18%
- 3Y*
- 12.58%
- 5Y*
- 12.04%
- 10Y*
- —
USL vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USL United States 12 Month Oil Fund LP | 35.42% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
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 USL and OILK is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | 0.97 |
The correlation between USL and OILK has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
USL vs. OILK — Risk / Return Rank
USL
OILK
USL vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Oil Fund LP (USL) 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.
| USL | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.18 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 1.40 | 0.00 |
| Martin ratioReturn relative to average drawdown | 3.60 | 3.56 | +0.04 |
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Drawdowns
USL vs. OILK - Drawdown Comparison
The maximum USL drawdown since its inception was -89.06%, which is greater than OILK's maximum drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for USL and OILK.
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Drawdown Indicators
| USL | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.06% | -83.76% | -5.30% |
Max Drawdown (1Y)Largest decline over 1 year | -20.18% | -20.28% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -23.33% | -23.42% | +0.09% |
Max Drawdown (5Y)Largest decline over 5 years | -33.82% | -34.69% | +0.87% |
Max Drawdown (10Y)Largest decline over 10 years | -66.02% | — | — |
Current DrawdownCurrent decline from peak | -48.64% | -20.28% | -28.36% |
Average DrawdownAverage peak-to-trough decline | -61.39% | -32.47% | -28.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.78% | 7.93% | -0.15% |
Volatility
USL vs. OILK - Volatility Comparison
United States 12 Month Oil Fund LP (USL) and ProShares K-1 Free Crude Oil Strategy ETF (OILK) have volatilities of 8.59% and 8.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USL | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.59% | 8.49% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 24.45% | 24.37% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.66% | 28.64% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.28% | 30.31% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.34% | 35.97% | -3.63% |
USL vs. OILK - Expense Ratio Comparison
USL has a 0.88% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
USL vs. OILK - Dividend Comparison
USL has not paid dividends to shareholders, while OILK's dividend yield for the trailing twelve months is around 9.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
USL United States 12 Month Oil 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 0.99, USL 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.
USL has higher volatility (8.59%) compared to OILK (8.49%). In terms of maximum drawdown, USL dropped -89.06% vs OILK's -83.76%.
On 5-year performance, OILK leads with 12.04% vs 11.84% for USL. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 8.49%. 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 12.04% return vs 11.84%. 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 0.88% for USL.
OILK has the higher dividend yield at 9.88%, compared with 0.00% for USL.
USL tracks 12 Month Light Sweet Crude Oil, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: Concierge Technologies and ProShares. Their fees differ too: 0.88% for USL and 0.68% for OILK.
OILK currently has the higher Sharpe Ratio (1.00 vs 0.99), 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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