BOIL vs. UNG
BOIL (ProShares Ultra Bloomberg Natural Gas) and UNG (United States Natural Gas Fund LP) are both Oil & Gas funds - BOIL tracks the Bloomberg Natural Gas Subindex while UNG tracks the Front Month Natural Gas Futures. Both are passively managed. Over the past 10 years, BOIL returned -57.90%/yr vs -21.43%/yr for UNG. With a 0.99 correlation, they move nearly in lockstep. BOIL charges 1.31%/yr vs 1.17%/yr for UNG.
Performance
BOIL vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -38.19% return, which is significantly lower than UNG's -4.24% return. Over the past 10 years, BOIL has underperformed UNG with an annualized return of -57.90%, while UNG has yielded a comparatively higher -21.43% annualized return.
BOIL
- 1D
- 2.76%
- 1M
- 0.68%
- YTD
- -38.19%
- 6M
- -40.90%
- 1Y
- -77.67%
- 3Y*
- -65.03%
- 5Y*
- -65.27%
- 10Y*
- -57.90%
UNG
- 1D
- 1.47%
- 1M
- 2.18%
- YTD
- -4.24%
- 6M
- -3.69%
- 1Y
- -35.07%
- 3Y*
- -25.82%
- 5Y*
- -23.65%
- 10Y*
- -21.43%
BOIL vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -38.19% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
UNG United States Natural Gas Fund LP | -4.24% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between BOIL and UNG is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.99 |
The correlation between BOIL and UNG has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
BOIL vs. UNG — Risk / Return Rank
BOIL
UNG
BOIL vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and United States Natural Gas Fund LP (UNG). 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 | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.93 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.83 | -0.15 |
| Martin ratioReturn relative to average drawdown | -1.30 | -1.21 | -0.09 |
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Drawdowns
BOIL vs. UNG - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for BOIL and UNG.
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Drawdown Indicators
| BOIL | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.88% | -0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -79.95% | -42.53% | -37.42% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -68.16% | -28.70% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -92.49% | -7.42% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -93.55% | -6.44% |
Current DrawdownCurrent decline from peak | -100.00% | -99.86% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -93.58% | -89.96% | -3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.39% | 30.61% | +30.78% |
Volatility
BOIL vs. UNG - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 24.31% compared to United States Natural Gas Fund LP (UNG) at 12.48%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than UNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.31% | 12.48% | +11.83% |
Volatility (6M)Calculated over the trailing 6-month period | 105.10% | 51.25% | +53.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.56% | 60.46% | +53.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.93% | 64.12% | +54.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 54.78% | +47.03% |
BOIL vs. UNG - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than UNG's 1.17% expense ratio.
Dividends
BOIL vs. UNG - Dividend Comparison
Neither BOIL nor UNG has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, BOIL and UNG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BOIL has higher volatility (24.31%) compared to UNG (12.48%). In terms of maximum drawdown, BOIL dropped -100.00% vs UNG's -99.88%.
On 10-year performance, UNG leads with -21.43% vs -57.90% for BOIL. On fees, UNG is cheaper at 1.17% per year. On volatility, UNG has been the lower-risk option at 12.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UNG has performed better with a -21.43% return vs -57.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNG is cheaper with a 1.17% expense ratio, compared with 1.31% for BOIL.
BOIL and UNG have nearly identical dividend yields, around 0.00%.
BOIL tracks Bloomberg Natural Gas Subindex, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: ProShares and USCF Investments. Their fees differ too: 1.31% for BOIL and 1.17% for UNG.
UNG currently has the higher Sharpe Ratio (-0.58 vs -0.69), 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.
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