FXN vs. BOIL

Last updated Jun 24, 2026

FXN (First Trust Energy AlphaDEX Fund) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both exchange-traded funds - FXN is a Energy Equities fund tracking the StrataQuant Energy Index, while BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, FXN returned 5.82%/yr vs -57.84%/yr for BOIL. At a 0.19 correlation, their price movements are largely independent. FXN charges 0.64%/yr vs 1.31%/yr for BOIL.

Performance

FXN vs. BOIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Energy AlphaDEX Fund (FXN) and ProShares Ultra Bloomberg Natural Gas (BOIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXN achieves a 25.36% return, which is significantly higher than BOIL's -41.05% return. Over the past 10 years, FXN has outperformed BOIL with an annualized return of 5.82%, while BOIL has yielded a comparatively lower -57.84% annualized return.

FXN

• 1D: 0.10%
• 1M: -7.84%
• YTD: 25.36%
• 6M: 25.74%
• 1Y: 36.81%
• 3Y*: 13.95%
• 5Y*: 15.13%
• 10Y*: 5.82%

BOIL

• 1D: -4.80%
• 1M: 5.97%
• YTD: -41.05%
• 6M: -46.24%
• 1Y: -75.60%
• 3Y*: -66.48%
• 5Y*: -66.38%
• 10Y*: -57.84%

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

FXN vs. BOIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXN First Trust Energy AlphaDEX Fund	25.36%	3.39%	0.27%	0.97%	46.92%	51.79%	-19.91%	-6.76%	-24.79%	-5.02%
BOIL ProShares Ultra Bloomberg Natural Gas	-41.05%	-58.98%	-60.75%	-92.00%	-31.85%	23.84%	-74.74%	-67.70%	-20.55%	-65.72%

Correlation

The correlation between FXN and BOIL is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011	0.19

Return for Risk

FXN vs. BOIL — Risk / Return Rank

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

FXN

FXN Risk / Return Rank: 49
FXN Sharpe Ratio Rank: 48
FXN Sortino Ratio Rank: 44
FXN Omega Ratio Rank: 42
FXN Calmar Ratio Rank: 62
FXN Martin Ratio Rank: 51

BOIL

BOIL Risk / Return Rank: 3
BOIL Sharpe Ratio Rank: 4
BOIL Sortino Ratio Rank: 4
BOIL Omega Ratio Rank: 3
BOIL Calmar Ratio Rank: 1
BOIL Martin Ratio Rank: 2

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.

FXN vs. BOIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Energy AlphaDEX Fund (FXN) and ProShares Ultra Bloomberg Natural Gas (BOIL). 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.

	FXN	BOIL	Difference
Sharpe ratio: Return per unit of total volatility	1.57	-0.67	+2.24
Sortino ratio: Return per unit of downside risk	2.10	-0.85	+2.95
Omega ratio: Gain probability vs. loss probability	1.26	0.89	+0.36
Calmar ratio: Return relative to maximum drawdown	2.85	-0.98	+3.83
Martin ratio: Return relative to average drawdown	8.08	-1.36	+9.44

FXN vs. BOIL - Sharpe Ratio Comparison

The current FXN Sharpe Ratio is 1.57, which is higher than the BOIL Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of FXN and BOIL, 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

FXN vs. BOIL - Drawdown Comparison

The maximum FXN drawdown since its inception was -87.39%, smaller than the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FXN and BOIL.

Drawdown Indicators

	FXN	BOIL	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-100.00%	+12.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.99%	-77.43%	+64.44%
Max Drawdown (3Y) Largest decline over 3 years	-31.69%	-96.86%	+65.17%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-99.91%	+68.22%
Max Drawdown (10Y) Largest decline over 10 years	-80.63%	-99.99%	+19.36%
Current Drawdown Current decline from peak	-11.26%	-100.00%	+88.74%
Average Drawdown Average peak-to-trough decline	-37.90%	-93.59%	+55.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	56.83%	-52.26%

Volatility

FXN vs. BOIL - Volatility Comparison

The current volatility for First Trust Energy AlphaDEX Fund (FXN) is 7.38%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 23.63%. This indicates that FXN experiences smaller price fluctuations and is considered to be less risky than BOIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXN	BOIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.38%	23.63%	-16.25%
Volatility (6M) Calculated over the trailing 6-month period	17.15%	104.46%	-87.31%
Volatility (1Y) Calculated over the trailing 1-year period	23.85%	113.44%	-89.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.95%	118.97%	-90.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.94%	101.84%	-66.90%

FXN vs. BOIL - Expense Ratio Comparison

FXN has a 0.64% expense ratio, which is lower than BOIL's 1.31% expense ratio.

Dividends

FXN vs. BOIL - Dividend Comparison

FXN's dividend yield for the trailing twelve months is around 1.91%, while BOIL has not paid dividends to shareholders.

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%
FXN First Trust Energy AlphaDEX Fund	1.91%	2.53%	2.50%	3.09%	2.28%	0.87%	4.71%	1.47%	1.43%	1.17%	1.05%	2.36%

Frequently Asked Questions

Can I hold both FXN and BOIL in my portfolio?

FXN and BOIL have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXN or BOIL?

BOIL has higher volatility (23.63%) compared to FXN (7.38%). In terms of maximum drawdown, FXN dropped -87.39% vs BOIL's -100.00%.

Which ETF is better, FXN or BOIL?

On 10-year performance, FXN leads with 5.82% vs -57.84% for BOIL. On fees, FXN is cheaper at 0.64% per year. On volatility, FXN has been the lower-risk option at 7.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXN or BOIL?

Over the 10-year period, FXN has performed better with a 5.82% return vs -57.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXN or BOIL?

FXN is cheaper with a 0.64% expense ratio, compared with 1.31% for BOIL.

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

FXN has the higher dividend yield at 1.91%, compared with 0.00% for BOIL.

What is the main difference between FXN and BOIL?

FXN is categorized as Energy Equities, while BOIL is Oil & Gas. FXN tracks StrataQuant Energy Index, while BOIL tracks Bloomberg Natural Gas Subindex. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.64% for FXN and 1.31% for BOIL.

Which has better risk-adjusted returns?

FXN currently has the higher Sharpe Ratio (1.57 vs -0.67), 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.