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 Energy Equities fund tracking the Energy Select Sector Index (200%). Both are passively managed. Over the past 10 years, BOIL returned -58.99%/yr vs -8.11%/yr for ERX. Their 0.15 correlation means their historical movements had little consistent relationship. BOIL charges 1.31%/yr vs 0.91%/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 -55.20% return, which is significantly lower than ERX's 71.01% return. Over the past 10 years, BOIL has underperformed ERX with an annualized return of -58.99%, while ERX has yielded a comparatively higher -8.11% 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%
ERX
- 1D
- 1.98%
- 1M
- 23.93%
- 6M
- 32.46%
- YTD
- 71.01%
- 1Y
- 85.96%
- 3Y*
- 17.67%
- 5Y*
- 35.70%
- 10Y*
- -8.11%
- ALL TIME*
- -6.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $86.80M | $100.03M | $104.47M | |
| $22.14M | $22.35M | $28.47M |
BOIL vs. ERX - 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% |
ERX Direxion Daily Energy Bull 2X Shares | 71.01% | 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 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | -2.53 | ||
| Sortino ratioReturn per unit of downside risk | -3.03 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.29 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.65 | -3.57 |
| Martin ratioReturn relative to average drawdown | -1.40 | 6.74 | -8.15 |
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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 | -77.68% | -29.97% | -47.71% |
Max Drawdown (3Y)Largest decline over 3 years | -97.48% | -42.34% | -55.14% |
Max Drawdown (5Y)Largest decline over 5 years | -99.93% | -46.90% | -53.03% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -98.59% | -1.40% |
Current DrawdownCurrent decline from peak | -100.00% | -91.37% | -8.63% |
Average DrawdownAverage peak-to-trough decline | -93.63% | -67.24% | -26.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 11.83% | +38.96% |
Volatility
BOIL vs. ERX - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 18.90% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 11.87%. 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 | 18.90% | 11.87% | +7.03% |
Volatility (6M)Calculated over the trailing 6-month period | 91.55% | 33.76% | +57.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.59% | 42.31% | +68.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.92% | 51.50% | +67.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.64% | 68.84% | +32.80% |
BOIL vs. ERX - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than ERX's 0.91% 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 1.49%.
| 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 | 1.49% | 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 0.22, 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 ERX (11.87%). In terms of maximum drawdown, BOIL dropped -100.00% vs ERX's -99.54%.
On 10-year performance, ERX leads with -8.11% vs -58.99% for BOIL. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 11.87%. 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 -8.11% return vs -58.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 0.91% expense ratio, compared with 1.31% for BOIL.
ERX has the higher dividend yield at 1.49%, compared with 0.00% for BOIL.
BOIL is categorized as Oil & Gas, while ERX is Energy Equities. BOIL tracks Bloomberg Natural Gas Subindex, while ERX tracks Energy Select Sector Index (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 1.31% for BOIL and 0.91% for ERX.
ERX currently has the higher Sharpe Ratio (1.88 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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