^XNG vs. BOIL

Last updated Jun 4, 2026

^XNG (NYSE Arca Natural Gas Index) is an index, while BOIL (ProShares Ultra Bloomberg Natural Gas) is Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex. Over the past 10 years, ^XNG returned 3.90%/yr vs -56.95%/yr for BOIL. At a 0.27 correlation, their price movements are largely independent.

Performance

^XNG vs. BOIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYSE Arca Natural Gas Index (^XNG) and ProShares Ultra Bloomberg Natural Gas (BOIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^XNG achieves a 18.38% return, which is significantly higher than BOIL's -36.77% return. Over the past 10 years, ^XNG has outperformed BOIL with an annualized return of 3.90%, while BOIL has yielded a comparatively lower -56.95% annualized return.

^XNG

• 1D: -0.03%
• 1M: -6.30%
• YTD: 18.38%
• 6M: 13.94%
• 1Y: 20.39%
• 3Y*: 17.09%
• 5Y*: 15.48%
• 10Y*: 3.90%

BOIL

• 1D: 4.32%
• 1M: 4.62%
• YTD: -36.77%
• 6M: -62.98%
• 1Y: -74.31%
• 3Y*: -60.61%
• 5Y*: -64.63%
• 10Y*: -56.95%

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

^XNG vs. BOIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^XNG NYSE Arca Natural Gas Index	18.38%	9.44%	16.55%	2.82%	22.57%	54.17%	-17.49%	-3.37%	-32.78%	-15.65%
BOIL ProShares Ultra Bloomberg Natural Gas	-36.77%	-58.98%	-60.75%	-92.00%	-31.85%	23.84%	-74.74%	-67.70%	-20.55%	-65.72%

Correlation

The correlation between ^XNG and BOIL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011	0.27

Return for Risk

^XNG vs. BOIL — Risk / Return Rank

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

^XNG

^XNG Risk / Return Rank: 49
^XNG Sharpe Ratio Rank: 48
^XNG Sortino Ratio Rank: 48
^XNG Omega Ratio Rank: 48
^XNG Calmar Ratio Rank: 52
^XNG Martin Ratio Rank: 49

BOIL

BOIL Risk / Return Rank: 3
BOIL Sharpe Ratio Rank: 3
BOIL Sortino Ratio Rank: 4
BOIL Omega Ratio Rank: 3
BOIL Calmar Ratio Rank: 1
BOIL Martin Ratio Rank: 3

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.

^XNG vs. BOIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYSE Arca Natural Gas Index (^XNG) and ProShares Ultra Bloomberg Natural Gas (BOIL). 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.

	^XNG	BOIL	Difference
Sharpe ratio: Return per unit of total volatility	1.32	-0.66	+1.97
Sortino ratio: Return per unit of downside risk	1.82	-0.78	+2.60
Omega ratio: Gain probability vs. loss probability	1.22	0.90	+0.32
Calmar ratio: Return relative to maximum drawdown	1.99	-0.92	+2.91
Martin ratio: Return relative to average drawdown	5.85	-1.26	+7.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^XNG vs. BOIL - Sharpe Ratio Comparison

The current ^XNG Sharpe Ratio is 1.32, which is higher than the BOIL Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of ^XNG and BOIL, 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

	^XNG	BOIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	-0.66	+1.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	-0.55	+1.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	-0.56	+0.70
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	-0.61	+0.82

Drawdowns

^XNG vs. BOIL - Drawdown Comparison

The maximum ^XNG drawdown since its inception was -84.52%, smaller than the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ^XNG and BOIL.

Drawdown Indicators

	^XNG	BOIL	Difference
Max Drawdown Largest peak-to-trough decline	-84.52%	-100.00%	+15.48%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	-80.85%	+70.56%
Max Drawdown (3Y) Largest decline over 3 years	-14.10%	-96.86%	+82.76%
Max Drawdown (5Y) Largest decline over 5 years	-25.27%	-99.91%	+74.64%
Max Drawdown (10Y) Largest decline over 10 years	-77.64%	-99.99%	+22.35%
Current Drawdown Current decline from peak	-13.58%	-100.00%	+86.42%
Average Drawdown Average peak-to-trough decline	-27.28%	-93.59%	+66.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	59.20%	-55.70%

Volatility

^XNG vs. BOIL - Volatility Comparison

The current volatility for NYSE Arca Natural Gas Index (^XNG) is 6.05%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 23.95%. This indicates that ^XNG experiences smaller price fluctuations and is considered to be less risky than BOIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^XNG	BOIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	23.95%	-17.90%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	107.61%	-95.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	113.64%	-98.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.80%	118.89%	-97.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.08%	101.81%	-72.73%

Frequently Asked Questions

Can I hold both ^XNG and BOIL in my portfolio?

^XNG and BOIL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^XNG or BOIL?

BOIL has higher volatility (23.95%) compared to ^XNG (6.05%). In terms of maximum drawdown, ^XNG dropped -84.52% vs BOIL's -100.00%.

Which has better risk-adjusted returns?

^XNG currently has the higher Sharpe Ratio (1.32 vs -0.66), 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.