BOIL vs. BITO
BOIL (ProShares Ultra Bloomberg Natural Gas) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - BOIL is a Leveraged Commodities 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 -60.61%/yr vs 25.27%/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
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Returns By Period
In the year-to-date period, BOIL achieves a -36.77% return, which is significantly lower than BITO's -26.37% 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%
BITO
- 1D
- -2.94%
- 1M
- -18.61%
- YTD
- -26.37%
- 6M
- -30.81%
- 1Y
- -41.01%
- 3Y*
- 25.27%
- 5Y*
- —
- 10Y*
- —
BOIL vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -36.77% | -58.98% | -60.75% | -92.00% | -31.85% | -58.91% |
BITO ProShares Bitcoin Strategy ETF | -26.37% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
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 20, 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.
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Return for Risk
BOIL vs. BITO — Risk / Return Rank
BOIL
BITO
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.
| BOIL | BITO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.85 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.82 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.41 | +0.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BOIL | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | -0.95 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.55 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.61 | -0.09 | -0.52 |
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.
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Drawdown Indicators
| BOIL | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -77.86% | -22.14% |
Max Drawdown (1Y)Largest decline over 1 year | -80.85% | -50.05% | -30.80% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -50.05% | -46.81% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -49.22% | -50.78% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -36.73% | -56.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.20% | 29.09% | +30.11% |
Volatility
BOIL vs. BITO - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.95% compared to ProShares Bitcoin Strategy ETF (BITO) at 9.43%. 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.
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Volatility by Period
| BOIL | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.95% | 9.43% | +14.52% |
Volatility (6M)Calculated over the trailing 6-month period | 107.61% | 34.26% | +73.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.64% | 43.57% | +70.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.89% | 55.11% | +63.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 55.11% | +46.70% |
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 67.63%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BITO ProShares Bitcoin Strategy ETF | 67.63% | 78.29% | 61.59% | 15.14% |
BOIL ProShares Ultra Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
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.
BOIL has higher volatility (23.95%) compared to BITO (9.43%). In terms of maximum drawdown, BOIL dropped -100.00% vs BITO's -77.86%.
On 3-year performance, BITO leads with 25.27% vs -60.61% for BOIL. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 9.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BITO has performed better with a 25.27% return vs -60.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITO is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
BITO has the higher dividend yield at 67.63%, compared with 0.00% for BOIL.
BOIL is categorized as Leveraged Commodities, while BITO is Cryptocurrency. Their fees differ too: 1.31% for BOIL and 0.95% for BITO.
BOIL currently has the higher Sharpe Ratio (-0.66 vs -0.94), 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.
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