BOIL vs. USD
BOIL (ProShares Ultra Bloomberg Natural Gas) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, BOIL returned -57.67%/yr vs 60.90%/yr for USD. At a 0.02 correlation, their price movements are largely independent. BOIL charges 1.31%/yr vs 0.95%/yr for USD.
Performance
BOIL vs. USD - 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 USD's 83.22% return. Over the past 10 years, BOIL has underperformed USD with an annualized return of -57.67%, while USD has yielded a comparatively higher 60.90% 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%
USD
- 1D
- -0.77%
- 1M
- 0.95%
- YTD
- 83.22%
- 6M
- 78.17%
- 1Y
- 185.84%
- 3Y*
- 113.73%
- 5Y*
- 63.17%
- 10Y*
- 60.90%
BOIL vs. USD - 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% |
USD ProShares Ultra Semiconductors | 83.22% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between BOIL and USD is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.02 |
The correlation between BOIL and USD shifts across timeframes, from -0.20 (1 year) to 0.03 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
BOIL vs. USD — Risk / Return Rank
BOIL
USD
BOIL vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.50 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.38 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 5.88 | -6.82 |
| Martin ratioReturn relative to average drawdown | -1.30 | 16.26 | -17.56 |
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Drawdowns
BOIL vs. USD - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for BOIL and USD.
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Drawdown Indicators
| BOIL | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -88.63% | -11.37% |
Max Drawdown (1Y)Largest decline over 1 year | -77.43% | -31.80% | -45.63% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -64.46% | -32.40% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -77.85% | -22.06% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -77.85% | -22.14% |
Current DrawdownCurrent decline from peak | -100.00% | -15.35% | -84.65% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -32.29% | -61.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.95% | 11.48% | +44.47% |
Volatility
BOIL vs. USD - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Natural Gas (BOIL) is 22.78%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.08%. This indicates that BOIL experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.78% | 34.08% | -11.30% |
Volatility (6M)Calculated over the trailing 6-month period | 104.55% | 53.79% | +50.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.22% | 67.97% | +45.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.95% | 77.72% | +41.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.83% | 69.82% | +32.01% |
BOIL vs. USD - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than USD's 0.95% expense ratio.
Dividends
BOIL vs. USD - Dividend Comparison
BOIL has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.25%.
| 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% |
USD ProShares Ultra Semiconductors | 0.25% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
BOIL and USD have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (34.08%) compared to BOIL (22.78%). In terms of maximum drawdown, BOIL dropped -100.00% vs USD's -88.63%.
On 10-year performance, USD leads with 60.90% vs -57.67% for BOIL. On fees, USD is cheaper at 0.95% per year. On volatility, BOIL has been the lower-risk option at 22.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 60.90% return vs -57.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
USD has the higher dividend yield at 0.25%, compared with 0.00% for BOIL.
BOIL is categorized as Oil & Gas, while USD is Leveraged Equities. BOIL tracks Bloomberg Natural Gas Subindex, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 1.31% for BOIL and 0.95% for USD.
USD currently has the higher Sharpe Ratio (2.76 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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