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BOIL vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BOIL vs. SPY

Last updated Jun 4, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BOIL is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, BOIL returned -56.95%/yr vs 15.49%/yr for SPY. At a 0.03 correlation, their price movements are largely independent. BOIL charges 1.31%/yr vs 0.09%/yr for SPY.

Performance

BOIL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Natural Gas (BOIL) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BOIL achieves a -36.77% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, BOIL has underperformed SPY with an annualized return of -56.95%, while SPY has yielded a comparatively higher 15.49% annualized 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%

SPY

1D
-0.70%
1M
5.05%
YTD
10.91%
6M
10.91%
1Y
27.98%
3Y*
22.35%
5Y*
13.83%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BOIL vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BOIL
ProShares Ultra Bloomberg Natural Gas		-36.77%-58.98%-60.75%-92.00%-31.85%23.84%-74.74%-67.70%-20.55%-65.72%
SPY
State Street SPDR S&P 500 ETF		10.91%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between BOIL and SPY is -0.19, 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

-0.19

Correlation (3Y)
Calculated over the trailing 3-year period

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

0.05

Correlation (All Time)
Calculated using the full available price history since Oct 7, 2011

0.03

The correlation between BOIL and SPY shifts across timeframes, from -0.19 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Bloomberg Natural Gas

State Street SPDR S&P 500 ETF

Often compared with BOIL:
BOIL vs. KOLDBOIL vs. UNGBOIL vs. UCOBOIL vs. UNLBOIL vs. LNGBOIL vs. SCOBOIL vs. BNO
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

BOIL vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BOIL
BOIL Risk / Return Rank: 33
Overall Rank
BOIL Sharpe Ratio Rank: 33
Sharpe Ratio Rank
BOIL Sortino Ratio Rank: 44
Sortino Ratio Rank
BOIL Omega Ratio Rank: 33
Omega Ratio Rank
BOIL Calmar Ratio Rank: 11
Calmar Ratio Rank
BOIL Martin Ratio Rank: 33
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPY Omega Ratio Rank: 7070
Omega Ratio Rank
SPY Calmar Ratio Rank: 6262
Calmar Ratio Rank
SPY Martin Ratio Rank: 7575
Martin Ratio Rank
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and State Street SPDR S&P 500 ETF (SPY). 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.

BOILSPYDifference
Sharpe ratioReturn per unit of total volatility
-0.66
2.38

-3.03

Sortino ratioReturn per unit of downside risk
-0.78
3.24

-4.02

Omega ratioGain probability vs. loss probability

0.90

1.43

-0.53

Calmar ratioReturn relative to maximum drawdown

-0.92

3.16

-4.08

Martin ratioReturn relative to average drawdown

-1.26

14.72

-15.97

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. SPY - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.66, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of BOIL and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BOILSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.66

2.38

-3.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.55

0.82

-1.36

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.56

0.87

-1.43

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.61

0.59

-1.20

Drawdowns

BOIL vs. SPY - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BOIL and SPY.

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Drawdown Indicators

BOILSPYDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-55.19%

-44.81%

Max Drawdown (1Y)

Largest decline over 1 year

-80.85%

-8.88%

-71.97%

Max Drawdown (3Y)

Largest decline over 3 years

-96.86%

-18.76%

-78.10%

Max Drawdown (5Y)

Largest decline over 5 years

-99.91%

-24.50%

-75.41%

Max Drawdown (10Y)

Largest decline over 10 years

-99.99%

-33.72%

-66.27%

Current Drawdown

Current decline from peak

-100.00%

-0.70%

-99.30%

Average Drawdown

Average peak-to-trough decline

-93.59%

-9.05%

-84.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

59.20%

1.91%

+57.29%

Volatility

BOIL vs. SPY - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.95% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BOILSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

23.95%

2.84%

+21.11%

Volatility (6M)

Calculated over the trailing 6-month period

107.61%

8.90%

+98.71%

Volatility (1Y)

Calculated over the trailing 1-year period

113.64%

11.83%

+101.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

118.89%

17.05%

+101.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

101.81%

17.94%

+83.87%

BOIL vs. SPY - Expense Ratio Comparison

BOIL has a 1.31% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BOIL vs. SPY - Dividend Comparison

BOIL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

PositionTTM20252024202320222021202020192018201720162015
BOIL
ProShares Ultra Bloomberg Natural Gas		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		0.98%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

BOIL and SPY have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BOIL has higher volatility (23.95%) compared to SPY (2.84%). In terms of maximum drawdown, BOIL dropped -100.00% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.49% vs -56.95% for BOIL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.49% return vs -56.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 1.31% for BOIL.

SPY has the higher dividend yield at 0.98%, compared with 0.00% for BOIL.

BOIL is categorized as Leveraged Commodities, while SPY is S&P 500. BOIL tracks Bloomberg Natural Gas Subindex, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 1.31% for BOIL and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.38 vs -0.66), 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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