BOIL vs. GLL
BOIL (ProShares Ultra Bloomberg Natural Gas) and GLL (ProShares UltraShort Gold) are both Leveraged Commodities funds from ProShares - BOIL tracks the Bloomberg Natural Gas Subindex while GLL tracks the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, BOIL returned -56.95%/yr vs -23.37%/yr for GLL. At a 0.00 correlation, their price movements are largely independent. BOIL charges 1.31%/yr vs 0.95%/yr for GLL.
Performance
BOIL vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -36.77% return, which is significantly lower than GLL's -14.49% return. Over the past 10 years, BOIL has underperformed GLL with an annualized return of -56.95%, while GLL has yielded a comparatively higher -23.37% annualized 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%
GLL
- 1D
- 2.05%
- 1M
- 3.37%
- YTD
- -14.49%
- 6M
- -18.72%
- 1Y
- -48.24%
- 3Y*
- -41.46%
- 5Y*
- -28.82%
- 10Y*
- -23.37%
BOIL vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -36.77% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
GLL ProShares UltraShort Gold | -14.49% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between BOIL and GLL is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011 | 0.00 |
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Return for Risk
BOIL vs. GLL — Risk / Return Rank
BOIL
GLL
BOIL vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares UltraShort Gold (GLL). 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 | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.83 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.74 | -0.18 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.16 | -0.10 |
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 | GLL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | -0.92 | +0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.55 | -0.81 | +0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.56 | -0.73 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.61 | -0.67 | +0.06 |
Drawdowns
BOIL vs. GLL - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for BOIL and GLL.
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Drawdown Indicators
| BOIL | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.24% | -0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -80.85% | -65.10% | -15.75% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -87.95% | -8.91% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -89.76% | -10.15% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -95.76% | -4.23% |
Current DrawdownCurrent decline from peak | -100.00% | -98.94% | -1.06% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -85.13% | -8.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.20% | 41.74% | +17.46% |
Volatility
BOIL vs. GLL - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.95% compared to ProShares UltraShort Gold (GLL) at 11.07%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.95% | 11.07% | +12.88% |
Volatility (6M)Calculated over the trailing 6-month period | 107.61% | 44.43% | +63.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.64% | 52.38% | +61.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.89% | 35.90% | +82.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 32.12% | +69.69% |
BOIL vs. GLL - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than GLL's 0.95% expense ratio.
Dividends
BOIL vs. GLL - Dividend Comparison
Neither BOIL nor GLL has paid dividends to shareholders.
Frequently Asked Questions
BOIL and GLL have a correlation of -0.04, 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 GLL (11.07%). In terms of maximum drawdown, BOIL dropped -100.00% vs GLL's -99.24%.
On 10-year performance, GLL leads with -23.37% vs -56.95% for BOIL. On fees, GLL is cheaper at 0.95% per year. On volatility, GLL has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLL has performed better with a -23.37% return vs -56.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLL is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
BOIL and GLL have nearly identical dividend yields, around 0.00%.
BOIL tracks Bloomberg Natural Gas Subindex, while GLL tracks Bloomberg Gold (-200%). Their fees differ too: 1.31% for BOIL and 0.95% for GLL.
BOIL currently has the higher Sharpe Ratio (-0.66 vs -0.92), 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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