BOIL vs. NRGD

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra Bloomberg Natural Gas (BOIL) and MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD).

BOIL and NRGD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BOIL is a passively managed fund by ProShares that tracks the performance of the Dow Jones-UBS Natural Gas Subindex (200%). It was launched on Oct 4, 2011. NRGD is a passively managed fund by BMO that tracks the performance of the Solactive MicroSectors U.S. Big Oil Index (-300%). It was launched on Apr 9, 2019. Both BOIL and NRGD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

BOIL vs. NRGD - Yearly Performance Comparison

	2026 (YTD)	2025
BOIL ProShares Ultra Bloomberg Natural Gas	-29.61%	-74.19%
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	-69.03%	-32.37%

Returns By Period

In the year-to-date period, BOIL achieves a -29.61% return, which is significantly higher than NRGD's -69.03% return.

BOIL

• 1D: 0.75%
• 1M: -1.95%
• YTD: -29.61%
• 6M: -46.25%
• 1Y: -81.20%
• 3Y*: -64.52%
• 5Y*: -62.47%
• 10Y*: -55.56%

NRGD

• 1D: 5.43%
• 1M: -38.99%
• YTD: -69.03%
• 6M: -68.32%
• 1Y: -79.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BOIL vs. NRGD - Expense Ratio Comparison

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

BOIL

ProShares Ultra Bloomberg Natural Gas

NRGD

MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN

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: 2
BOIL Sharpe Ratio Rank: 2
BOIL Sortino Ratio Rank: 2
BOIL Omega Ratio Rank: 2
BOIL Calmar Ratio Rank: 0
BOIL Martin Ratio Rank: 3

NRGD

NRGD Risk / Return Rank: 1
NRGD Sharpe Ratio Rank: 1
NRGD Sortino Ratio Rank: 0
NRGD Omega Ratio Rank: 0
NRGD Calmar Ratio Rank: 0
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.

	BOIL	NRGD	Difference
Sharpe ratio Return per unit of total volatility	-0.68	-0.89	+0.22
Sortino ratio Return per unit of downside risk	-1.00	-1.86	+0.86
Omega ratio Gain probability vs. loss probability	0.88	0.79	+0.09
Calmar ratio Return relative to maximum drawdown	-0.99	-0.89	-0.10
Martin ratio Return relative to average drawdown	-1.33	-1.30	-0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOIL vs. NRGD - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.68, which is comparable to the NRGD Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of BOIL and NRGD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BOIL	NRGD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	-0.89	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	-0.87	+0.26

Correlation

The correlation between BOIL and NRGD is -0.16. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

BOIL vs. NRGD - Dividend Comparison

Neither BOIL nor NRGD has paid dividends to shareholders.

Tickers have no history of dividend payments

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 -89.38%. 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%	-89.38%	-10.62%
Max Drawdown (1Y) Largest decline over 1 year	-81.53%	-89.38%	+7.85%
Max Drawdown (5Y) Largest decline over 5 years	-99.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	—	—
Current Drawdown Current decline from peak	-100.00%	-88.63%	-11.37%
Average Drawdown Average peak-to-trough decline	-93.51%	-54.41%	-39.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.91%	61.18%	-0.27%

Volatility

BOIL vs. NRGD - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 29.44% compared to MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) at 19.52%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier 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	29.44%	19.52%	+9.92%
Volatility (6M) Calculated over the trailing 6-month period	109.34%	50.19%	+59.15%
Volatility (1Y) Calculated over the trailing 1-year period	120.51%	88.75%	+31.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.61%	87.55%	+31.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.94%	87.55%	+14.39%