BOIL vs. UGL

Last updated Jun 4, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) and UGL (ProShares Ultra Gold) are both Leveraged Commodities funds from ProShares - BOIL tracks the Bloomberg Natural Gas Subindex while UGL tracks the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, BOIL returned -56.95%/yr vs 18.45%/yr for UGL. At a correlation of -0.00, they often move in opposite directions. BOIL charges 1.31%/yr vs 0.95%/yr for UGL.

Performance

BOIL vs. UGL - Performance Comparison

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

Returns By Period

In the year-to-date period, BOIL achieves a -36.77% return, which is significantly lower than UGL's -2.16% return. Over the past 10 years, BOIL has underperformed UGL with an annualized return of -56.95%, while UGL has yielded a comparatively higher 18.45% 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%

UGL

• 1D: -2.00%
• 1M: -3.96%
• YTD: -2.16%
• 6M: 1.78%
• 1Y: 51.67%
• 3Y*: 53.18%
• 5Y*: 27.00%
• 10Y*: 18.45%

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

BOIL vs. UGL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
UGL ProShares Ultra Gold	-2.16%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	-8.02%	22.50%

Correlation

The correlation between BOIL and UGL is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011	-0.00

Return for Risk

BOIL vs. UGL — 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: 3
BOIL Sortino Ratio Rank: 4
BOIL Omega Ratio Rank: 3
BOIL Calmar Ratio Rank: 1
BOIL Martin Ratio Rank: 3

UGL

UGL Risk / Return Rank: 27
UGL Sharpe Ratio Rank: 26
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 31
UGL Calmar Ratio Rank: 28
UGL Martin Ratio Rank: 24

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. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares Ultra Gold (UGL). 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	UGL	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	0.98	-1.64
Sortino ratio: Return per unit of downside risk	-0.78	1.43	-2.21
Omega ratio: Gain probability vs. loss probability	0.90	1.21	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.92	1.38	-2.30
Martin ratio: Return relative to average drawdown	-1.26	3.17	-4.42
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. UGL - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.66, which is lower than the UGL Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of BOIL and UGL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BOIL	UGL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	0.98	-1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.55	0.75	-1.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.56	0.57	-1.13
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	0.39	-1.00

Drawdowns

BOIL vs. UGL - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for BOIL and UGL.

Drawdown Indicators

	BOIL	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-75.93%	-24.07%
Max Drawdown (1Y) Largest decline over 1 year	-80.85%	-37.56%	-43.29%
Max Drawdown (3Y) Largest decline over 3 years	-96.86%	-37.56%	-59.30%
Max Drawdown (5Y) Largest decline over 5 years	-99.91%	-40.23%	-59.68%
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	-46.23%	-53.76%
Current Drawdown Current decline from peak	-100.00%	-36.56%	-63.44%
Average Drawdown Average peak-to-trough decline	-93.59%	-43.63%	-49.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.20%	16.35%	+42.85%

Volatility

BOIL vs. UGL - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.95% compared to ProShares Ultra Gold (UGL) at 11.03%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOIL	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.95%	11.03%	+12.92%
Volatility (6M) Calculated over the trailing 6-month period	107.61%	46.81%	+60.80%
Volatility (1Y) Calculated over the trailing 1-year period	113.64%	52.91%	+60.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.89%	36.18%	+82.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.81%	32.34%	+69.47%

BOIL vs. UGL - Expense Ratio Comparison

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

Dividends

BOIL vs. UGL - Dividend Comparison

Neither BOIL nor UGL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BOIL and UGL in my portfolio?

BOIL and UGL have a correlation of 0.04, 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 UGL?

BOIL has higher volatility (23.95%) compared to UGL (11.03%). In terms of maximum drawdown, BOIL dropped -100.00% vs UGL's -75.93%.

Which ETF is better, BOIL or UGL?

On 10-year performance, UGL leads with 18.45% vs -56.95% for BOIL. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 11.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOIL or UGL?

Over the 10-year period, UGL has performed better with a 18.45% return vs -56.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOIL or UGL?

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

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

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

What is the main difference between BOIL and UGL?

BOIL tracks Bloomberg Natural Gas Subindex, while UGL tracks Bloomberg Gold Subindex (200%). Their fees differ too: 1.31% for BOIL and 0.95% for UGL.

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.98 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.