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 -68.58%/yr vs -55.09%/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 -51.97% return, which is significantly higher than HIBS's -55.49% return.
BOIL
- 1D
- -2.65%
- 1M
- -22.34%
- 6M
- -31.80%
- YTD
- -51.97%
- 1Y
- -77.53%
- 3Y*
- -66.23%
- 5Y*
- -68.58%
- 10Y*
- -58.64%
HIBS
- 1D
- 8.09%
- 1M
- 15.31%
- 6M
- -47.46%
- YTD
- -55.49%
- 1Y
- -73.19%
- 3Y*
- -57.50%
- 5Y*
- -55.09%
- 10Y*
- —
BOIL vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -51.97% | -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 | -55.49% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
Correlation
The correlation between BOIL and HIBS is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
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 0.23 (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 | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.81 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.93 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.55 | +0.16 |
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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 | -77.83% | -79.06% | +1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -97.17% | -96.91% | -0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -99.92% | -98.70% | -1.22% |
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 | -93.61% | -93.20% | -0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.55% | 47.30% | +8.25% |
Volatility
BOIL vs. HIBS - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Natural Gas (BOIL) is 19.67%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 29.60%. 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 | 19.67% | 29.60% | -9.93% |
Volatility (6M)Calculated over the trailing 6-month period | 100.26% | 64.22% | +36.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 111.81% | 77.53% | +34.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 119.02% | 83.90% | +35.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.73% | 95.33% | +6.40% |
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 7.97%.
| 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 | 7.97% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% |
Frequently Asked Questions
BOIL and HIBS have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (29.60%) compared to BOIL (19.67%). In terms of maximum drawdown, BOIL dropped -100.00% vs HIBS's -99.98%.
On 5-year performance, HIBS leads with -55.09% vs -68.58% for BOIL. On fees, HIBS is cheaper at 1.06% per year. On volatility, BOIL has been the lower-risk option at 19.67%. 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 -55.09% return vs -68.58%. 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 7.97%, 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 (-0.69 vs -0.95), 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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