OILD vs. BOIL

Last updated Jun 4, 2026

OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both exchange-traded funds - OILD is a Inverse Equities fund tracking the Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%), while BOIL is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 3 years, OILD returned -48.14%/yr vs -60.61%/yr for BOIL. At a correlation of -0.23, they often move in opposite directions. OILD charges 0.95%/yr vs 1.31%/yr for BOIL.

Performance

OILD vs. BOIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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, OILD achieves a -61.30% return, which is significantly lower than BOIL's -36.77% return.

OILD

• 1D: -3.52%
• 1M: 4.33%
• YTD: -61.30%
• 6M: -58.58%
• 1Y: -72.54%
• 3Y*: -48.14%
• 5Y*: —
• 10Y*: —

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%

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

OILD vs. BOIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	-61.30%	-41.67%	-14.58%	-19.58%	-90.32%	5.20%
BOIL ProShares Ultra Bloomberg Natural Gas	-36.77%	-58.98%	-60.75%	-92.00%	-31.85%	-50.60%

Correlation

The correlation between OILD and BOIL is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	-0.23

Return for Risk

OILD vs. BOIL — Risk / Return Rank

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

OILD

OILD Risk / Return Rank: 1
OILD Sharpe Ratio Rank: 1
OILD Sortino Ratio Rank: 0
OILD Omega Ratio Rank: 0
OILD Calmar Ratio Rank: 1
OILD Martin Ratio Rank: 1

BOIL

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

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.

OILD vs. BOIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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.

	OILD	BOIL	Difference
Sharpe ratio Return per unit of total volatility	-1.19	-0.66	-0.54
Sortino ratio Return per unit of downside risk	-2.45	-0.78	-1.67
Omega ratio Gain probability vs. loss probability	0.75	0.90	-0.15
Calmar ratio Return relative to maximum drawdown	-0.94	-0.92	-0.02
Martin ratio Return relative to average drawdown	-1.56	-1.26	-0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OILD vs. BOIL - Sharpe Ratio Comparison

The current OILD Sharpe Ratio is -1.19, which is lower than the BOIL Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of OILD 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.

Sharpe Ratios by Period

	OILD	BOIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.19	-0.66	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	-0.61	-0.14

Drawdowns

OILD vs. BOIL - Drawdown Comparison

The maximum OILD drawdown since its inception was -98.90%, roughly equal to the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for OILD and BOIL.

Drawdown Indicators

	OILD	BOIL	Difference
Max Drawdown Largest peak-to-trough decline	-98.90%	-100.00%	+1.10%
Max Drawdown (1Y) Largest decline over 1 year	-77.40%	-80.85%	+3.45%
Max Drawdown (3Y) Largest decline over 3 years	-88.53%	-96.86%	+8.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.99%	—
Current Drawdown Current decline from peak	-98.74%	-100.00%	+1.26%
Average Drawdown Average peak-to-trough decline	-88.64%	-93.59%	+4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.59%	59.20%	-12.61%

Volatility

OILD vs. BOIL - Volatility Comparison

MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) and ProShares Ultra Bloomberg Natural Gas (BOIL) have volatilities of 24.24% and 23.95%, 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

	OILD	BOIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.24%	23.95%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	48.55%	107.61%	-59.06%
Volatility (1Y) Calculated over the trailing 1-year period	61.12%	113.64%	-52.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.39%	118.89%	-39.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.39%	101.81%	-22.42%

OILD vs. BOIL - Expense Ratio Comparison

OILD has a 0.95% expense ratio, which is lower than BOIL's 1.31% expense ratio.

Dividends

OILD vs. BOIL - Dividend Comparison

Neither OILD nor BOIL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OILD and BOIL in my portfolio?

OILD and BOIL have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILD or BOIL?

OILD has higher volatility (24.24%) compared to BOIL (23.95%). In terms of maximum drawdown, OILD dropped -98.90% vs BOIL's -100.00%.

Which ETF is better, OILD or BOIL?

On 3-year performance, OILD leads with -48.14% vs -60.61% for BOIL. On fees, OILD is cheaper at 0.95% per year. On volatility, BOIL has been the lower-risk option at 23.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILD or BOIL?

Over the 3-year period, OILD has performed better with a -48.14% return vs -60.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILD or BOIL?

OILD is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.

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

OILD and BOIL have nearly identical dividend yields, around 0.00%.

What is the main difference between OILD and BOIL?

OILD is categorized as Inverse Equities, while BOIL is Leveraged Commodities. OILD tracks Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%), while BOIL tracks Bloomberg Natural Gas Subindex. They also come from different issuers: REX and ProShares. Their fees differ too: 0.95% for OILD and 1.31% for BOIL.

Which has better risk-adjusted returns?

BOIL currently has the higher Sharpe Ratio (-0.66 vs -1.19), 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.