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BOIL vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BOIL vs. SQQQ

Last updated Jun 4, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - BOIL is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, BOIL returned -56.95%/yr vs -56.01%/yr for SQQQ. At a correlation of -0.02, they often move in opposite directions. BOIL charges 1.31%/yr vs 0.95%/yr for SQQQ.

Performance

BOIL vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares UltraPro Short QQQ (SQQQ). 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 higher than SQQQ's -45.27% return. Both investments have delivered pretty close results over the past 10 years, with BOIL having a -56.95% annualized return and SQQQ not far ahead at -56.01%.

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%

SQQQ

1D
0.76%
1M
-26.37%
YTD
-45.27%
6M
-42.79%
1Y
-65.16%
3Y*
-56.19%
5Y*
-49.17%
10Y*
-56.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BOIL vs. SQQQ - 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%
SQQQ
ProShares UltraPro Short QQQ		-45.27%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between BOIL and SQQQ is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.19

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

0.06

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

-0.04

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

-0.04

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

-0.02

The correlation between BOIL and SQQQ shifts across timeframes, from -0.04 (5 years) to 0.19 (1 year), 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

ProShares UltraPro Short QQQ

Often compared with BOIL:
BOIL vs. KOLDBOIL vs. UNGBOIL vs. UCOBOIL vs. UNLBOIL vs. LNGBOIL vs. SCOBOIL vs. BNO
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. QID

Return for Risk

BOIL vs. SQQQ — 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
SQQQ
SQQQ Risk / Return Rank: 00
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 00
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 00
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
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. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares UltraPro Short QQQ (SQQQ). 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.

BOILSQQQDifference
Sharpe ratioReturn per unit of total volatility
-0.66
-1.37

+0.71

Sortino ratioReturn per unit of downside risk
-0.78
-2.63

+1.85

Omega ratioGain probability vs. loss probability

0.90

0.72

+0.18

Calmar ratioReturn relative to maximum drawdown

-0.92

-0.99

+0.07

Martin ratioReturn relative to average drawdown

-1.26

-1.82

+0.57

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. SQQQ - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.66, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of BOIL and SQQQ, 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

BOILSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.66

-1.37

+0.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.55

-0.74

+0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.56

-0.85

+0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.61

-0.88

+0.26

Drawdowns

BOIL vs. SQQQ - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BOIL and SQQQ.

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Drawdown Indicators

BOILSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-100.00%

0.00%

Max Drawdown (1Y)

Largest decline over 1 year

-80.85%

-65.95%

-14.90%

Max Drawdown (3Y)

Largest decline over 3 years

-96.86%

-92.38%

-4.48%

Max Drawdown (5Y)

Largest decline over 5 years

-99.91%

-97.23%

-2.68%

Max Drawdown (10Y)

Largest decline over 10 years

-99.99%

-99.98%

-0.01%

Current Drawdown

Current decline from peak

-100.00%

-100.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-93.59%

-92.40%

-1.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

59.20%

35.73%

+23.47%

Volatility

BOIL vs. SQQQ - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.95% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.75%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BOILSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

23.95%

13.75%

+10.20%

Volatility (6M)

Calculated over the trailing 6-month period

107.61%

36.45%

+71.16%

Volatility (1Y)

Calculated over the trailing 1-year period

113.64%

47.79%

+65.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

118.89%

66.64%

+52.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

101.81%

66.11%

+35.70%

BOIL vs. SQQQ - Expense Ratio Comparison

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

Dividends

BOIL vs. SQQQ - Dividend Comparison

BOIL has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 12.48%.

PositionTTM202520242023202220212020201920182017
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%
SQQQ
ProShares UltraPro Short QQQ		12.48%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Frequently Asked Questions

BOIL and SQQQ 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 SQQQ (13.75%). In terms of maximum drawdown, BOIL dropped -100.00% vs SQQQ's -100.00%.

On 10-year performance, SQQQ leads with -56.01% vs -56.95% for BOIL. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 13.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SQQQ has performed better with a -56.01% return vs -56.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SQQQ is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.

SQQQ has the higher dividend yield at 12.48%, compared with 0.00% for BOIL.

BOIL is categorized as Leveraged Commodities, while SQQQ is Leveraged Equities. BOIL tracks Bloomberg Natural Gas Subindex, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 1.31% for BOIL and 0.95% for SQQQ.

BOIL currently has the higher Sharpe Ratio (-0.66 vs -1.37), 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.

Portfolio Optimizer

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