BOIL vs. SHNY

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra Bloomberg Natural Gas (BOIL) and MicroSectors Gold 3X Leveraged ETN (SHNY).

BOIL and SHNY 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. SHNY is managed by BMO. It was launched on Feb 24, 2023.

Performance

BOIL vs. SHNY - Performance Comparison

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

BOIL vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BOIL ProShares Ultra Bloomberg Natural Gas	-29.61%	-58.98%	-60.75%	-70.74%
SHNY MicroSectors Gold 3X Leveraged ETN	6.21%	214.54%	50.30%	12.52%

Returns By Period

In the year-to-date period, BOIL achieves a -29.61% return, which is significantly lower than SHNY's 6.21% 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%

SHNY

• 1D: 11.13%
• 1M: -33.49%
• YTD: 6.21%
• 6M: 33.01%
• 1Y: 111.33%
• 3Y*: 66.83%
• 5Y*: —
• 10Y*: —

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

BOIL vs. SHNY - Expense Ratio Comparison

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

BOIL

ProShares Ultra Bloomberg Natural Gas

SHNY

MicroSectors Gold 3X Leveraged ETN

Return for Risk

BOIL vs. SHNY — 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

SHNY

SHNY Risk / Return Rank: 76
SHNY Sharpe Ratio Rank: 77
SHNY Sortino Ratio Rank: 75
SHNY Omega Ratio Rank: 75
SHNY Calmar Ratio Rank: 82
SHNY Martin Ratio Rank: 70

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. SHNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and MicroSectors Gold 3X Leveraged ETN (SHNY). 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	SHNY	Difference
Sharpe ratio Return per unit of total volatility	-0.68	1.36	-2.03
Sortino ratio Return per unit of downside risk	-1.00	1.85	-2.84
Omega ratio Gain probability vs. loss probability	0.88	1.27	-0.40
Calmar ratio Return relative to maximum drawdown	-0.99	2.22	-3.21
Martin ratio Return relative to average drawdown	-1.33	6.73	-8.05
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. SHNY - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.68, which is lower than the SHNY Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of BOIL and SHNY, 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	SHNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	1.36	-2.03
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	1.29	-1.90

Correlation

The correlation between BOIL and SHNY is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BOIL vs. SHNY - Dividend Comparison

Neither BOIL nor SHNY has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BOIL vs. SHNY - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, which is greater than SHNY's maximum drawdown of -54.35%. Use the drawdown chart below to compare losses from any high point for BOIL and SHNY.

Drawdown Indicators

	BOIL	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-54.35%	-45.65%
Max Drawdown (1Y) Largest decline over 1 year	-81.53%	-54.35%	-27.18%
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%	-44.12%	-55.88%
Average Drawdown Average peak-to-trough decline	-93.51%	-13.13%	-80.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.91%	17.91%	+43.00%

Volatility

BOIL vs. SHNY - Volatility Comparison

The current volatility for ProShares Ultra Bloomberg Natural Gas (BOIL) is 29.44%, while MicroSectors Gold 3X Leveraged ETN (SHNY) has a volatility of 33.24%. This indicates that BOIL experiences smaller price fluctuations and is considered to be less risky than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOIL	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.44%	33.24%	-3.80%
Volatility (6M) Calculated over the trailing 6-month period	109.34%	74.50%	+34.84%
Volatility (1Y) Calculated over the trailing 1-year period	120.51%	82.50%	+38.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.61%	58.28%	+60.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.94%	58.28%	+43.66%