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 -58.64%/yr vs -42.26%/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
In the year-to-date period, BOIL achieves a -51.97% return, which is significantly lower than DRIP's -48.85% return. Over the past 10 years, BOIL has underperformed DRIP with an annualized return of -58.64%, while DRIP has yielded a comparatively higher -42.26% annualized return.
BOIL
- 1D
- -2.65%
- 1M
- -22.34%
- 6M
- -31.80%
- YTD
- -51.97%
- 1Y
- -77.53%
- 3Y*
- -66.23%
- 5Y*
- -68.58%
- 10Y*
- -58.64%
DRIP
- 1D
- -1.87%
- 1M
- -12.01%
- 6M
- -45.22%
- YTD
- -48.85%
- 1Y
- -51.35%
- 3Y*
- -27.47%
- 5Y*
- -44.18%
- 10Y*
- -42.26%
BOIL vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -51.97% | -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 | -48.85% | -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 -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.28 |
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 | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.85 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.83 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.43 | +0.03 |
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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 | -77.83% | -62.18% | -15.65% |
Max Drawdown (3Y)Largest decline over 3 years | -97.17% | -76.02% | -21.15% |
Max Drawdown (5Y)Largest decline over 5 years | -99.92% | -96.24% | -3.68% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -99.92% | -0.07% |
Current DrawdownCurrent decline from peak | -100.00% | -99.94% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -93.61% | -90.52% | -3.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.55% | 35.99% | +19.56% |
Volatility
BOIL vs. DRIP - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 19.67% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) at 13.80%. 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 | 19.67% | 13.80% | +5.87% |
Volatility (6M)Calculated over the trailing 6-month period | 100.26% | 43.96% | +56.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 111.81% | 56.53% | +55.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 119.02% | 67.91% | +51.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.73% | 95.86% | +5.87% |
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 3.47%.
| 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 | 3.47% | 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 -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (19.67%) compared to DRIP (13.80%). In terms of maximum drawdown, BOIL dropped -100.00% vs DRIP's -99.95%.
On 10-year performance, DRIP leads with -42.26% vs -58.64% for BOIL. On fees, DRIP is cheaper at 1.07% per year. On volatility, DRIP has been the lower-risk option at 13.80%. 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 -42.26% return vs -58.64%. 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 3.47%, 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 (-0.69 vs -0.91), 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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