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BOIL vs. UPRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BOIL vs. UPRO

Last updated Jun 4, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - BOIL is a Leveraged Commodities 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 -56.95%/yr vs 30.09%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BOIL achieves a -36.77% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, BOIL has underperformed UPRO with an annualized return of -56.95%, while UPRO has yielded a comparatively higher 30.09% annualized return.

BOIL

1D
4.32%
1M
4.62%
YTD
-36.77%
6M
-62.98%
1Y
-74.31%
3Y*
-60.61%
5Y*
-64.63%
10Y*
-56.95%

UPRO

1D
-2.09%
1M
14.64%
YTD
27.90%
6M
26.67%
1Y
80.84%
3Y*
52.58%
5Y*
23.13%
10Y*
30.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BOIL vs. UPRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BOIL
ProShares Ultra Bloomberg Natural Gas		-36.77%-58.98%-60.75%-92.00%-31.85%23.84%-74.74%-67.70%-20.55%-65.72%
UPRO
ProShares UltraPro S&P 500		27.90%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 -0.19, 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

-0.19

Correlation (3Y)
Calculated over the trailing 3-year period

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

0.07

Correlation (10Y)
Calculated over the trailing 10-year period

0.05

Correlation (All Time)
Calculated using the full available price history since Oct 7, 2011

0.03

The correlation between BOIL and UPRO shifts across timeframes, from -0.19 (1 year) to 0.07 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Bloomberg Natural Gas

ProShares UltraPro S&P 500

Often compared with BOIL:
BOIL vs. KOLDBOIL vs. UNGBOIL vs. UCOBOIL vs. UNLBOIL vs. LNGBOIL vs. SCOBOIL vs. BNO
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF

Return for Risk

BOIL vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BOIL
BOIL Risk / Return Rank: 33
Overall Rank
BOIL Sharpe Ratio Rank: 33
Sharpe Ratio Rank
BOIL Sortino Ratio Rank: 44
Sortino Ratio Rank
BOIL Omega Ratio Rank: 33
Omega Ratio Rank
BOIL Calmar Ratio Rank: 11
Calmar Ratio Rank
BOIL Martin Ratio Rank: 33
Martin Ratio Rank
UPRO
UPRO Risk / Return Rank: 6262
Overall Rank
UPRO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 5757
Sortino Ratio Rank
UPRO Omega Ratio Rank: 5858
Omega Ratio Rank
UPRO Calmar Ratio Rank: 6060
Calmar Ratio Rank
UPRO Martin Ratio Rank: 6868
Martin Ratio Rank
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. 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.

BOILUPRODifference
Sharpe ratioReturn per unit of total volatility
-0.66
2.30

-2.96

Sortino ratioReturn per unit of downside risk
-0.78
2.76

-3.54

Omega ratioGain probability vs. loss probability

0.90

1.36

-0.46

Calmar ratioReturn relative to maximum drawdown

-0.92

3.03

-3.95

Martin ratioReturn relative to average drawdown

-1.26

12.80

-14.06

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOIL vs. UPRO - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.66, which is lower than the UPRO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of BOIL and UPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BOILUPRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.66

2.30

-2.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.55

0.46

-1.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.56

0.56

-1.12

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.61

0.65

-1.26

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

BOILUPRODifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-76.82%

-23.18%

Max Drawdown (1Y)

Largest decline over 1 year

-80.85%

-26.78%

-54.07%

Max Drawdown (3Y)

Largest decline over 3 years

-96.86%

-48.87%

-47.99%

Max Drawdown (5Y)

Largest decline over 5 years

-99.91%

-63.94%

-35.97%

Max Drawdown (10Y)

Largest decline over 10 years

-99.99%

-76.82%

-23.17%

Current Drawdown

Current decline from peak

-100.00%

-2.09%

-97.91%

Average Drawdown

Average peak-to-trough decline

-93.59%

-14.42%

-79.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

59.20%

6.33%

+52.87%

Volatility

BOIL vs. UPRO - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.95% compared to ProShares UltraPro S&P 500 (UPRO) at 8.45%. 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

BOILUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

23.95%

8.45%

+15.50%

Volatility (6M)

Calculated over the trailing 6-month period

107.61%

26.60%

+81.01%

Volatility (1Y)

Calculated over the trailing 1-year period

113.64%

35.35%

+78.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

118.89%

50.32%

+68.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

101.81%

53.74%

+48.07%

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 0.68%.

PositionTTM20252024202320222021202020192018201720162015
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		0.68%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 -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BOIL has higher volatility (23.95%) compared to UPRO (8.45%). In terms of maximum drawdown, BOIL dropped -100.00% vs UPRO's -76.82%.

On 10-year performance, UPRO leads with 30.09% vs -56.95% for BOIL. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.45%. 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 30.09% return vs -56.95%. 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 0.68%, compared with 0.00% for BOIL.

BOIL is categorized as Leveraged Commodities, 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 (2.30 vs -0.66), 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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