BOIL vs. BITO

Last updated Jun 25, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while BITO is a Cryptocurrency fund actively managed by ProShares. BOIL is passively managed, while BITO is actively managed. Over the past 3 years, BOIL returned -66.02%/yr vs 16.49%/yr for BITO. At a correlation of -0.01, they often move in opposite directions. BOIL charges 1.31%/yr vs 0.95%/yr for BITO.

Performance

BOIL vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOIL achieves a -38.60% return, which is significantly lower than BITO's -32.58% return.

BOIL

• 1D: 4.15%
• 1M: 10.36%
• YTD: -38.60%
• 6M: -41.10%
• 1Y: -72.68%
• 3Y*: -66.02%
• 5Y*: -66.45%
• 10Y*: -57.67%

BITO

• 1D: -3.78%
• 1M: -21.14%
• YTD: -32.58%
• 6M: -32.41%
• 1Y: -45.57%
• 3Y*: 16.49%
• 5Y*: —
• 10Y*: —

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

BOIL vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BOIL ProShares Ultra Bloomberg Natural Gas	-38.60%	-58.98%	-60.75%	-92.00%	-31.85%	-57.29%
BITO ProShares Bitcoin Strategy ETF	-32.58%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between BOIL and BITO is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.01

The correlation between BOIL and BITO shifts across timeframes, from -0.13 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BOIL vs. BITO — 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: 4
BOIL Sortino Ratio Rank: 4
BOIL Omega Ratio Rank: 4
BOIL Calmar Ratio Rank: 1
BOIL Martin Ratio Rank: 2

BITO

BITO Risk / Return Rank: 1
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 1
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 1

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. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares Bitcoin Strategy ETF (BITO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BOIL	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	-1.04	+0.39
Sortino ratio: Return per unit of downside risk	-0.72	-1.56	+0.84
Omega ratio: Gain probability vs. loss probability	0.91	0.83	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.85	-0.09
Martin ratio: Return relative to average drawdown	-1.30	-1.45	+0.15

BOIL vs. BITO - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.64, which is higher than the BITO Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of BOIL and BITO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BOIL vs. BITO - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BOIL and BITO.

Drawdown Indicators

	BOIL	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-77.86%	-22.14%
Max Drawdown (1Y) Largest decline over 1 year	-77.43%	-53.50%	-23.93%
Max Drawdown (3Y) Largest decline over 3 years	-96.86%	-53.50%	-43.36%
Max Drawdown (5Y) Largest decline over 5 years	-99.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	—	—
Current Drawdown Current decline from peak	-100.00%	-53.50%	-46.50%
Average Drawdown Average peak-to-trough decline	-93.59%	-36.87%	-56.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.95%	31.47%	+24.48%

Volatility

BOIL vs. BITO - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 22.78% compared to ProShares Bitcoin Strategy ETF (BITO) at 13.03%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOIL	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.78%	13.03%	+9.75%
Volatility (6M) Calculated over the trailing 6-month period	104.55%	34.32%	+70.23%
Volatility (1Y) Calculated over the trailing 1-year period	113.22%	44.22%	+69.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.95%	55.03%	+63.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.83%	55.03%	+46.80%

BOIL vs. BITO - Expense Ratio Comparison

BOIL has a 1.31% expense ratio, which is higher than BITO's 0.95% expense ratio.

Dividends

BOIL vs. BITO - Dividend Comparison

BOIL has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 73.86%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	73.86%	78.29%	61.59%	15.14%
BOIL ProShares Ultra Bloomberg Natural Gas	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BOIL and BITO in my portfolio?

BOIL and BITO have a correlation of -0.13, 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 BITO?

BOIL has higher volatility (22.78%) compared to BITO (13.03%). In terms of maximum drawdown, BOIL dropped -100.00% vs BITO's -77.86%.

Which ETF is better, BOIL or BITO?

On 3-year performance, BITO leads with 16.49% vs -66.02% for BOIL. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 13.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOIL or BITO?

Over the 3-year period, BITO has performed better with a 16.49% return vs -66.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOIL or BITO?

BITO is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.

Which ETF pays a higher dividend yield, BOIL or BITO?

BITO has the higher dividend yield at 73.86%, compared with 0.00% for BOIL.

What is the main difference between BOIL and BITO?

BOIL is categorized as Oil & Gas, while BITO is Cryptocurrency. Their fees differ too: 1.31% for BOIL and 0.95% for BITO.

Which has better risk-adjusted returns?

BOIL currently has the higher Sharpe Ratio (-0.64 vs -1.04), 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.