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 -57.64%/yr vs -4.37%/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
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Returns By Period
In the year-to-date period, BOIL achieves a -38.08% return, which is significantly lower than UNL's -11.72% return. Over the past 10 years, BOIL has underperformed UNL with an annualized return of -57.64%, while UNL has yielded a comparatively higher -4.37% annualized return.
BOIL
- 1D
- 0.18%
- 1M
- 11.30%
- YTD
- -38.08%
- 6M
- -35.19%
- 1Y
- -76.58%
- 3Y*
- -65.93%
- 5Y*
- -65.65%
- 10Y*
- -57.64%
UNL
- 1D
- -0.38%
- 1M
- 3.74%
- YTD
- -11.72%
- 6M
- -9.35%
- 1Y
- -31.64%
- 3Y*
- -17.42%
- 5Y*
- -6.97%
- 10Y*
- -4.37%
BOIL vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -38.08% | -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 | -11.72% | -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.
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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 | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.85 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.97 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.56 | +0.20 |
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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 -89.00%. 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% | -89.00% | -11.00% |
Max Drawdown (1Y)Largest decline over 1 year | -78.06% | -32.65% | -45.41% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -48.16% | -48.70% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -78.12% | -21.79% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -78.12% | -21.87% |
Current DrawdownCurrent decline from peak | -100.00% | -88.46% | -11.54% |
Average DrawdownAverage peak-to-trough decline | -93.58% | -73.38% | -20.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.95% | 22.72% | +37.23% |
Volatility
BOIL vs. UNL - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.27% compared to United States 12 Month Natural Gas Fund LP (UNL) at 7.13%. 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 | 23.27% | 7.13% | +16.14% |
Volatility (6M)Calculated over the trailing 6-month period | 104.92% | 30.59% | +74.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.57% | 35.79% | +77.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.96% | 41.76% | +77.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.84% | 33.85% | +67.99% |
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 (23.27%) compared to UNL (7.13%). In terms of maximum drawdown, BOIL dropped -100.00% vs UNL's -89.00%.
On 10-year performance, UNL leads with -4.37% vs -57.64% for BOIL. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 7.13%. 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 -4.37% return vs -57.64%. 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 (-0.68 vs -0.89), 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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