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 -57.67%/yr vs 30.12%/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 -38.60% return, which is significantly lower than UPRO's 16.62% return. Over the past 10 years, BOIL has underperformed UPRO with an annualized return of -57.67%, while UPRO has yielded a comparatively higher 30.12% annualized return.
BOIL
- 1D
- 4.15%
- 1M
- 10.36%
- YTD
- -38.60%
- 6M
- -41.10%
- 1Y
- -72.68%
- 3Y*
- -66.02%
- 5Y*
- -66.45%
- 10Y*
- -57.67%
UPRO
- 1D
- -0.50%
- 1M
- -5.86%
- YTD
- 16.62%
- 6M
- 12.20%
- 1Y
- 56.32%
- 3Y*
- 45.99%
- 5Y*
- 20.00%
- 10Y*
- 30.12%
BOIL vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -38.60% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
UPRO ProShares UltraPro S&P 500 | 16.62% | 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 -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
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 -0.17 (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 | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.26 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.11 | -3.05 |
| Martin ratioReturn relative to average drawdown | -1.30 | 8.56 | -9.86 |
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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 | -77.43% | -26.78% | -50.65% |
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 DrawdownCurrent decline from peak | -100.00% | -10.72% | -89.28% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -14.39% | -79.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.95% | 6.60% | +49.35% |
Volatility
BOIL vs. UPRO - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 22.78% compared to ProShares UltraPro S&P 500 (UPRO) at 14.62%. 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 | 22.78% | 14.62% | +8.16% |
Volatility (6M)Calculated over the trailing 6-month period | 104.55% | 29.40% | +75.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.22% | 37.26% | +75.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.95% | 50.62% | +68.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.83% | 53.78% | +48.05% |
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 -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (22.78%) compared to UPRO (14.62%). In terms of maximum drawdown, BOIL dropped -100.00% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.12% vs -57.67% for BOIL. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 14.62%. 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 30.12% return vs -57.67%. 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 (1.52 vs -0.64), 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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