BOIL vs. SQQQ

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares UltraPro Short QQQ (SQQQ).

BOIL and SQQQ 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. SQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (-300%). It was launched on Feb 9, 2010. Both BOIL and SQQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

BOIL vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BOIL ProShares Ultra Bloomberg Natural Gas	-29.61%	-58.98%	-60.75%	-92.00%	-31.85%	23.84%	-74.74%	-67.70%	-20.55%	-65.72%
SQQQ ProShares UltraPro Short QQQ	18.46%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Returns By Period

In the year-to-date period, BOIL achieves a -29.61% return, which is significantly lower than SQQQ's 18.46% return. Over the past 10 years, BOIL has underperformed SQQQ with an annualized return of -55.56%, while SQQQ has yielded a comparatively higher -52.52% annualized 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%

SQQQ

• 1D: -9.99%
• 1M: 14.53%
• YTD: 18.46%
• 6M: 9.00%
• 1Y: -55.48%
• 3Y*: -48.73%
• 5Y*: -42.26%
• 10Y*: -52.52%

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

BOIL vs. SQQQ - Expense Ratio Comparison

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

BOIL

ProShares Ultra Bloomberg Natural Gas

SQQQ

ProShares UltraPro Short QQQ

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: 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

SQQQ

SQQQ Risk / Return Rank: 2
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 1
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 2
SQQQ Martin Ratio Rank: 6

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.

	BOIL	SQQQ	Difference
Sharpe ratio Return per unit of total volatility	-0.68	-0.83	+0.15
Sortino ratio Return per unit of downside risk	-1.00	-1.11	+0.11
Omega ratio Gain probability vs. loss probability	0.88	0.85	+0.03
Calmar ratio Return relative to maximum drawdown	-0.99	-0.74	-0.25
Martin ratio Return relative to average drawdown	-1.33	-0.85	-0.48
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 -0.68, which is comparable to the SQQQ Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of BOIL and SQQQ, 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	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	-0.83	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.53	-0.64	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.55	-0.80	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	-0.84	+0.23

Correlation

The correlation between BOIL and SQQQ is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

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 5.77%.

	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	5.77%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

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.

Drawdown Indicators

	BOIL	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-100.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-81.53%	-75.23%	-6.30%
Max Drawdown (5Y) Largest decline over 5 years	-99.88%	-95.36%	-4.52%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-99.96%	-0.02%
Current Drawdown Current decline from peak	-100.00%	-100.00%	0.00%
Average Drawdown Average peak-to-trough decline	-93.51%	-92.32%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.91%	65.25%	-4.34%

Volatility

BOIL vs. SQQQ - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 29.44% compared to ProShares UltraPro Short QQQ (SQQQ) at 19.67%. 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.

Volatility by Period

	BOIL	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.44%	19.67%	+9.77%
Volatility (6M) Calculated over the trailing 6-month period	109.34%	38.04%	+71.30%
Volatility (1Y) Calculated over the trailing 1-year period	120.51%	67.28%	+53.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.61%	66.67%	+51.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.94%	65.97%	+35.97%