BOIL vs. HIBS
BOIL (ProShares Ultra Bloomberg Natural Gas) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both exchange-traded funds - BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index. Both are passively managed. Over the past 5 years, BOIL returned -66.45%/yr vs -54.24%/yr for HIBS. At a correlation of -0.04, they often move in opposite directions. BOIL charges 1.31%/yr vs 1.06%/yr for HIBS.
Performance
BOIL vs. HIBS - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -38.60% return, which is significantly higher than HIBS's -61.44% return.
BOIL
- 1D
- 4.15%
- 1M
- 10.36%
- YTD
- -38.60%
- 6M
- -41.10%
- 1Y
- -72.68%
- 3Y*
- -66.02%
- 5Y*
- -66.45%
- 10Y*
- -57.67%
HIBS
- 1D
- -1.29%
- 1M
- -22.88%
- YTD
- -61.44%
- 6M
- -58.48%
- 1Y
- -80.36%
- 3Y*
- -62.78%
- 5Y*
- -54.24%
- 10Y*
- —
BOIL vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -38.60% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -44.55% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -61.44% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
Correlation
The correlation between BOIL and HIBS is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | -0.04 |
The correlation between BOIL and HIBS shifts across timeframes, from -0.04 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BOIL vs. HIBS — Risk / Return Rank
BOIL
HIBS
BOIL vs. HIBS - 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 500 High Beta Bear 3X Shares (HIBS). 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 | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +1.76 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.74 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.98 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.30 | -1.59 | +0.29 |
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Drawdowns
BOIL vs. HIBS - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum HIBS drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for BOIL and HIBS.
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Drawdown Indicators
| BOIL | HIBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.98% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -77.43% | -82.30% | +4.87% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -96.91% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -98.70% | -1.21% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.98% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -93.14% | -0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.95% | 50.61% | +5.34% |
Volatility
BOIL vs. HIBS - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Natural Gas (BOIL) is 22.78%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 35.26%. This indicates that BOIL experiences smaller price fluctuations and is considered to be less risky than HIBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.78% | 35.26% | -12.48% |
Volatility (6M)Calculated over the trailing 6-month period | 104.55% | 60.59% | +43.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.22% | 74.21% | +39.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.95% | 83.53% | +35.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.83% | 95.26% | +6.57% |
BOIL vs. HIBS - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than HIBS's 1.06% expense ratio.
Dividends
BOIL vs. HIBS - Dividend Comparison
BOIL has not paid dividends to shareholders, while HIBS's dividend yield for the trailing twelve months is around 9.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 9.20% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% |
Frequently Asked Questions
BOIL and HIBS have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (35.26%) compared to BOIL (22.78%). In terms of maximum drawdown, BOIL dropped -100.00% vs HIBS's -99.98%.
On 5-year performance, HIBS leads with -54.24% vs -66.45% for BOIL. On fees, HIBS is cheaper at 1.06% per year. On volatility, BOIL has been the lower-risk option at 22.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HIBS has performed better with a -54.24% return vs -66.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIBS is cheaper with a 1.06% expense ratio, compared with 1.31% for BOIL.
HIBS has the higher dividend yield at 9.20%, compared with 0.00% for BOIL.
BOIL is categorized as Oil & Gas, while HIBS is Inverse Equities. BOIL tracks Bloomberg Natural Gas Subindex, while HIBS tracks S&P 500® High Beta Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 1.31% for BOIL and 1.06% for HIBS.
BOIL currently has the higher Sharpe Ratio (-0.64 vs -1.09), 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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