UNG vs. BOIL
UNG (United States Natural Gas Fund LP) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both Oil & Gas funds - UNG tracks the Front Month Natural Gas Futures while BOIL tracks the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, UNG returned -22.61%/yr vs -58.99%/yr for BOIL. Their 0.99 correlation means they have historically moved very closely together. UNG charges 1.17%/yr vs 1.31%/yr for BOIL.
Performance
UNG vs. BOIL - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -17.94% return, which is significantly higher than BOIL's -55.20% return. Over the past 10 years, UNG has outperformed BOIL with an annualized return of -22.61%, while BOIL has yielded a comparatively lower -58.99% annualized return.
UNG
- 1D
- 0.50%
- 1M
- -13.13%
- 6M
- -40.47%
- YTD
- -17.94%
- 1Y
- -26.14%
- 3Y*
- -28.64%
- 5Y*
- -28.82%
- 10Y*
- -22.61%
- ALL TIME*
- -28.48%
BOIL
- 1D
- 1.23%
- 1M
- -22.39%
- 6M
- -74.77%
- YTD
- -55.20%
- 1Y
- -71.40%
- 3Y*
- -67.40%
- 5Y*
- -69.84%
- 10Y*
- -58.99%
- ALL TIME*
- -57.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $86.80M | $100.03M | $104.47M | |
| $82.18M | $81.43M | $85.25M |
UNG vs. BOIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -17.94% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
BOIL ProShares Ultra Bloomberg Natural Gas | -55.20% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
Correlation
The correlation between UNG and BOIL is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.99 |
The correlation between UNG and BOIL has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
UNG vs. BOIL — Risk / Return Rank
UNG
BOIL
UNG vs. BOIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) 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.
| UNG | BOIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.91 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -0.92 | +0.30 |
| Martin ratioReturn relative to average drawdown | -1.04 | -1.40 | +0.37 |
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Drawdowns
UNG vs. BOIL - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, roughly equal to the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UNG and BOIL.
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Drawdown Indicators
| UNG | BOIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -100.00% | +0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -42.01% | -77.68% | +35.67% |
Max Drawdown (3Y)Largest decline over 3 years | -69.26% | -97.48% | +28.22% |
Max Drawdown (5Y)Largest decline over 5 years | -92.75% | -99.93% | +7.18% |
Max Drawdown (10Y)Largest decline over 10 years | -93.77% | -99.99% | +6.22% |
Current DrawdownCurrent decline from peak | -99.88% | -100.00% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -90.02% | -93.63% | +3.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.13% | 50.79% | -25.66% |
Volatility
UNG vs. BOIL - Volatility Comparison
The current volatility for United States Natural Gas Fund LP (UNG) is 10.03%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 18.90%. This indicates that UNG 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
| UNG | BOIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.03% | 18.90% | -8.87% |
Volatility (6M)Calculated over the trailing 6-month period | 42.08% | 91.55% | -49.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.01% | 110.59% | -51.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 118.92% | -54.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.70% | 101.64% | -46.94% |
UNG vs. BOIL - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is lower than BOIL's 1.31% expense ratio.
Dividends
UNG vs. BOIL - Dividend Comparison
Neither UNG nor BOIL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, UNG and BOIL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BOIL has higher volatility (18.90%) compared to UNG (10.03%). In terms of maximum drawdown, UNG dropped -99.88% vs BOIL's -100.00%.
On 10-year performance, UNG leads with -22.61% vs -58.99% for BOIL. On fees, UNG is cheaper at 1.17% per year. On volatility, UNG has been the lower-risk option at 10.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UNG has performed better with a -22.61% return vs -58.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNG is cheaper with a 1.17% expense ratio, compared with 1.31% for BOIL.
UNG and BOIL have nearly identical dividend yields, around 0.00%.
UNG tracks Front Month Natural Gas Futures, while BOIL tracks Bloomberg Natural Gas Subindex. They also come from different issuers: USCF and ProShares. Their fees differ too: 1.17% for UNG and 1.31% for BOIL.
UNG currently has the higher Sharpe Ratio (-0.44 vs -0.65), 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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