USO vs. OILK
USO (United States Oil Fund LP) and OILK (ProShares K-1 Free Crude Oil ETF) are both Oil & Gas funds - USO tracks the Front 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, USO returned 19.21%/yr vs 14.16%/yr for OILK. Their 0.97 correlation means they have historically moved very closely together. USO charges 0.86%/yr vs 0.69%/yr for OILK.
Performance
USO vs. OILK - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, USO achieves a 67.41% return, which is significantly higher than OILK's 43.38% return.
USO
- 1D
- -5.19%
- 1M
- 11.35%
- 6M
- 49.45%
- YTD
- 67.41%
- 1Y
- 52.12%
- 3Y*
- 16.20%
- 5Y*
- 19.21%
- 10Y*
- 3.91%
- ALL TIME*
- -7.35%
OILK
- 1D
- -2.79%
- 1M
- 5.84%
- 6M
- 30.29%
- YTD
- 43.38%
- 1Y
- 31.15%
- 3Y*
- 8.68%
- 5Y*
- 14.16%
- 10Y*
- —
- ALL TIME*
- 2.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.74M | $8.66M | $10.89M | |
| $990.59M | $905.37M | $892.65M |
USO vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 67.41% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
OILK ProShares K-1 Free Crude Oil ETF | 43.38% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
Correlation
The correlation between USO and OILK is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | 0.97 |
The correlation between USO and OILK has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
USO vs. OILK — Risk / Return Rank
USO
OILK
USO vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Oil Fund LP (USO) and ProShares K-1 Free Crude Oil 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.
| USO | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.19 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 1.48 | +0.14 |
| Martin ratioReturn relative to average drawdown | 4.70 | 4.14 | +0.56 |
Loading charts...
Drawdowns
USO vs. OILK - Drawdown Comparison
The maximum USO drawdown since its inception was -98.19%, which is greater than OILK's maximum drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for USO and OILK.
Loading charts...
Drawdown Indicators
| USO | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.19% | -83.76% | -14.43% |
Max Drawdown (1Y)Largest decline over 1 year | -32.49% | -21.19% | -11.30% |
Max Drawdown (3Y)Largest decline over 3 years | -32.49% | -23.42% | -9.07% |
Max Drawdown (5Y)Largest decline over 5 years | -36.23% | -34.69% | -1.54% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | — | — |
Current DrawdownCurrent decline from peak | -87.68% | -15.88% | -71.80% |
Average DrawdownAverage peak-to-trough decline | -75.38% | -32.26% | -43.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.15% | 7.57% | +3.58% |
Volatility
USO vs. OILK - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 19.90% compared to ProShares K-1 Free Crude Oil ETF (OILK) at 12.38%. This indicates that USO'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.
Loading charts...
Volatility by Period
| USO | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.90% | 12.38% | +7.52% |
Volatility (6M)Calculated over the trailing 6-month period | 43.20% | 25.88% | +17.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.43% | 30.32% | +17.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.17% | 30.47% | +6.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.35% | 36.00% | +3.35% |
USO vs. OILK - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than OILK's 0.69% expense ratio.
Dividends
USO vs. OILK - Dividend Comparison
USO has not paid dividends to shareholders, while OILK's dividend yield for the trailing twelve months is around 11.84%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil ETF | 11.84% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
USO United States 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 0.96, USO 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.
USO has higher volatility (19.90%) compared to OILK (12.38%). In terms of maximum drawdown, USO dropped -98.19% vs OILK's -83.76%.
On 5-year performance, USO leads with 19.21% vs 14.16% for OILK. On fees, OILK is cheaper at 0.69% per year. On volatility, OILK has been the lower-risk option at 12.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 19.21% return vs 14.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.69% expense ratio, compared with 0.86% for USO.
OILK has the higher dividend yield at 11.84%, compared with 0.00% for USO.
USO tracks Front Month Light Sweet Crude Oil, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. They also come from different issuers: USCF and ProShares. Their fees differ too: 0.86% for USO and 0.69% for OILK.
USO currently has the higher Sharpe Ratio (1.11 vs 1.03), 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.
Find the right allocation for USO and OILK
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer