BOIL vs. BNO
BOIL (ProShares Ultra Bloomberg Natural Gas) and BNO (United States Brent Oil Fund LP) are both Oil & Gas funds - BOIL tracks the Bloomberg Natural Gas Subindex while BNO tracks the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, BOIL returned -58.99%/yr vs 15.06%/yr for BNO. Their 0.12 correlation means their historical movements had little consistent relationship. BOIL charges 1.31%/yr vs 1.00%/yr for BNO.
Performance
BOIL vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -55.20% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, BOIL has underperformed BNO with an annualized return of -58.99%, while BNO has yielded a comparatively higher 15.06% annualized return.
BOIL
- 1D
- 1.23%
- 1M
- -22.39%
- 6M
- -74.77%
- YTD
- -55.20%
- 1Y
- -71.40%
- 3Y*
- -67.40%
- 5Y*
- -69.84%
- 10Y*
- -58.99%
- ALL TIME*
- -57.95%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $86.80M | $100.03M | $104.47M |
BOIL vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -55.20% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between BOIL and BNO is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.12 |
The correlation between BOIL and BNO shifts across timeframes, from 0.12 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BOIL vs. BNO — Risk / Return Rank
BOIL
BNO
BOIL vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and United States Brent Oil Fund LP (BNO). 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 | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.96 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.24 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 1.70 | -2.62 |
| Martin ratioReturn relative to average drawdown | -1.40 | 5.15 | -6.55 |
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Drawdowns
BOIL vs. BNO - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for BOIL and BNO.
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Drawdown Indicators
| BOIL | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -87.06% | -12.94% |
Max Drawdown (1Y)Largest decline over 1 year | -77.68% | -34.46% | -43.22% |
Max Drawdown (3Y)Largest decline over 3 years | -97.48% | -34.46% | -63.02% |
Max Drawdown (5Y)Largest decline over 5 years | -99.93% | -34.46% | -65.47% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -75.18% | -24.81% |
Current DrawdownCurrent decline from peak | -100.00% | -16.21% | -83.79% |
Average DrawdownAverage peak-to-trough decline | -93.63% | -39.99% | -53.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 11.86% | +38.93% |
Volatility
BOIL vs. BNO - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 18.90% compared to United States Brent Oil Fund LP (BNO) at 17.47%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.90% | 17.47% | +1.43% |
Volatility (6M)Calculated over the trailing 6-month period | 91.55% | 40.96% | +50.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.59% | 44.54% | +66.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.92% | 36.41% | +82.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.64% | 36.98% | +64.66% |
BOIL vs. BNO - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than BNO's 1.00% expense ratio.
Dividends
BOIL vs. BNO - Dividend Comparison
Neither BOIL nor BNO has paid dividends to shareholders.
Frequently Asked Questions
BOIL and BNO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (18.90%) compared to BNO (17.47%). In terms of maximum drawdown, BOIL dropped -100.00% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs -58.99% for BOIL. On fees, BNO is cheaper at 1.00% per year. On volatility, BNO has been the lower-risk option at 17.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 15.06% return vs -58.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNO is cheaper with a 1.00% expense ratio, compared with 1.31% for BOIL.
BOIL and BNO have nearly identical dividend yields, around 0.00%.
BOIL tracks Bloomberg Natural Gas Subindex, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: ProShares and USCF. Their fees differ too: 1.31% for BOIL and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs -0.65), 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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