BOIL vs. USOI

Last updated Jul 17, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - BOIL tracks the Bloomberg Natural Gas Subindex while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, BOIL returned -77.53% vs 25.53% for USOI. At a 0.06 correlation, their price movements are largely independent. BOIL charges 1.31%/yr vs 0.85%/yr for USOI.

Performance

BOIL vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Natural Gas (BOIL) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOIL achieves a -51.97% return, which is significantly lower than USOI's 30.37% 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%

USOI

• 1D: -0.32%
• 1M: -0.32%
• 6M: 27.94%
• YTD: 30.37%
• 1Y: 25.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BOIL vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BOIL ProShares Ultra Bloomberg Natural Gas	-51.97%	-58.98%	-31.13%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	30.37%	-8.78%	3.24%

Correlation

The correlation between BOIL and USOI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.06

Return for Risk

BOIL vs. USOI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BOIL

BOIL Risk / Return Rank: 2
BOIL Sharpe Ratio Rank: 4
BOIL Sortino Ratio Rank: 4
BOIL Omega Ratio Rank: 3
BOIL Calmar Ratio Rank: 0
BOIL Martin Ratio Rank: 2

USOI

USOI Risk / Return Rank: 31
USOI Sharpe Ratio Rank: 34
USOI Sortino Ratio Rank: 33
USOI Omega Ratio Rank: 32
USOI Calmar Ratio Rank: 27
USOI Martin Ratio Rank: 30

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. USOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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	USOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	1.03	-1.72
Sortino ratio: Return per unit of downside risk	-0.98	1.50	-2.47
Omega ratio: Gain probability vs. loss probability	0.87	1.18	-0.31
Calmar ratio: Return relative to maximum drawdown	-1.00	1.09	-2.09
Martin ratio: Return relative to average drawdown	-1.40	3.33	-4.72

BOIL vs. USOI - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.69, which is lower than the USOI Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of BOIL and USOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BOIL vs. USOI - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, which is greater than USOI's maximum drawdown of -23.54%. Use the drawdown chart below to compare losses from any high point for BOIL and USOI.

Drawdown Indicators

	BOIL	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-23.54%	-76.46%
Max Drawdown (1Y) Largest decline over 1 year	-77.83%	-23.54%	-54.29%
Max Drawdown (3Y) Largest decline over 3 years	-97.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.92%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	—	—
Current Drawdown Current decline from peak	-100.00%	-16.06%	-83.94%
Average Drawdown Average peak-to-trough decline	-93.61%	-7.70%	-85.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.55%	7.69%	+47.86%

Volatility

BOIL vs. USOI - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 19.67% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 10.41%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOIL	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.67%	10.41%	+9.26%
Volatility (6M) Calculated over the trailing 6-month period	100.26%	20.58%	+79.68%
Volatility (1Y) Calculated over the trailing 1-year period	111.81%	24.95%	+86.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	119.02%	23.52%	+95.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.73%	23.52%	+78.21%

BOIL vs. USOI - Expense Ratio Comparison

BOIL has a 1.31% expense ratio, which is higher than USOI's 0.85% expense ratio.

Dividends

BOIL vs. USOI - Dividend Comparison

BOIL has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 45.94%.

Position	TTM	2025	2024
BOIL ProShares Ultra Bloomberg Natural Gas	0.00%	0.00%	0.00%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	45.94%	27.21%	12.54%

Frequently Asked Questions

Can I hold both BOIL and USOI in my portfolio?

BOIL and USOI have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOIL or USOI?

BOIL has higher volatility (19.67%) compared to USOI (10.41%). In terms of maximum drawdown, BOIL dropped -100.00% vs USOI's -23.54%.

Which ETF is better, BOIL or USOI?

On 1-year performance, USOI leads with 25.53% vs -77.53% for BOIL. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 10.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOIL or USOI?

Over the 1-year period, USOI has performed better with a 25.53% return vs -77.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOIL or USOI?

USOI is cheaper with a 0.85% expense ratio, compared with 1.31% for BOIL.

Which ETF pays a higher dividend yield, BOIL or USOI?

USOI has the higher dividend yield at 45.94%, compared with 0.00% for BOIL.

What is the main difference between BOIL and USOI?

BOIL tracks Bloomberg Natural Gas Subindex, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: ProShares and Credit Suisse. Their fees differ too: 1.31% for BOIL and 0.85% for USOI.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (1.03 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.