BOIL vs. UVXY
BOIL (ProShares Ultra Bloomberg Natural Gas) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - BOIL is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, BOIL returned -56.95%/yr vs -72.67%/yr for UVXY. At a correlation of -0.03, they often move in opposite directions. BOIL charges 1.31%/yr vs 0.95%/yr for UVXY.
Performance
BOIL vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -36.77% return, which is significantly lower than UVXY's -19.06% return. Over the past 10 years, BOIL has outperformed UVXY with an annualized return of -56.95%, while UVXY has yielded a comparatively lower -72.67% 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%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
BOIL vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between BOIL and UVXY is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011 | -0.03 |
The correlation between BOIL and UVXY shifts across timeframes, from -0.05 (5 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BOIL vs. UVXY — Risk / Return Rank
BOIL
UVXY
BOIL vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.
| BOIL | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.82 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.97 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.31 | +0.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BOIL | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | -0.87 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.55 | -0.66 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.56 | -0.64 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.61 | -0.68 | +0.07 |
Drawdowns
BOIL vs. UVXY - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BOIL and UVXY.
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Drawdown Indicators
| BOIL | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -80.85% | -75.22% | -5.63% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -95.45% | -1.41% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -99.68% | -0.23% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -100.00% | +0.01% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -93.59% | -98.55% | +4.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.20% | 55.63% | +3.57% |
Volatility
BOIL vs. UVXY - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.95% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOIL | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.95% | 11.77% | +12.18% |
Volatility (6M)Calculated over the trailing 6-month period | 107.61% | 62.64% | +44.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.64% | 84.42% | +29.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.89% | 103.85% | +15.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 113.82% | -12.01% |
BOIL vs. UVXY - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than UVXY's 0.95% expense ratio.
Dividends
BOIL vs. UVXY - Dividend Comparison
Neither BOIL nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
BOIL and UVXY have a correlation of 0.21, 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 UVXY (11.77%). In terms of maximum drawdown, BOIL dropped -100.00% vs UVXY's -100.00%.
On 10-year performance, BOIL leads with -56.95% vs -72.67% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, UVXY has been the lower-risk option at 11.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BOIL has performed better with a -56.95% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
BOIL and UVXY have nearly identical dividend yields, around 0.00%.
BOIL is categorized as Leveraged Commodities, while UVXY is Volatility. BOIL tracks Bloomberg Natural Gas Subindex, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 1.31% for BOIL and 0.95% for UVXY.
BOIL currently has the higher Sharpe Ratio (-0.66 vs -0.87), 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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