BOIL vs. SPY
BOIL (ProShares Ultra Bloomberg Natural Gas) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BOIL is a Oil & Gas 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 -57.84%/yr vs 15.53%/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
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Returns By Period
In the year-to-date period, BOIL achieves a -41.05% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, BOIL has underperformed SPY with an annualized return of -57.84%, while SPY has yielded a comparatively higher 15.53% annualized return.
BOIL
- 1D
- -4.80%
- 1M
- 5.97%
- YTD
- -41.05%
- 6M
- -46.24%
- 1Y
- -75.60%
- 3Y*
- -66.48%
- 5Y*
- -66.38%
- 10Y*
- -57.84%
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
BOIL vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -41.05% | -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 | 8.15% | 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 -0.18, 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 (3Y) Calculated over the trailing 3-year period | -0.03 |
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 6, 2011 | 0.03 |
The correlation between BOIL and SPY shifts across timeframes, from -0.18 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BOIL vs. SPY — Risk / Return Rank
BOIL
SPY
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.
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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.43 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.34 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 2.67 | -3.64 |
| Martin ratioReturn relative to average drawdown | -1.36 | 11.92 | -13.28 |
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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
| BOIL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -55.19% | -44.81% |
Max Drawdown (1Y)Largest decline over 1 year | -77.43% | -8.88% | -68.55% |
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 DrawdownCurrent decline from peak | -100.00% | -3.17% | -96.83% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -9.04% | -84.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.83% | 1.98% | +54.85% |
Volatility
BOIL vs. SPY - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.63% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. 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
| BOIL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.63% | 4.87% | +18.76% |
Volatility (6M)Calculated over the trailing 6-month period | 104.46% | 9.85% | +94.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.44% | 12.50% | +100.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.97% | 17.15% | +101.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.84% | 17.95% | +83.89% |
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 1.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 1.03% | 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 -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (23.63%) compared to SPY (4.87%). In terms of maximum drawdown, BOIL dropped -100.00% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.53% vs -57.84% for BOIL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. 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 15.53% return vs -57.84%. 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 1.03%, compared with 0.00% for BOIL.
BOIL is categorized as Oil & Gas, 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 (1.90 vs -0.67), 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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