BOIL vs. UNL
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 -58.99%/yr vs -5.20%/yr for UNL. Their correlation of 0.94 means they have usually moved in the same direction. BOIL charges 1.31%/yr vs 0.90%/yr for UNL.
Performance
BOIL vs. UNL - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -55.20% return, which is significantly lower than UNL's -18.52% return. Over the past 10 years, BOIL has underperformed UNL with an annualized return of -58.99%, while UNL has yielded a comparatively higher -5.20% 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%
UNL
- 1D
- 0.56%
- 1M
- -5.15%
- 6M
- -30.80%
- YTD
- -18.52%
- 1Y
- -25.95%
- 3Y*
- -18.51%
- 5Y*
- -11.19%
- 10Y*
- -5.20%
- ALL TIME*
- -12.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $86.80M | $100.03M | $104.47M | |
| $226.03K | $285.73K | $439.49K |
BOIL vs. UNL - 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% |
UNL United States 12 Month Natural Gas Fund LP | -18.52% | -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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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.
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Return for Risk
BOIL vs. UNL — Risk / Return Rank
BOIL
UNL
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 ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.89 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.76 | -0.16 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.30 | -0.11 |
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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 -89.48%. Use the drawdown chart below to compare losses from any high point for BOIL and UNL.
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Drawdown Indicators
| BOIL | UNL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -89.48% | -10.52% |
Max Drawdown (1Y)Largest decline over 1 year | -77.68% | -33.33% | -44.35% |
Max Drawdown (3Y)Largest decline over 3 years | -97.48% | -50.42% | -47.06% |
Max Drawdown (5Y)Largest decline over 5 years | -99.93% | -79.07% | -20.86% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -79.07% | -20.92% |
Current DrawdownCurrent decline from peak | -100.00% | -89.35% | -10.65% |
Average DrawdownAverage peak-to-trough decline | -93.63% | -73.49% | -20.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 19.53% | +31.26% |
Volatility
BOIL vs. UNL - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 18.90% compared to United States 12 Month Natural Gas Fund LP (UNL) at 5.25%. 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.
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Volatility by Period
| BOIL | UNL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.90% | 5.25% | +13.65% |
Volatility (6M)Calculated over the trailing 6-month period | 91.55% | 26.04% | +65.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.59% | 34.75% | +75.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.92% | 41.70% | +77.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.64% | 33.81% | +67.83% |
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.
Frequently Asked Questions
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.
BOIL has higher volatility (18.90%) compared to UNL (5.25%). In terms of maximum drawdown, BOIL dropped -100.00% vs UNL's -89.48%.
On 10-year performance, UNL leads with -5.20% vs -58.99% for BOIL. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UNL has performed better with a -5.20% return vs -58.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNL is cheaper with a 0.90% expense ratio, compared with 1.31% for BOIL.
BOIL and UNL have nearly identical dividend yields, around 0.00%.
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.
BOIL currently has the higher Sharpe Ratio (-0.65 vs -0.73), 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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