OILU vs. BOIL

Last updated Jun 24, 2026

OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both exchange-traded funds - OILU is a Leveraged Commodities fund managed by BMO, while BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Over the past 3 years, OILU returned 4.85%/yr vs -66.48%/yr for BOIL. At a 0.24 correlation, their price movements are largely independent. OILU charges 0.95%/yr vs 1.31%/yr for BOIL.

Performance

OILU vs. BOIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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, OILU achieves a 53.67% return, which is significantly higher than BOIL's -41.05% return.

OILU

• 1D: 1.46%
• 1M: -25.16%
• YTD: 53.67%
• 6M: 54.81%
• 1Y: 54.07%
• 3Y*: 4.85%
• 5Y*: —
• 10Y*: —

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)

OILU vs. BOIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	53.67%	-16.50%	-21.65%	-32.50%	151.08%	-16.79%
BOIL ProShares Ultra Bloomberg Natural Gas	-41.05%	-58.98%	-60.75%	-92.00%	-31.85%	-58.50%

Correlation

The correlation between OILU and BOIL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	0.24

Return for Risk

OILU vs. BOIL — Risk / Return Rank

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

OILU

OILU Risk / Return Rank: 26
OILU Sharpe Ratio Rank: 25
OILU Sortino Ratio Rank: 27
OILU Omega Ratio Rank: 25
OILU Calmar Ratio Rank: 26
OILU Martin Ratio Rank: 27

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.

OILU vs. BOIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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.

	OILU	BOIL	Difference
Sharpe ratio: Return per unit of total volatility	0.86	-0.67	+1.53
Sortino ratio: Return per unit of downside risk	1.42	-0.85	+2.27
Omega ratio: Gain probability vs. loss probability	1.17	0.89	+0.28
Calmar ratio: Return relative to maximum drawdown	1.24	-0.98	+2.22
Martin ratio: Return relative to average drawdown	3.58	-1.36	+4.93

OILU vs. BOIL - Sharpe Ratio Comparison

The current OILU Sharpe Ratio is 0.86, which is higher than the BOIL Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of OILU 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

OILU vs. BOIL - Drawdown Comparison

The maximum OILU drawdown since its inception was -81.00%, smaller than the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for OILU and BOIL.

Drawdown Indicators

	OILU	BOIL	Difference
Max Drawdown Largest peak-to-trough decline	-81.00%	-100.00%	+19.00%
Max Drawdown (1Y) Largest decline over 1 year	-43.74%	-77.43%	+33.69%
Max Drawdown (3Y) Largest decline over 3 years	-69.09%	-96.86%	+27.77%
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	-58.67%	-100.00%	+41.33%
Average Drawdown Average peak-to-trough decline	-50.58%	-93.59%	+43.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.16%	56.83%	-41.67%

Volatility

OILU vs. BOIL - Volatility Comparison

The current volatility for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) is 21.87%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 23.63%. This indicates that OILU 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

	OILU	BOIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.87%	23.63%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	50.75%	104.46%	-53.71%
Volatility (1Y) Calculated over the trailing 1-year period	63.57%	113.44%	-49.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.10%	118.97%	-37.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.10%	101.84%	-20.74%

OILU vs. BOIL - Expense Ratio Comparison

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

Dividends

OILU vs. BOIL - Dividend Comparison

Neither OILU nor BOIL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OILU and BOIL in my portfolio?

OILU and BOIL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILU or BOIL?

BOIL has higher volatility (23.63%) compared to OILU (21.87%). In terms of maximum drawdown, OILU dropped -81.00% vs BOIL's -100.00%.

Which ETF is better, OILU or BOIL?

On 3-year performance, OILU leads with 4.85% vs -66.48% for BOIL. On fees, OILU is cheaper at 0.95% per year. On volatility, OILU has been the lower-risk option at 21.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILU or BOIL?

Over the 3-year period, OILU has performed better with a 4.85% return vs -66.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILU or BOIL?

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

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

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

What is the main difference between OILU and BOIL?

OILU is categorized as Leveraged Commodities, while BOIL is Oil & Gas. They also come from different issuers: BMO and ProShares. Their fees differ too: 0.95% for OILU and 1.31% for BOIL.

Which has better risk-adjusted returns?

OILU currently has the higher Sharpe Ratio (0.86 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.