USOY vs. OILK

Last updated Jun 4, 2026

USOY (Defiance Oil Enhanced Options Income ETF) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both exchange-traded funds - USOY is a Derivative Income fund actively managed by Defiance, while OILK is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index. USOY is actively managed, while OILK is passively managed. Over the past year, USOY returned 57.29% vs 58.99% for OILK. Their correlation of 0.91 suggests significant overlap in exposure. USOY charges 1.22%/yr vs 0.68%/yr for OILK.

Performance

USOY vs. OILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Oil Enhanced Options Income ETF (USOY) and ProShares K-1 Free Crude Oil Strategy ETF (OILK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with USOY having a 62.18% return and OILK slightly higher at 64.22%.

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OILK

• 1D: 1.40%
• 1M: -1.65%
• YTD: 64.22%
• 6M: 60.70%
• 1Y: 58.99%
• 3Y*: 19.03%
• 5Y*: 17.73%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

USOY vs. OILK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-7.93%	7.27%
OILK ProShares K-1 Free Crude Oil Strategy ETF	64.22%	-11.86%	-2.47%

Correlation

The correlation between USOY and OILK is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since May 13, 2024	0.91

The correlation between USOY and OILK has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

USOY vs. OILK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

OILK

OILK Risk / Return Rank: 55
OILK Sharpe Ratio Rank: 60
OILK Sortino Ratio Rank: 53
OILK Omega Ratio Rank: 54
OILK Calmar Ratio Rank: 68
OILK Martin Ratio Rank: 42

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USOY vs. OILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Oil Enhanced Options Income ETF (USOY) 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.

	USOY	OILK	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.06	-0.17
Sortino ratio: Return per unit of downside risk	2.30	2.59	-0.29
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	4.03	3.42	+0.61
Martin ratio: Return relative to average drawdown	7.74	6.91	+0.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USOY vs. OILK - Sharpe Ratio Comparison

The current USOY Sharpe Ratio is 1.89, which is comparable to the OILK Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of USOY and OILK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USOY	OILK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.06	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.12	+0.88

Drawdowns

USOY vs. OILK - Drawdown Comparison

The maximum USOY drawdown since its inception was -17.46%, smaller than the maximum OILK drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for USOY and OILK.

Drawdown Indicators

	USOY	OILK	Difference
Max Drawdown Largest peak-to-trough decline	-17.46%	-83.76%	+66.30%
Max Drawdown (1Y) Largest decline over 1 year	-14.29%	-17.35%	+3.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.69%	—
Current Drawdown Current decline from peak	-5.11%	-3.66%	-1.45%
Average Drawdown Average peak-to-trough decline	-6.47%	-32.61%	+26.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.42%	8.56%	-1.14%

Volatility

USOY vs. OILK - Volatility Comparison

Defiance Oil Enhanced Options Income ETF (USOY) has a higher volatility of 11.62% compared to ProShares K-1 Free Crude Oil Strategy ETF (OILK) at 10.44%. This indicates that USOY'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.

Volatility by Period

	USOY	OILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.62%	10.44%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	27.18%	23.26%	+3.92%
Volatility (1Y) Calculated over the trailing 1-year period	30.44%	28.75%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.13%	30.12%	-3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.13%	35.97%	-9.84%

USOY vs. OILK - Expense Ratio Comparison

USOY has a 1.22% expense ratio, which is higher than OILK's 0.68% expense ratio.

Dividends

USOY vs. OILK - Dividend Comparison

USOY's dividend yield for the trailing twelve months is around 54.16%, more than OILK's 8.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
OILK ProShares K-1 Free Crude Oil Strategy ETF	8.18%	4.79%	3.11%	5.80%	17.32%	68.82%	0.13%	0.94%	0.58%	6.17%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USOY and OILK in my portfolio?

With a correlation of 0.91, USOY 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.

Which is riskier, USOY or OILK?

USOY has higher volatility (11.62%) compared to OILK (10.44%). In terms of maximum drawdown, USOY dropped -17.46% vs OILK's -83.76%.

Which ETF is better, USOY or OILK?

On 1-year performance, OILK leads with 58.99% vs 57.29% for USOY. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 10.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USOY or OILK?

Over the 1-year period, OILK has performed better with a 58.99% return vs 57.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USOY or OILK?

OILK is cheaper with a 0.68% expense ratio, compared with 1.22% for USOY.

Which ETF pays a higher dividend yield, USOY or OILK?

USOY has the higher dividend yield at 54.16%, compared with 8.18% for OILK.

What is the main difference between USOY and OILK?

USOY is categorized as Derivative Income, while OILK is Oil & Gas. They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.22% for USOY and 0.68% for OILK.

Which has better risk-adjusted returns?

OILK currently has the higher Sharpe Ratio (2.06 vs 1.89), 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.