PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
BOIL vs. SSO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BOIL vs. SSO

Last updated Jun 4, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - BOIL is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex, while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, BOIL returned -56.95%/yr vs 24.21%/yr for SSO. At a 0.03 correlation, their price movements are largely independent. BOIL charges 1.31%/yr vs 0.87%/yr for SSO.

Performance

BOIL vs. SSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares Ultra S&P500 (SSO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, BOIL achieves a -36.77% return, which is significantly lower than SSO's 19.37% return. Over the past 10 years, BOIL has underperformed SSO with an annualized return of -56.95%, while SSO has yielded a comparatively higher 24.21% 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%

SSO

1D
-1.40%
1M
9.75%
YTD
19.37%
6M
18.81%
1Y
52.69%
3Y*
37.56%
5Y*
19.62%
10Y*
24.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BOIL vs. SSO - 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%
SSO
ProShares Ultra S&P500		19.37%26.19%43.48%46.65%-38.98%60.57%21.54%63.45%-14.60%44.35%

Correlation

The correlation between BOIL and SSO is -0.20, 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

-0.20

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 SSO shifts across timeframes, from -0.20 (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

ProShares Ultra S&P500

Often compared with BOIL:
BOIL vs. KOLDBOIL vs. UNGBOIL vs. UCOBOIL vs. UNLBOIL vs. LNGBOIL vs. SCOBOIL vs. BNO
Often compared with SSO:
SSO vs. QLDSSO vs. SPYSSO vs. UPROSSO vs. VOOSSO vs. SPUUSSO vs. SPXLSSO vs. QQQ

Return for Risk

BOIL vs. SSO — 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
SSO
SSO Risk / Return Rank: 6262
Overall Rank
SSO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
SSO Sortino Ratio Rank: 5959
Sortino Ratio Rank
SSO Omega Ratio Rank: 6060
Omega Ratio Rank
SSO Calmar Ratio Rank: 5858
Calmar Ratio Rank
SSO Martin Ratio Rank: 6868
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. SSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares Ultra S&P500 (SSO). 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.

BOILSSODifference
Sharpe ratioReturn per unit of total volatility
-0.66
2.25

-2.90

Sortino ratioReturn per unit of downside risk
-0.78
2.86

-3.64

Omega ratioGain probability vs. loss probability

0.90

1.38

-0.48

Calmar ratioReturn relative to maximum drawdown

-0.92

2.91

-3.84

Martin ratioReturn relative to average drawdown

-1.26

12.80

-14.06

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. SSO - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.66, which is lower than the SSO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of BOIL and SSO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

BOILSSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.66

2.25

-2.90

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.55

0.59

-1.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.56

0.68

-1.24

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.61

0.42

-1.03

Drawdowns

BOIL vs. SSO - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, which is greater than SSO's maximum drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for BOIL and SSO.

Loading charts...

Drawdown Indicators

BOILSSODifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-84.67%

-15.33%

Max Drawdown (1Y)

Largest decline over 1 year

-80.85%

-18.17%

-62.68%

Max Drawdown (3Y)

Largest decline over 3 years

-96.86%

-35.21%

-61.65%

Max Drawdown (5Y)

Largest decline over 5 years

-99.91%

-46.73%

-53.18%

Max Drawdown (10Y)

Largest decline over 10 years

-99.99%

-59.34%

-40.65%

Current Drawdown

Current decline from peak

-100.00%

-1.40%

-98.60%

Average Drawdown

Average peak-to-trough decline

-93.59%

-19.57%

-74.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

59.20%

4.13%

+55.07%

Volatility

BOIL vs. SSO - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.95% compared to ProShares Ultra S&P500 (SSO) at 5.66%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

BOILSSODifference

Volatility (1M)

Calculated over the trailing 1-month period

23.95%

5.66%

+18.29%

Volatility (6M)

Calculated over the trailing 6-month period

107.61%

17.78%

+89.83%

Volatility (1Y)

Calculated over the trailing 1-year period

113.64%

23.60%

+90.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

118.89%

33.65%

+85.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

101.81%

35.89%

+65.92%

BOIL vs. SSO - Expense Ratio Comparison

BOIL has a 1.31% expense ratio, which is higher than SSO's 0.87% expense ratio.

Dividends

BOIL vs. SSO - Dividend Comparison

BOIL has not paid dividends to shareholders, while SSO's dividend yield for the trailing twelve months is around 0.62%.

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%
SSO
ProShares Ultra S&P500		0.62%0.68%0.85%0.18%0.50%0.18%0.20%0.50%0.75%0.39%0.51%0.63%

Frequently Asked Questions

BOIL and SSO have a correlation of -0.20, 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 SSO (5.66%). In terms of maximum drawdown, BOIL dropped -100.00% vs SSO's -84.67%.

On 10-year performance, SSO leads with 24.21% vs -56.95% for BOIL. On fees, SSO is cheaper at 0.87% per year. On volatility, SSO has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SSO has performed better with a 24.21% return vs -56.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SSO is cheaper with a 0.87% expense ratio, compared with 1.31% for BOIL.

SSO has the higher dividend yield at 0.62%, compared with 0.00% for BOIL.

BOIL is categorized as Leveraged Commodities, while SSO is Leveraged Equities. BOIL tracks Bloomberg Natural Gas Subindex, while SSO tracks S&P 500. Their fees differ too: 1.31% for BOIL and 0.87% for SSO.

SSO currently has the higher Sharpe Ratio (2.25 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.

Portfolio Optimizer

Find the right allocation for BOIL and SSO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer