BOIL vs. NRGD
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 Leveraged Commodities 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 -74.31% vs -80.85% for NRGD. At a correlation of -0.18, they often move in opposite directions. BOIL charges 1.31%/yr vs 0.95%/yr for NRGD.
Performance
BOIL vs. NRGD - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -36.77% return, which is significantly higher than NRGD's -70.71% 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%
NRGD
- 1D
- -5.59%
- 1M
- -6.21%
- YTD
- -70.71%
- 6M
- -67.28%
- 1Y
- -80.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BOIL vs. NRGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -36.77% | -74.19% |
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN | -70.71% | -32.37% |
Correlation
The correlation between BOIL and NRGD is -0.18, 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 | -0.18 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025 | -0.18 |
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Return for Risk
BOIL vs. NRGD — Risk / Return Rank
BOIL
NRGD
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 ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +1.68 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.74 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.98 | +0.06 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.53 | +0.27 |
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 | NRGD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | -1.09 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.55 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.61 | -0.81 | +0.20 |
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.
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Drawdown Indicators
| BOIL | NRGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -89.64% | -10.36% |
Max Drawdown (1Y)Largest decline over 1 year | -80.85% | -82.88% | +2.03% |
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 DrawdownCurrent decline from peak | -100.00% | -89.24% | -10.76% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -58.88% | -34.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.20% | 52.87% | +6.33% |
Volatility
BOIL vs. NRGD - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Natural Gas (BOIL) is 23.95%, while MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) has a volatility of 29.27%. 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.
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Volatility by Period
| BOIL | NRGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.95% | 29.27% | -5.32% |
Volatility (6M)Calculated over the trailing 6-month period | 107.61% | 58.52% | +49.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.64% | 74.26% | +39.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.89% | 88.83% | +30.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 88.83% | +12.98% |
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.
Frequently Asked Questions
BOIL and NRGD have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRGD has higher volatility (29.27%) compared to BOIL (23.95%). In terms of maximum drawdown, BOIL dropped -100.00% vs NRGD's -89.64%.
On 1-year performance, BOIL leads with -74.31% vs -80.85% for NRGD. On fees, NRGD is cheaper at 0.95% per year. On volatility, BOIL has been the lower-risk option at 23.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BOIL has performed better with a -74.31% return vs -80.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NRGD is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
BOIL and NRGD have nearly identical dividend yields, around 0.00%.
BOIL is categorized as Leveraged Commodities, 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.
BOIL currently has the higher Sharpe Ratio (-0.66 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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