4 Best Oil ETFs for November 2024

Oil ETFs are baskets of securities that track the price of oil as a commodity, or contain oil stocks. They are an easy way to invest in oil markets, but they do carry risk.
A photo of an offshore oil rig — one of the many types of oil operations one can invest in through oil ETFs.

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Written by Alana Benson
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When gas prices rise, people start looking to add oil securities to their portfolios. If you’re curious about investing in oil, oil ETFs are an easy way to do so.

What are oil ETFs?

Oil ETFs, or exchange-traded funds, are baskets of securities that either track the price of oil as a commodity or contain oil stocks. Oil ETFs give investors easy access to a commodity that’s difficult to own and store. But oil prices can swing drastically in either direction and can be closely correlated to global and geopolitical events, making it a complex and often risky investment.

Office of Energy Efficiency & Renewable Energy. A Brief History of Oil Prices and Vehicle Technologies. Accessed Mar 14, 2022.

» Want to know more? Learn how to invest in oil

Best-performing oil ETFs

The best-performing oil ETF based on five-year performance is the United States Brent Oil Fund LP. Keep in mind, the best-performing investment today may not be the best one next year — or even next week.

The following oil ETFs are commodities ETFs, meaning they track the price of oil through benchmarks such as the Brent Crude Oil or West Texas Intermediate benchmarks. These ETFs do not hold oil company stocks. This list also includes oil ETNs (more on that below).

Ticker

Company

Performance (Year)

UGA

United States Gasoline Fund LP

-2.38%

USO

United States Oil Fund

-3.65%

USL

United States 12 Month Oil Fund LP

-4.12%

OILK

ProShares K-1 Free Crude Oil ETF

-6.94%

Source: Finviz. Data is current as of market close Nov. 1, 2024, and is intended for informational purposes only, not for trading purposes.

» Curious about oil stocks? Explore how to buy oil stocks

What are oil ETNs?

Oil ETNs, or exchange-traded notes, are similar to oil ETFs in that they are both traded on securities exchanges and can be bought and sold throughout the trading day, similar to stocks. A major difference between ETFs and ETNs is that ETFs are investment companies registered by the U.S. Securities and Exchange Commission, and ETFs actually own the underlying assets that you, as an investor, own a part of. ETNs do not own an underlying portfolio of assets, and instead are made up of unsecured debt obligations. ETNs are generally considered riskier investments than ETFs.

U.S. Securities and Exchange Commission. Investor Bulletin: Exchange Traded Notes (ETNs). Accessed Mar 14, 2022.

» Ready to get started? Check out the best brokers for ETF investors

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