NKTR vs. BOIL

Last updated Jul 14, 2026

NKTR (Nektar Therapeutics) is a stock, while BOIL (ProShares Ultra Bloomberg Natural Gas) is Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Over the past 10 years, NKTR returned -11.50%/yr vs -58.74%/yr for BOIL. At a 0.02 correlation, their price movements are largely independent.

Performance

NKTR vs. BOIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nektar Therapeutics (NKTR) 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, NKTR achieves a 61.59% return, which is significantly higher than BOIL's -52.27% return. Over the past 10 years, NKTR has outperformed BOIL with an annualized return of -11.50%, while BOIL has yielded a comparatively lower -58.74% annualized return.

NKTR

• 1D: -2.90%
• 1M: 15.06%
• 6M: 76.22%
• YTD: 61.59%
• 1Y: 173.17%
• 3Y*: 102.30%
• 5Y*: -22.67%
• 10Y*: -11.50%

BOIL

• 1D: -3.62%
• 1M: -18.31%
• 6M: -39.28%
• YTD: -52.27%
• 1Y: -74.93%
• 3Y*: -66.40%
• 5Y*: -68.59%
• 10Y*: -58.74%

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

NKTR vs. BOIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NKTR Nektar Therapeutics	61.59%	203.08%	64.60%	-75.00%	-83.27%	-20.53%	-21.26%	-34.32%	-44.96%	386.72%
BOIL ProShares Ultra Bloomberg Natural Gas	-52.27%	-58.98%	-60.75%	-92.00%	-31.85%	23.84%	-74.74%	-67.70%	-20.55%	-65.72%

Correlation

The correlation between NKTR and BOIL is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011	0.02

Return for Risk

NKTR vs. BOIL — Risk / Return Rank

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

NKTR

NKTR Risk / Return Rank: 90
NKTR Sharpe Ratio Rank: 91
NKTR Sortino Ratio Rank: 93
NKTR Omega Ratio Rank: 88
NKTR Calmar Ratio Rank: 90
NKTR Martin Ratio Rank: 87

BOIL

BOIL Risk / Return Rank: 3
BOIL Sharpe Ratio Rank: 4
BOIL Sortino Ratio Rank: 4
BOIL Omega Ratio Rank: 4
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.

NKTR vs. BOIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nektar Therapeutics (NKTR) 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.

	NKTR	BOIL	Difference
Sharpe ratio: Return per unit of total volatility	1.92	-0.67	+2.59
Sortino ratio: Return per unit of downside risk	3.16	-0.84	+4.01
Omega ratio: Gain probability vs. loss probability	1.35	0.89	+0.46
Calmar ratio: Return relative to maximum drawdown	3.74	-0.96	+4.71
Martin ratio: Return relative to average drawdown	7.90	-1.36	+9.27

NKTR vs. BOIL - Sharpe Ratio Comparison

The current NKTR Sharpe Ratio is 1.92, which is higher than the BOIL Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of NKTR 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

NKTR vs. BOIL - Drawdown Comparison

The maximum NKTR drawdown since its inception was -99.61%, roughly equal to the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NKTR and BOIL.

Drawdown Indicators

	NKTR	BOIL	Difference
Max Drawdown Largest peak-to-trough decline	-99.61%	-100.00%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-46.54%	-77.83%	+31.29%
Max Drawdown (3Y) Largest decline over 3 years	-73.20%	-97.17%	+23.97%
Max Drawdown (5Y) Largest decline over 5 years	-97.76%	-99.92%	+2.16%
Max Drawdown (10Y) Largest decline over 10 years	-99.61%	-99.99%	+0.38%
Current Drawdown Current decline from peak	-95.80%	-100.00%	+4.20%
Average Drawdown Average peak-to-trough decline	-68.40%	-93.61%	+25.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.01%	54.90%	-32.89%

Volatility

NKTR vs. BOIL - Volatility Comparison

Nektar Therapeutics (NKTR) and ProShares Ultra Bloomberg Natural Gas (BOIL) have volatilities of 19.75% and 20.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NKTR	BOIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.75%	20.38%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	61.56%	102.24%	-40.68%
Volatility (1Y) Calculated over the trailing 1-year period	90.91%	112.18%	-21.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	122.09%	119.02%	+3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.27%	101.76%	-4.49%

Dividends

NKTR vs. BOIL - Dividend Comparison

Neither NKTR nor BOIL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NKTR and BOIL in my portfolio?

NKTR and BOIL have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NKTR or BOIL?

BOIL has higher volatility (20.38%) compared to NKTR (19.75%). In terms of maximum drawdown, NKTR dropped -99.61% vs BOIL's -100.00%.

Which has better risk-adjusted returns?

NKTR currently has the higher Sharpe Ratio (1.92 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.