BOIL vs. SCO
BOIL (ProShares Ultra Bloomberg Natural Gas) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both Oil & Gas funds from ProShares - BOIL tracks the Bloomberg Natural Gas Subindex while SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Both are passively managed. Over the past 10 years, BOIL returned -58.99%/yr vs -40.39%/yr for SCO. Their -0.12 correlation means they have often moved in opposite directions in the past. BOIL charges 1.31%/yr vs 0.95%/yr for SCO.
Performance
BOIL vs. SCO - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -55.20% return, which is significantly higher than SCO's -65.39% return. Over the past 10 years, BOIL has underperformed SCO with an annualized return of -58.99%, while SCO has yielded a comparatively higher -40.39% annualized return.
BOIL
- 1D
- 1.23%
- 1M
- -22.39%
- 6M
- -74.77%
- YTD
- -55.20%
- 1Y
- -71.40%
- 3Y*
- -67.40%
- 5Y*
- -69.84%
- 10Y*
- -58.99%
- ALL TIME*
- -57.95%
SCO
- 1D
- -1.02%
- 1M
- -23.78%
- 6M
- -55.81%
- YTD
- -65.39%
- 1Y
- -58.66%
- 3Y*
- -29.81%
- 5Y*
- -39.67%
- 10Y*
- -40.39%
- ALL TIME*
- -26.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $86.80M | $100.03M | $104.47M | |
| $131.70M | $126.01M | $253.57M |
BOIL vs. SCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -55.20% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
SCO ProShares UltraShort Bloomberg Crude Oil | -65.39% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
Correlation
The correlation between BOIL and SCO is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.12 |
The correlation between BOIL and SCO shifts across timeframes, from -0.24 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BOIL vs. SCO — Risk / Return Rank
BOIL
SCO
BOIL vs. SCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares UltraShort Bloomberg Crude Oil (SCO). 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 | SCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.84 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.78 | -0.14 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.32 | -0.08 |
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Drawdowns
BOIL vs. SCO - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum SCO drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for BOIL and SCO.
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Drawdown Indicators
| BOIL | SCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.80% | -0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -77.68% | -72.24% | -5.44% |
Max Drawdown (3Y)Largest decline over 3 years | -97.48% | -74.64% | -22.84% |
Max Drawdown (5Y)Largest decline over 5 years | -99.93% | -94.80% | -5.13% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -99.50% | -0.49% |
Current DrawdownCurrent decline from peak | -100.00% | -99.77% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -93.63% | -85.28% | -8.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 42.39% | +8.40% |
Volatility
BOIL vs. SCO - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Natural Gas (BOIL) is 18.90%, while ProShares UltraShort Bloomberg Crude Oil (SCO) has a volatility of 23.27%. This indicates that BOIL experiences smaller price fluctuations and is considered to be less risky than SCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | SCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.90% | 23.27% | -4.37% |
Volatility (6M)Calculated over the trailing 6-month period | 91.55% | 51.24% | +40.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.59% | 59.66% | +50.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.92% | 60.43% | +58.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.64% | 71.89% | +29.75% |
BOIL vs. SCO - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than SCO's 0.95% expense ratio.
Dividends
BOIL vs. SCO - Dividend Comparison
Neither BOIL nor SCO has paid dividends to shareholders.
Frequently Asked Questions
BOIL and SCO 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.
SCO has higher volatility (23.27%) compared to BOIL (18.90%). In terms of maximum drawdown, BOIL dropped -100.00% vs SCO's -99.80%.
On 10-year performance, SCO leads with -40.39% vs -58.99% for BOIL. On fees, SCO is cheaper at 0.95% per year. On volatility, BOIL has been the lower-risk option at 18.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCO has performed better with a -40.39% return vs -58.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCO is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
BOIL and SCO have nearly identical dividend yields, around 0.00%.
BOIL tracks Bloomberg Natural Gas Subindex, while SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Their fees differ too: 1.31% for BOIL and 0.95% for SCO.
BOIL currently has the higher Sharpe Ratio (-0.65 vs -0.94), 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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