BOIL vs. UCO
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 -58.99%/yr vs 26.28%/yr for UCO. Their 0.12 correlation means their historical movements had little consistent relationship. BOIL charges 1.31%/yr vs 0.95%/yr for UCO.
Performance
BOIL vs. UCO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BOIL achieves a -55.20% return, which is significantly lower than UCO's 109.21% return. Over the past 10 years, BOIL has underperformed UCO with an annualized return of -58.99%, while UCO has yielded a comparatively higher 26.28% annualized return.
BOIL
- 1D
- 1.23%
- 1M
- -22.39%
- 6M
- -74.77%
- YTD
- -55.20%
- 1Y
- -71.40%
- 3Y*
- -67.40%
- 5Y*
- -69.84%
- 10Y*
- -58.99%
- ALL TIME*
- -57.95%
UCO
- 1D
- 1.00%
- 1M
- 24.87%
- 6M
- 67.72%
- YTD
- 109.21%
- 1Y
- 66.00%
- 3Y*
- 9.81%
- 5Y*
- 15.14%
- 10Y*
- 26.28%
- ALL TIME*
- -9.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $86.80M | $100.03M | $104.47M | |
| $134.26M | $138.13M | $153.19M |
BOIL vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -55.20% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
UCO ProShares Ultra Bloomberg Crude Oil | 109.21% | -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 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.12 |
The correlation between BOIL and UCO shifts across timeframes, from 0.12 (all time) to 0.24 (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.
Return for Risk
BOIL vs. UCO — Risk / Return Rank
BOIL
UCO
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 ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.24 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.19 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 1.46 | -2.38 |
| Martin ratioReturn relative to average drawdown | -1.40 | 3.75 | -5.15 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| BOIL | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.86% | -0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -77.68% | -38.55% | -39.13% |
Max Drawdown (3Y)Largest decline over 3 years | -97.48% | -50.38% | -47.10% |
Max Drawdown (5Y)Largest decline over 5 years | -99.93% | -67.24% | -32.69% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -96.50% | -3.49% |
Current DrawdownCurrent decline from peak | -100.00% | -83.77% | -16.23% |
Average DrawdownAverage peak-to-trough decline | -93.63% | -82.13% | -11.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 17.30% | +33.49% |
Volatility
BOIL vs. UCO - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Natural Gas (BOIL) is 18.90%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 22.33%. 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.
Loading charts...
Volatility by Period
| BOIL | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.90% | 22.33% | -3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 91.55% | 51.79% | +39.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.59% | 60.01% | +50.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.92% | 60.46% | +58.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.64% | 317.65% | -216.01% |
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.
Frequently Asked Questions
BOIL and UCO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (22.33%) compared to BOIL (18.90%). In terms of maximum drawdown, BOIL dropped -100.00% vs UCO's -99.86%.
On 10-year performance, UCO leads with 26.28% vs -58.99% for BOIL. On fees, UCO is cheaper at 0.95% per year. On volatility, BOIL has been the lower-risk option at 18.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 26.28% return vs -58.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
BOIL and UCO have nearly identical dividend yields, around 0.00%.
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.
UCO currently has the higher Sharpe Ratio (0.94 vs -0.65), 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.
Find the right allocation for BOIL and UCO
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