BOIL vs. FNGD
BOIL (ProShares Ultra Bloomberg Natural Gas) and FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) are both exchange-traded funds - BOIL is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex, while FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (-300%). Both are passively managed. Over the past 5 years, BOIL returned -64.63%/yr vs -65.57%/yr for FNGD. At a correlation of -0.04, they often move in opposite directions. BOIL charges 1.31%/yr vs 0.95%/yr for FNGD.
Performance
BOIL vs. FNGD - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -36.77% return, which is significantly higher than FNGD's -41.82% return.
BOIL
- 1D
- 4.32%
- 1M
- 4.62%
- YTD
- -36.77%
- 6M
- -62.98%
- 1Y
- -74.31%
- 3Y*
- -60.61%
- 5Y*
- -64.63%
- 10Y*
- -56.95%
FNGD
- 1D
- 3.34%
- 1M
- -28.48%
- YTD
- -41.82%
- 6M
- -33.35%
- 1Y
- -60.64%
- 3Y*
- -69.29%
- 5Y*
- -65.57%
- 10Y*
- —
BOIL vs. FNGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -36.77% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -28.67% |
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -41.82% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -13.73% |
Correlation
The correlation between BOIL and FNGD is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2018 | -0.04 |
The correlation between BOIL and FNGD shifts across timeframes, from -0.04 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BOIL vs. FNGD — Risk / Return Rank
BOIL
FNGD
BOIL vs. FNGD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD). 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.
| BOIL | FNGD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.81 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.92 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.84 | +0.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BOIL | FNGD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | -1.04 | +0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.55 | -0.74 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.61 | -0.78 | +0.17 |
Drawdowns
BOIL vs. FNGD - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum FNGD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BOIL and FNGD.
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Drawdown Indicators
| BOIL | FNGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -80.85% | -65.92% | -14.93% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -97.37% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -99.67% | -0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -87.25% | -6.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.20% | 32.99% | +26.21% |
Volatility
BOIL vs. FNGD - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.95% compared to MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) at 17.47%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than FNGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | FNGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.95% | 17.47% | +6.48% |
Volatility (6M)Calculated over the trailing 6-month period | 107.61% | 45.91% | +61.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.64% | 58.70% | +54.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.89% | 88.78% | +30.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 91.00% | +10.81% |
BOIL vs. FNGD - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than FNGD's 0.95% expense ratio.
Dividends
BOIL vs. FNGD - Dividend Comparison
Neither BOIL nor FNGD has paid dividends to shareholders.
Frequently Asked Questions
BOIL and FNGD have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (23.95%) compared to FNGD (17.47%). In terms of maximum drawdown, BOIL dropped -100.00% vs FNGD's -100.00%.
On 5-year performance, BOIL leads with -64.63% vs -65.57% for FNGD. On fees, FNGD is cheaper at 0.95% per year. On volatility, FNGD has been the lower-risk option at 17.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BOIL has performed better with a -64.63% return vs -65.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNGD is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
BOIL and FNGD have nearly identical dividend yields, around 0.00%.
BOIL is categorized as Leveraged Commodities, while FNGD is Leveraged Equities. BOIL tracks Bloomberg Natural Gas Subindex, while FNGD tracks NYSE FANG+ Index (-300%). They also come from different issuers: ProShares and BMO. Their fees differ too: 1.31% for BOIL and 0.95% for FNGD.
BOIL currently has the higher Sharpe Ratio (-0.66 vs -1.04), 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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