BOIL vs. NRGD

Last updated Jun 25, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) and NRGD (MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN) are both exchange-traded funds - BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while NRGD is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, BOIL returned -72.68% vs -72.33% for NRGD. At a correlation of -0.16, they often move in opposite directions. BOIL charges 1.31%/yr vs 0.95%/yr for NRGD.

Performance

BOIL vs. NRGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Natural Gas (BOIL) and MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOIL achieves a -38.60% return, which is significantly higher than NRGD's -61.41% 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%

NRGD

• 1D: 5.06%
• 1M: 22.87%
• YTD: -61.41%
• 6M: -62.44%
• 1Y: -72.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BOIL vs. NRGD - Yearly Performance Comparison

	2026 (YTD)	2025
BOIL ProShares Ultra Bloomberg Natural Gas	-38.60%	-76.11%
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	-61.41%	-35.40%

Correlation

The correlation between BOIL and NRGD is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.16

Return for Risk

BOIL vs. NRGD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BOIL

BOIL Risk / Return Rank: 3
BOIL Sharpe Ratio Rank: 4
BOIL Sortino Ratio Rank: 4
BOIL Omega Ratio Rank: 4
BOIL Calmar Ratio Rank: 1
BOIL Martin Ratio Rank: 2

NRGD

NRGD Risk / Return Rank: 1
NRGD Sharpe Ratio Rank: 2
NRGD Sortino Ratio Rank: 1
NRGD Omega Ratio Rank: 1
NRGD Calmar Ratio Rank: 1
NRGD Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BOIL vs. NRGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD). 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	NRGD	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	-0.97	+0.33
Sortino ratio: Return per unit of downside risk	-0.72	-1.82	+1.10
Omega ratio: Gain probability vs. loss probability	0.91	0.81	+0.10
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.91	-0.03
Martin ratio: Return relative to average drawdown	-1.30	-1.44	+0.14

BOIL vs. NRGD - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.64, which is higher than the NRGD Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of BOIL and NRGD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BOIL vs. NRGD - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, which is greater than NRGD's maximum drawdown of -89.64%. Use the drawdown chart below to compare losses from any high point for BOIL and NRGD.

Drawdown Indicators

	BOIL	NRGD	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-89.64%	-10.36%
Max Drawdown (1Y) Largest decline over 1 year	-77.43%	-80.03%	+2.60%
Max Drawdown (3Y) Largest decline over 3 years	-96.86%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	—	—
Current Drawdown Current decline from peak	-100.00%	-85.83%	-14.17%
Average Drawdown Average peak-to-trough decline	-93.59%	-59.90%	-33.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.95%	50.14%	+5.81%

Volatility

BOIL vs. NRGD - Volatility Comparison

The current volatility for ProShares Ultra Bloomberg Natural Gas (BOIL) is 22.78%, while MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) has a volatility of 24.91%. This indicates that BOIL experiences smaller price fluctuations and is considered to be less risky than NRGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOIL	NRGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.78%	24.91%	-2.13%
Volatility (6M) Calculated over the trailing 6-month period	104.55%	59.48%	+45.07%
Volatility (1Y) Calculated over the trailing 1-year period	113.22%	74.98%	+38.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.95%	88.72%	+30.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.83%	88.72%	+13.11%

BOIL vs. NRGD - Expense Ratio Comparison

BOIL has a 1.31% expense ratio, which is higher than NRGD's 0.95% expense ratio.

Dividends

BOIL vs. NRGD - Dividend Comparison

Neither BOIL nor NRGD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BOIL and NRGD in my portfolio?

BOIL and NRGD have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOIL or NRGD?

NRGD has higher volatility (24.91%) compared to BOIL (22.78%). In terms of maximum drawdown, BOIL dropped -100.00% vs NRGD's -89.64%.

Which ETF is better, BOIL or NRGD?

On 1-year performance, NRGD leads with -72.33% vs -72.68% for BOIL. On fees, NRGD is cheaper at 0.95% 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.

Which ETF has performed better, BOIL or NRGD?

Over the 1-year period, NRGD has performed better with a -72.33% return vs -72.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOIL or NRGD?

NRGD is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.

Which ETF pays a higher dividend yield, BOIL or NRGD?

BOIL and NRGD have nearly identical dividend yields, around 0.00%.

What is the main difference between BOIL and NRGD?

BOIL is categorized as Oil & Gas, while NRGD is Leveraged Equities. BOIL tracks Bloomberg Natural Gas Subindex, while NRGD tracks Solactive MicroSectors U.S. Big Oil Index (-300%). They also come from different issuers: ProShares and BMO. Their fees differ too: 1.31% for BOIL and 0.95% for NRGD.

Which has better risk-adjusted returns?

BOIL currently has the higher Sharpe Ratio (-0.64 vs -0.97), 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.