BOIL vs. DRIP
BOIL (ProShares Ultra Bloomberg Natural Gas) and DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) are both exchange-traded funds - BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while DRIP is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (-300%). Both are passively managed. Over the past 10 years, BOIL returned -57.84%/yr vs -42.06%/yr for DRIP. At a correlation of -0.21, they often move in opposite directions. BOIL charges 1.31%/yr vs 1.07%/yr for DRIP.
Performance
BOIL vs. DRIP - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with BOIL having a -41.05% return and DRIP slightly lower at -41.20%. Over the past 10 years, BOIL has underperformed DRIP with an annualized return of -57.84%, while DRIP has yielded a comparatively higher -42.06% 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%
DRIP
- 1D
- -0.94%
- 1M
- 18.92%
- YTD
- -41.20%
- 6M
- -40.68%
- 1Y
- -42.23%
- 3Y*
- -27.26%
- 5Y*
- -38.71%
- 10Y*
- -42.06%
BOIL vs. DRIP - 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% |
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -41.20% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
Correlation
The correlation between BOIL and DRIP is -0.28, 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 | -0.28 |
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 | -0.21 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.21 |
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Return for Risk
BOIL vs. DRIP — Risk / Return Rank
BOIL
DRIP
BOIL vs. DRIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP). 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 | DRIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.90 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.68 | -0.30 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.25 | -0.10 |
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Drawdowns
BOIL vs. DRIP - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum DRIP drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for BOIL and DRIP.
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Drawdown Indicators
| BOIL | DRIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.95% | -0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -77.43% | -62.18% | -15.25% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -76.02% | -20.84% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -96.24% | -3.67% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -99.92% | -0.07% |
Current DrawdownCurrent decline from peak | -100.00% | -99.93% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -90.46% | -3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.83% | 33.75% | +23.08% |
Volatility
BOIL vs. DRIP - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.63% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) at 18.04%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than DRIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | DRIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.63% | 18.04% | +5.59% |
Volatility (6M)Calculated over the trailing 6-month period | 104.46% | 43.68% | +60.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.44% | 56.75% | +56.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.97% | 68.37% | +50.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.84% | 96.33% | +5.51% |
BOIL vs. DRIP - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than DRIP's 1.07% expense ratio.
Dividends
BOIL vs. DRIP - Dividend Comparison
BOIL has not paid dividends to shareholders, while DRIP's dividend yield for the trailing twelve months is around 3.36%.
| 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% |
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.36% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
Frequently Asked Questions
BOIL and DRIP have a correlation of -0.28, 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 DRIP (18.04%). In terms of maximum drawdown, BOIL dropped -100.00% vs DRIP's -99.95%.
On 10-year performance, DRIP leads with -42.06% vs -57.84% for BOIL. On fees, DRIP is cheaper at 1.07% per year. On volatility, DRIP has been the lower-risk option at 18.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DRIP has performed better with a -42.06% return vs -57.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRIP is cheaper with a 1.07% expense ratio, compared with 1.31% for BOIL.
DRIP has the higher dividend yield at 3.36%, compared with 0.00% for BOIL.
BOIL is categorized as Oil & Gas, while DRIP is Leveraged Equities. BOIL tracks Bloomberg Natural Gas Subindex, while DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 1.31% for BOIL and 1.07% for DRIP.
BOIL currently has the higher Sharpe Ratio (-0.67 vs -0.75), 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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