BOIL vs. UPRO
BOIL (ProShares Ultra Bloomberg Natural Gas) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, BOIL returned -58.64%/yr vs 28.60%/yr for UPRO. At a 0.03 correlation, their price movements are largely independent. BOIL charges 1.31%/yr vs 0.89%/yr for UPRO.
Performance
BOIL vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -51.97% return, which is significantly lower than UPRO's 24.61% return. Over the past 10 years, BOIL has underperformed UPRO with an annualized return of -58.64%, while UPRO has yielded a comparatively higher 28.60% annualized return.
BOIL
- 1D
- -2.65%
- 1M
- -22.34%
- 6M
- -31.80%
- YTD
- -51.97%
- 1Y
- -77.53%
- 3Y*
- -66.23%
- 5Y*
- -68.58%
- 10Y*
- -58.64%
UPRO
- 1D
- -1.55%
- 1M
- -0.15%
- 6M
- 19.67%
- YTD
- 24.61%
- 1Y
- 54.64%
- 3Y*
- 43.89%
- 5Y*
- 20.84%
- 10Y*
- 28.60%
BOIL vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -51.97% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
UPRO ProShares UltraPro S&P 500 | 24.61% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between BOIL and UPRO is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.03 |
The correlation between BOIL and UPRO shifts across timeframes, from -0.18 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BOIL vs. UPRO — Risk / Return Rank
BOIL
UPRO
BOIL vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -2.93 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.25 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.05 | -3.05 |
| Martin ratioReturn relative to average drawdown | -1.40 | 8.08 | -9.48 |
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Drawdowns
BOIL vs. UPRO - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for BOIL and UPRO.
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Drawdown Indicators
| BOIL | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.82% | -23.18% |
Max Drawdown (1Y)Largest decline over 1 year | -77.83% | -26.78% | -51.05% |
Max Drawdown (3Y)Largest decline over 3 years | -97.17% | -48.87% | -48.30% |
Max Drawdown (5Y)Largest decline over 5 years | -99.92% | -63.94% | -35.98% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -76.82% | -23.17% |
Current DrawdownCurrent decline from peak | -100.00% | -4.60% | -95.40% |
Average DrawdownAverage peak-to-trough decline | -93.61% | -14.36% | -79.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.55% | 6.78% | +48.77% |
Volatility
BOIL vs. UPRO - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 19.67% compared to ProShares UltraPro S&P 500 (UPRO) at 10.61%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.67% | 10.61% | +9.06% |
Volatility (6M)Calculated over the trailing 6-month period | 100.26% | 30.01% | +70.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 111.81% | 37.59% | +74.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 119.02% | 50.67% | +68.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.73% | 53.71% | +48.02% |
BOIL vs. UPRO - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
BOIL vs. UPRO - Dividend Comparison
BOIL has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.75% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
BOIL and UPRO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (19.67%) compared to UPRO (10.61%). In terms of maximum drawdown, BOIL dropped -100.00% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.60% vs -58.64% for BOIL. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 10.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.60% return vs -58.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 1.31% for BOIL.
UPRO has the higher dividend yield at 0.75%, compared with 0.00% for BOIL.
BOIL is categorized as Oil & Gas, while UPRO is Leveraged Equities. BOIL tracks Bloomberg Natural Gas Subindex, while UPRO tracks S&P 500. Their fees differ too: 1.31% for BOIL and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.46 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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