BOIL vs. ERX
BOIL (ProShares Ultra Bloomberg Natural Gas) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, BOIL returned -58.74%/yr vs -10.38%/yr for ERX. At a 0.15 correlation, their price movements are largely independent. BOIL charges 1.31%/yr vs 1.09%/yr for ERX.
Performance
BOIL vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -52.27% return, which is significantly lower than ERX's 56.45% return. Over the past 10 years, BOIL has underperformed ERX with an annualized return of -58.74%, while ERX has yielded a comparatively higher -10.38% annualized return.
BOIL
- 1D
- -3.62%
- 1M
- -18.31%
- 6M
- -39.28%
- YTD
- -52.27%
- 1Y
- -74.93%
- 3Y*
- -66.40%
- 5Y*
- -68.59%
- 10Y*
- -58.74%
ERX
- 1D
- 6.40%
- 1M
- -2.19%
- 6M
- 46.49%
- YTD
- 56.45%
- 1Y
- 56.30%
- 3Y*
- 19.32%
- 5Y*
- 31.60%
- 10Y*
- -10.38%
BOIL vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -52.27% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
ERX Direxion Daily Energy Bull 2X Shares | 56.45% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between BOIL and ERX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.15 |
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Return for Risk
BOIL vs. ERX — Risk / Return Rank
BOIL
ERX
BOIL vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and Direxion Daily Energy Bull 2X Shares (ERX). 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 | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.68 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.22 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.89 | -2.85 |
| Martin ratioReturn relative to average drawdown | -1.36 | 4.95 | -6.32 |
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Drawdowns
BOIL vs. ERX - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for BOIL and ERX.
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Drawdown Indicators
| BOIL | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.54% | -0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -77.83% | -29.97% | -47.86% |
Max Drawdown (3Y)Largest decline over 3 years | -97.17% | -42.34% | -54.83% |
Max Drawdown (5Y)Largest decline over 5 years | -99.92% | -46.90% | -53.02% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -98.59% | -1.40% |
Current DrawdownCurrent decline from peak | -100.00% | -92.10% | -7.90% |
Average DrawdownAverage peak-to-trough decline | -93.61% | -67.17% | -26.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.90% | 11.48% | +43.42% |
Volatility
BOIL vs. ERX - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 20.38% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 15.01%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.38% | 15.01% | +5.37% |
Volatility (6M)Calculated over the trailing 6-month period | 102.24% | 33.70% | +68.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 112.18% | 42.30% | +69.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 119.02% | 51.86% | +67.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.76% | 68.94% | +32.82% |
BOIL vs. ERX - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than ERX's 1.09% expense ratio.
Dividends
BOIL vs. ERX - Dividend Comparison
BOIL has not paid dividends to shareholders, while ERX's dividend yield for the trailing twelve months is around 1.63%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ERX Direxion Daily Energy Bull 2X Shares | 1.63% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
Frequently Asked Questions
BOIL and ERX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (20.38%) compared to ERX (15.01%). In terms of maximum drawdown, BOIL dropped -100.00% vs ERX's -99.54%.
On 10-year performance, ERX leads with -10.38% vs -58.74% for BOIL. On fees, ERX is cheaper at 1.09% per year. On volatility, ERX has been the lower-risk option at 15.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -10.38% return vs -58.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 1.09% expense ratio, compared with 1.31% for BOIL.
ERX has the higher dividend yield at 1.63%, compared with 0.00% for BOIL.
BOIL is categorized as Oil & Gas, while ERX is Leveraged Equities. BOIL tracks Bloomberg Natural Gas Subindex, while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 1.31% for BOIL and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (1.34 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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