USO vs. OILK
USO (United States Oil Fund LP) and OILK (ProShares K-1 Free Crude Oil Strategy 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 22.99%/yr vs 16.92%/yr for OILK. With a 0.97 correlation, they move nearly in lockstep. USO charges 0.86%/yr vs 0.68%/yr for OILK.
Performance
USO vs. OILK - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, USO achieves a 92.34% return, which is significantly higher than OILK's 58.67% return.
USO
- 1D
- -2.72%
- 1M
- -0.69%
- YTD
- 92.34%
- 6M
- 84.96%
- 1Y
- 90.22%
- 3Y*
- 27.76%
- 5Y*
- 22.99%
- 10Y*
- 3.13%
OILK
- 1D
- -1.50%
- 1M
- 2.45%
- YTD
- 58.67%
- 6M
- 52.94%
- 1Y
- 53.67%
- 3Y*
- 17.93%
- 5Y*
- 16.92%
- 10Y*
- —
USO vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USO United States Oil Fund LP | 92.34% | -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 Strategy ETF | 58.67% | -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 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2016 | 0.98 |
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 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.
| USO | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.31 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | 3.11 | +1.34 |
| Martin ratioReturn relative to average drawdown | 8.33 | 6.27 | +2.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| USO | OILK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 1.87 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.56 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.08 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.11 | -0.29 |
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 | -20.39% | -17.35% | -3.04% |
Max Drawdown (3Y)Largest decline over 3 years | -26.05% | -23.42% | -2.63% |
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 | -85.85% | -6.91% | -78.94% |
Average DrawdownAverage peak-to-trough decline | -75.30% | -32.59% | -42.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.87% | 8.58% | +2.29% |
Volatility
USO vs. OILK - Volatility Comparison
United States Oil Fund LP (USO) has a higher volatility of 13.30% compared to ProShares K-1 Free Crude Oil Strategy ETF (OILK) at 8.60%. 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 | 13.30% | 8.60% | +4.70% |
Volatility (6M)Calculated over the trailing 6-month period | 38.49% | 23.39% | +15.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.41% | 28.86% | +15.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.09% | 30.12% | +5.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.01% | 35.96% | +3.05% |
USO vs. OILK - Expense Ratio Comparison
USO has a 0.86% expense ratio, which is higher than OILK's 0.68% 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 8.46%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OILK ProShares K-1 Free Crude Oil Strategy ETF | 8.46% | 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 (13.30%) compared to OILK (8.60%). In terms of maximum drawdown, USO dropped -98.19% vs OILK's -83.76%.
On 5-year performance, USO leads with 22.99% vs 16.92% for OILK. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 8.60%. 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 22.99% return vs 16.92%. 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 0.86% for USO.
OILK has the higher dividend yield at 8.46%, 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 0.68% for OILK.
USO currently has the higher Sharpe Ratio (2.04 vs 1.87), 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