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 -21.19%/yr vs -57.64%/yr for BOIL. With a 0.99 correlation, they move nearly in lockstep. UNG charges 1.17%/yr vs 1.31%/yr for BOIL.
Performance
UNG vs. BOIL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UNG achieves a -4.00% return, which is significantly higher than BOIL's -38.08% return. Over the past 10 years, UNG has outperformed BOIL with an annualized return of -21.19%, while BOIL has yielded a comparatively lower -57.64% annualized return.
UNG
- 1D
- 0.26%
- 1M
- 7.59%
- YTD
- -4.00%
- 6M
- -0.68%
- 1Y
- -33.35%
- 3Y*
- -26.96%
- 5Y*
- -24.05%
- 10Y*
- -21.19%
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%
UNG vs. BOIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -4.00% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
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 UNG and BOIL is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.89 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.98 | +0.15 |
| Martin ratioReturn relative to average drawdown | -1.28 | -1.35 | +0.07 |
Loading charts...
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.
Loading charts...
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 | -39.94% | -78.06% | +38.12% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -96.86% | +28.70% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -99.91% | +7.42% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -99.99% | +6.44% |
Current DrawdownCurrent decline from peak | -99.86% | -100.00% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -89.97% | -93.58% | +3.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.14% | 59.95% | -30.81% |
Volatility
UNG vs. BOIL - Volatility Comparison
The current volatility for United States Natural Gas Fund LP (UNG) is 11.95%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 23.27%. 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.
Loading charts...
Volatility by Period
| UNG | BOIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.95% | 23.27% | -11.32% |
Volatility (6M)Calculated over the trailing 6-month period | 51.06% | 104.92% | -53.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.47% | 113.57% | -53.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 118.96% | -54.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.79% | 101.84% | -47.05% |
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 (23.27%) compared to UNG (11.95%). In terms of maximum drawdown, UNG dropped -99.88% vs BOIL's -100.00%.
On 10-year performance, UNG leads with -21.19% vs -57.64% for BOIL. On fees, UNG is cheaper at 1.17% per year. On volatility, UNG has been the lower-risk option at 11.95%. 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 -21.19% return vs -57.64%. 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 Investments and ProShares. Their fees differ too: 1.17% for UNG and 1.31% for BOIL.
UNG currently has the higher Sharpe Ratio (-0.55 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.
Find the right allocation for UNG and BOIL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer