UCO vs. BOIL
UCO (ProShares Ultra Bloomberg Crude Oil) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both Oil & Gas funds from ProShares - UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%) while BOIL tracks the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, UCO returned 19.62%/yr vs -57.64%/yr for BOIL. At a 0.12 correlation, their price movements are largely independent. UCO charges 0.95%/yr vs 1.31%/yr for BOIL.
Performance
UCO vs. BOIL - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 84.21% return, which is significantly higher than BOIL's -38.08% return. Over the past 10 years, UCO has outperformed BOIL with an annualized return of 19.62%, while BOIL has yielded a comparatively lower -57.64% annualized return.
UCO
- 1D
- -2.87%
- 1M
- -24.66%
- YTD
- 84.21%
- 6M
- 80.57%
- 1Y
- 27.70%
- 3Y*
- 15.87%
- 5Y*
- 12.83%
- 10Y*
- 19.62%
BOIL
- 1D
- 0.18%
- 1M
- 11.30%
- YTD
- -38.08%
- 6M
- -35.19%
- 1Y
- -76.58%
- 3Y*
- -65.93%
- 5Y*
- -65.65%
- 10Y*
- -57.64%
UCO vs. BOIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 84.21% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
BOIL ProShares Ultra Bloomberg Natural Gas | -38.08% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
Correlation
The correlation between UCO 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 | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.12 |
The correlation between UCO and BOIL shifts across timeframes, from 0.12 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UCO vs. BOIL — Risk / Return Rank
UCO
BOIL
UCO vs. BOIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.
| UCO | BOIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.89 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | -0.98 | +1.85 |
| Martin ratioReturn relative to average drawdown | 1.72 | -1.35 | +3.08 |
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Drawdowns
UCO vs. BOIL - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.86%, roughly equal to the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UCO and BOIL.
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Drawdown Indicators
| UCO | BOIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -100.00% | +0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -31.96% | -78.06% | +46.10% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -96.86% | +46.48% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -99.91% | +32.67% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -99.99% | +3.49% |
Current DrawdownCurrent decline from peak | -85.71% | -100.00% | +14.29% |
Average DrawdownAverage peak-to-trough decline | -82.11% | -93.58% | +11.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.90% | 59.95% | -41.05% |
Volatility
UCO vs. BOIL - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Crude Oil (UCO) is 16.18%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 23.27%. This indicates that UCO 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.
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Volatility by Period
| UCO | BOIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.18% | 23.27% | -7.09% |
Volatility (6M)Calculated over the trailing 6-month period | 48.09% | 104.92% | -56.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.66% | 113.57% | -55.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.09% | 118.96% | -58.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.79% | 101.84% | +215.95% |
UCO vs. BOIL - Expense Ratio Comparison
UCO has a 0.95% expense ratio, which is lower than BOIL's 1.31% expense ratio.
Dividends
UCO vs. BOIL - Dividend Comparison
Neither UCO nor BOIL has paid dividends to shareholders.
Frequently Asked Questions
UCO 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.
BOIL has higher volatility (23.27%) compared to UCO (16.18%). In terms of maximum drawdown, UCO dropped -99.86% vs BOIL's -100.00%.
On 10-year performance, UCO leads with 19.62% vs -57.64% for BOIL. On fees, UCO is cheaper at 0.95% per year. On volatility, UCO has been the lower-risk option at 16.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 19.62% return vs -57.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
UCO and BOIL have nearly identical dividend yields, around 0.00%.
UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while BOIL tracks Bloomberg Natural Gas Subindex. Their fees differ too: 0.95% for UCO and 1.31% for BOIL.
UCO currently has the higher Sharpe Ratio (0.48 vs -0.68), 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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