BOIL vs. UNL

Last updated Jul 12, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) and UNL (United States 12 Month Natural Gas Fund LP) are both Oil & Gas funds - BOIL tracks the Bloomberg Natural Gas Subindex while UNL tracks the 12 Month Natural Gas. Both are passively managed. Over the past 10 years, BOIL returned -58.55%/yr vs -5.16%/yr for UNL. Their correlation of 0.94 suggests significant overlap in exposure. BOIL charges 1.31%/yr vs 0.90%/yr for UNL.

Performance

BOIL vs. UNL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Natural Gas (BOIL) and United States 12 Month Natural Gas Fund LP (UNL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOIL achieves a -50.48% return, which is significantly lower than UNL's -17.95% return. Over the past 10 years, BOIL has underperformed UNL with an annualized return of -58.55%, while UNL has yielded a comparatively higher -5.16% annualized return.

BOIL

• 1D: -4.22%
• 1M: -15.25%
• 6M: -27.91%
• YTD: -50.48%
• 1Y: -73.99%
• 3Y*: -67.40%
• 5Y*: -68.43%
• 10Y*: -58.55%

UNL

• 1D: -1.35%
• 1M: -5.54%
• 6M: -6.56%
• YTD: -17.95%
• 1Y: -30.40%
• 3Y*: -19.15%
• 5Y*: -9.80%
• 10Y*: -5.16%

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

BOIL vs. UNL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BOIL ProShares Ultra Bloomberg Natural Gas	-50.48%	-58.98%	-60.75%	-92.00%	-31.85%	23.84%	-74.74%	-67.70%	-20.55%	-65.72%
UNL United States 12 Month Natural Gas Fund LP	-17.95%	-9.67%	-4.78%	-50.20%	47.01%	54.42%	-9.54%	-18.78%	12.53%	-21.47%

Correlation

The correlation between BOIL and UNL is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011	0.94

The correlation between BOIL and UNL has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

BOIL vs. UNL — 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

UNL

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

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. UNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and United States 12 Month Natural Gas Fund LP (UNL). 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	UNL	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	-0.84	+0.19
Sortino ratio: Return per unit of downside risk	-0.77	-1.06	+0.29
Omega ratio: Gain probability vs. loss probability	0.90	0.86	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.91	-0.04
Martin ratio: Return relative to average drawdown	-1.34	-1.51	+0.17

BOIL vs. UNL - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.66, which is comparable to the UNL Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of BOIL and UNL, 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. UNL - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, which is greater than UNL's maximum drawdown of -89.28%. Use the drawdown chart below to compare losses from any high point for BOIL and UNL.

Drawdown Indicators

	BOIL	UNL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-89.28%	-10.72%
Max Drawdown (1Y) Largest decline over 1 year	-77.00%	-32.50%	-44.50%
Max Drawdown (3Y) Largest decline over 3 years	-97.06%	-49.46%	-47.60%
Max Drawdown (5Y) Largest decline over 5 years	-99.91%	-78.66%	-21.25%
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	-78.66%	-21.33%
Current Drawdown Current decline from peak	-100.00%	-89.28%	-10.72%
Average Drawdown Average peak-to-trough decline	-93.61%	-73.43%	-20.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.68%	19.54%	+35.14%

Volatility

BOIL vs. UNL - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 20.49% compared to United States 12 Month Natural Gas Fund LP (UNL) at 5.84%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than UNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOIL	UNL	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.49%	5.84%	+14.65%
Volatility (6M) Calculated over the trailing 6-month period	102.48%	29.45%	+73.03%
Volatility (1Y) Calculated over the trailing 1-year period	112.17%	35.23%	+76.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.98%	41.74%	+77.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.72%	33.82%	+67.90%

BOIL vs. UNL - Expense Ratio Comparison

BOIL has a 1.31% expense ratio, which is higher than UNL's 0.90% expense ratio.

Dividends

BOIL vs. UNL - Dividend Comparison

Neither BOIL nor UNL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BOIL and UNL in my portfolio?

With a correlation of 0.94, BOIL and UNL 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.

Which is riskier, BOIL or UNL?

BOIL has higher volatility (20.49%) compared to UNL (5.84%). In terms of maximum drawdown, BOIL dropped -100.00% vs UNL's -89.28%.

Which ETF is better, BOIL or UNL?

On 10-year performance, UNL leads with -5.16% vs -58.55% for BOIL. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 5.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOIL or UNL?

Over the 10-year period, UNL has performed better with a -5.16% return vs -58.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOIL or UNL?

UNL is cheaper with a 0.90% expense ratio, compared with 1.31% for BOIL.

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

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

What is the main difference between BOIL and UNL?

BOIL tracks Bloomberg Natural Gas Subindex, while UNL tracks 12 Month Natural Gas. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 1.31% for BOIL and 0.90% for UNL.

Which has better risk-adjusted returns?

BOIL currently has the higher Sharpe Ratio (-0.66 vs -0.84), 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.