BOIL vs. SQQQ
BOIL (ProShares Ultra Bloomberg Natural Gas) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - BOIL is a Oil & Gas 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 -57.84%/yr vs -56.24%/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
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Returns By Period
The year-to-date returns for both investments are quite close, with BOIL having a -41.05% return and SQQQ slightly higher at -40.31%. Both investments have delivered pretty close results over the past 10 years, with BOIL having a -57.84% annualized return and SQQQ not far ahead at -56.24%.
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%
SQQQ
- 1D
- 9.83%
- 1M
- -2.27%
- YTD
- -40.31%
- 6M
- -37.80%
- 1Y
- -61.11%
- 3Y*
- -53.86%
- 5Y*
- -46.89%
- 10Y*
- -56.24%
BOIL vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -40.31% | -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 | 0.05 |
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 6, 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.
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Return for Risk
BOIL vs. SQQQ — Risk / Return Rank
BOIL
SQQQ
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.
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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.78 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.96 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.81 | +0.46 |
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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
| BOIL | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -77.43% | -63.52% | -13.91% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -92.51% | -4.35% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -97.27% | -2.64% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -99.98% | -0.01% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -92.73% | -0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.83% | 36.37% | +20.46% |
Volatility
BOIL vs. SQQQ - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Natural Gas (BOIL) is 23.63%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that BOIL experiences smaller price fluctuations and is considered to be less risky 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
| BOIL | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.63% | 26.69% | -3.06% |
Volatility (6M)Calculated over the trailing 6-month period | 104.46% | 43.33% | +61.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.44% | 53.65% | +59.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.97% | 67.53% | +51.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.84% | 66.47% | +35.37% |
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 11.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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 | 11.44% | 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.
SQQQ has higher volatility (26.69%) compared to BOIL (23.63%). In terms of maximum drawdown, BOIL dropped -100.00% vs SQQQ's -100.00%.
On 10-year performance, SQQQ leads with -56.24% vs -57.84% for BOIL. On fees, SQQQ is cheaper at 0.95% per year. On volatility, BOIL has been the lower-risk option at 23.63%. 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 -56.24% return vs -57.84%. 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 11.44%, compared with 0.00% for BOIL.
BOIL is categorized as Oil & Gas, 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 (-0.67 vs -1.14), 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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