BOIL vs. UCO

Last updated Jul 14, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Oil & Gas funds from ProShares - BOIL tracks the Bloomberg Natural Gas Subindex while UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, BOIL returned -58.74%/yr vs 21.66%/yr for UCO. At a 0.12 correlation, their price movements are largely independent. BOIL charges 1.31%/yr vs 0.95%/yr for UCO.

Performance

BOIL vs. UCO - Performance Comparison

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

Returns By Period

In the year-to-date period, BOIL achieves a -52.27% return, which is significantly lower than UCO's 100.52% return. Over the past 10 years, BOIL has underperformed UCO with an annualized return of -58.74%, while UCO has yielded a comparatively higher 21.66% annualized return.

BOIL

• 1D: -3.62%
• 1M: -18.31%
• 6M: -39.28%
• YTD: -52.27%
• 1Y: -74.93%
• 3Y*: -66.40%
• 5Y*: -68.59%
• 10Y*: -58.74%

UCO

• 1D: 11.74%
• 1M: -7.72%
• 6M: 88.88%
• YTD: 100.52%
• 1Y: 57.67%
• 3Y*: 13.74%
• 5Y*: 14.86%
• 10Y*: 21.66%

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

BOIL vs. UCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BOIL ProShares Ultra Bloomberg Natural Gas	-52.27%	-58.98%	-60.75%	-92.00%	-31.85%	23.84%	-74.74%	-67.70%	-20.55%	-65.72%
UCO ProShares Ultra Bloomberg Crude Oil	100.52%	-29.75%	5.36%	-13.89%	39.71%	139.26%	77.27%	53.83%	-43.26%	0.34%

Correlation

The correlation between BOIL and UCO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011	0.12

Return for Risk

BOIL vs. UCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BOIL

BOIL Risk / Return Rank: 3
BOIL Sharpe Ratio Rank: 4
BOIL Sortino Ratio Rank: 4
BOIL Omega Ratio Rank: 4
BOIL Calmar Ratio Rank: 1
BOIL Martin Ratio Rank: 2

UCO

UCO Risk / Return Rank: 34
UCO Sharpe Ratio Rank: 34
UCO Sortino Ratio Rank: 37
UCO Omega Ratio Rank: 35
UCO Calmar Ratio Rank: 37
UCO Martin Ratio Rank: 29

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. UCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares Ultra Bloomberg Crude Oil (UCO). 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	UCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	1.00	-1.67
Sortino ratio: Return per unit of downside risk	-0.84	1.58	-2.42
Omega ratio: Gain probability vs. loss probability	0.89	1.19	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.96	1.50	-2.47
Martin ratio: Return relative to average drawdown	-1.36	3.22	-4.58

BOIL vs. UCO - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.67, which is lower than the UCO Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of BOIL and UCO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BOIL vs. UCO - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BOIL and UCO.

Drawdown Indicators

	BOIL	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.86%	-0.14%
Max Drawdown (1Y) Largest decline over 1 year	-77.83%	-38.55%	-39.28%
Max Drawdown (3Y) Largest decline over 3 years	-97.17%	-50.38%	-46.79%
Max Drawdown (5Y) Largest decline over 5 years	-99.92%	-67.24%	-32.68%
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	-96.50%	-3.49%
Current Drawdown Current decline from peak	-100.00%	-84.44%	-15.56%
Average Drawdown Average peak-to-trough decline	-93.61%	-82.12%	-11.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.90%	17.99%	+36.91%

Volatility

BOIL vs. UCO - Volatility Comparison

The current volatility for ProShares Ultra Bloomberg Natural Gas (BOIL) is 20.38%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 21.64%. This indicates that BOIL experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOIL	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.38%	21.64%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	102.24%	49.97%	+52.27%
Volatility (1Y) Calculated over the trailing 1-year period	112.18%	58.34%	+53.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	119.02%	60.48%	+58.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.76%	317.76%	-216.00%

BOIL vs. UCO - Expense Ratio Comparison

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

Dividends

BOIL vs. UCO - Dividend Comparison

Neither BOIL nor UCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BOIL and UCO in my portfolio?

BOIL and UCO 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.

Which is riskier, BOIL or UCO?

UCO has higher volatility (21.64%) compared to BOIL (20.38%). In terms of maximum drawdown, BOIL dropped -100.00% vs UCO's -99.86%.

Which ETF is better, BOIL or UCO?

On 10-year performance, UCO leads with 21.66% vs -58.74% for BOIL. On fees, UCO is cheaper at 0.95% per year. On volatility, BOIL has been the lower-risk option at 20.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOIL or UCO?

Over the 10-year period, UCO has performed better with a 21.66% return vs -58.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOIL or UCO?

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

Which ETF pays a higher dividend yield, BOIL or UCO?

BOIL and UCO have nearly identical dividend yields, around 0.00%.

What is the main difference between BOIL and UCO?

BOIL tracks Bloomberg Natural Gas Subindex, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Their fees differ too: 1.31% for BOIL and 0.95% for UCO.

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (1.00 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.