BOIL vs. ^XNG

Last updated Jun 4, 2026

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

Performance

BOIL vs. ^XNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Natural Gas (BOIL) and NYSE Arca Natural Gas Index (^XNG). 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 ^XNG's 18.38% return. Over the past 10 years, BOIL has underperformed ^XNG with an annualized return of -56.95%, while ^XNG has yielded a comparatively higher 3.90% 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%

^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%

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

BOIL vs. ^XNG - 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%
^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%

Correlation

The correlation between BOIL and ^XNG 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

BOIL vs. ^XNG — 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

^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

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. ^XNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and NYSE Arca Natural Gas Index (^XNG). 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	^XNG	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	1.32	-1.97
Sortino ratio: Return per unit of downside risk	-0.78	1.82	-2.60
Omega ratio: Gain probability vs. loss probability	0.90	1.22	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.92	1.99	-2.91
Martin ratio: Return relative to average drawdown	-1.26	5.85	-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.

BOIL vs. ^XNG - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.66, which is lower than the ^XNG Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of BOIL and ^XNG, 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	^XNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	1.32	-1.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.55	0.71	-1.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.56	0.13	-0.70
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	0.21	-0.82

Drawdowns

BOIL vs. ^XNG - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

BOIL vs. ^XNG - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.95% compared to NYSE Arca Natural Gas Index (^XNG) at 6.05%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than ^XNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Frequently Asked Questions

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

BOIL and ^XNG 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, BOIL or ^XNG?

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

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.