BOIL vs. ^GSPC

Last updated Jun 4, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) is Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, BOIL returned -56.95%/yr vs 13.66%/yr for ^GSPC. At a 0.03 correlation, their price movements are largely independent.

Performance

BOIL vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Natural Gas (BOIL) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOIL achieves a -36.77% return, which is significantly lower than ^GSPC's 10.35% return. Over the past 10 years, BOIL has underperformed ^GSPC with an annualized return of -56.95%, while ^GSPC has yielded a comparatively higher 13.66% annualized return.

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%

^GSPC

• 1D: -0.74%
• 1M: 4.90%
• YTD: 10.35%
• 6M: 10.28%
• 1Y: 26.52%
• 3Y*: 20.83%
• 5Y*: 12.30%
• 10Y*: 13.66%

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

BOIL vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
^GSPC S&P 500 Index	10.35%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between BOIL and ^GSPC is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011	0.03

The correlation between BOIL and ^GSPC shifts across timeframes, from -0.20 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BOIL vs. ^GSPC — Risk / Return Rank

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

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

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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.

BOIL vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and S&P 500 Index (^GSPC). 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.

	BOIL	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	2.24	-2.90
Sortino ratio: Return per unit of downside risk	-0.78	3.07	-3.85
Omega ratio: Gain probability vs. loss probability	0.90	1.41	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.92	2.93	-3.85
Martin ratio: Return relative to average drawdown	-1.26	13.52	-14.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOIL vs. ^GSPC - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.66, which is lower than the ^GSPC Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of BOIL and ^GSPC, 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

	BOIL	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	2.24	-2.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.55	0.73	-1.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.56	0.76	-1.32
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	0.47	-1.08

Drawdowns

BOIL vs. ^GSPC - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for BOIL and ^GSPC.

Drawdown Indicators

	BOIL	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-56.78%	-43.22%
Max Drawdown (1Y) Largest decline over 1 year	-80.85%	-9.10%	-71.75%
Max Drawdown (3Y) Largest decline over 3 years	-96.86%	-18.90%	-77.96%
Max Drawdown (5Y) Largest decline over 5 years	-99.91%	-25.43%	-74.48%
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	-33.92%	-66.07%
Current Drawdown Current decline from peak	-100.00%	-0.74%	-99.26%
Average Drawdown Average peak-to-trough decline	-93.59%	-10.72%	-82.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.20%	1.97%	+57.23%

Volatility

BOIL vs. ^GSPC - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.95% compared to S&P 500 Index (^GSPC) at 2.93%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOIL	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.95%	2.93%	+21.02%
Volatility (6M) Calculated over the trailing 6-month period	107.61%	8.99%	+98.62%
Volatility (1Y) Calculated over the trailing 1-year period	113.64%	11.89%	+101.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.89%	16.90%	+101.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.81%	18.06%	+83.75%

Frequently Asked Questions

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

BOIL and ^GSPC have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOIL or ^GSPC?

BOIL has higher volatility (23.95%) compared to ^GSPC (2.93%). In terms of maximum drawdown, BOIL dropped -100.00% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.24 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.