BOIL vs. DBE
BOIL (ProShares Ultra Bloomberg Natural Gas) and DBE (Invesco DB Energy Fund) are both Oil & Gas funds - BOIL tracks the Bloomberg Natural Gas Subindex while DBE tracks the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, BOIL returned -57.84%/yr vs 10.12%/yr for DBE. At a 0.24 correlation, their price movements are largely independent. BOIL charges 1.31%/yr vs 0.78%/yr for DBE.
Performance
BOIL vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -41.05% return, which is significantly lower than DBE's 53.97% return. Over the past 10 years, BOIL has underperformed DBE with an annualized return of -57.84%, while DBE has yielded a comparatively higher 10.12% annualized return.
BOIL
- 1D
- -4.80%
- 1M
- 5.97%
- YTD
- -41.05%
- 6M
- -46.24%
- 1Y
- -75.60%
- 3Y*
- -66.48%
- 5Y*
- -66.38%
- 10Y*
- -57.84%
DBE
- 1D
- -0.63%
- 1M
- -16.23%
- YTD
- 53.97%
- 6M
- 50.93%
- 1Y
- 43.95%
- 3Y*
- 16.83%
- 5Y*
- 14.66%
- 10Y*
- 10.12%
BOIL vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -41.05% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
DBE Invesco DB Energy Fund | 53.97% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between BOIL and DBE is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.24 |
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Return for Risk
BOIL vs. DBE — Risk / Return Rank
BOIL
DBE
BOIL vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.23 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 2.07 | -3.05 |
| Martin ratioReturn relative to average drawdown | -1.36 | 6.89 | -8.24 |
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Drawdowns
BOIL vs. DBE - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for BOIL and DBE.
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Drawdown Indicators
| BOIL | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -86.69% | -13.31% |
Max Drawdown (1Y)Largest decline over 1 year | -77.43% | -21.28% | -56.15% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -23.89% | -72.97% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -38.74% | -61.17% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -60.84% | -39.15% |
Current DrawdownCurrent decline from peak | -100.00% | -41.55% | -58.45% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -57.24% | -36.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.83% | 6.42% | +50.41% |
Volatility
BOIL vs. DBE - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.63% compared to Invesco DB Energy Fund (DBE) at 9.37%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.63% | 9.37% | +14.26% |
Volatility (6M)Calculated over the trailing 6-month period | 104.46% | 31.44% | +73.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.44% | 35.27% | +78.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.97% | 29.58% | +89.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.84% | 28.34% | +73.50% |
BOIL vs. DBE - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
BOIL vs. DBE - Dividend Comparison
BOIL has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.51%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.51% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
BOIL and DBE have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (23.63%) compared to DBE (9.37%). In terms of maximum drawdown, BOIL dropped -100.00% vs DBE's -86.69%.
On 10-year performance, DBE leads with 10.12% vs -57.84% for BOIL. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 9.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 10.12% return vs -57.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 1.31% for BOIL.
DBE has the higher dividend yield at 2.51%, compared with 0.00% for BOIL.
BOIL tracks Bloomberg Natural Gas Subindex, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 1.31% for BOIL and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.27 vs -0.67), 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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