UVXY vs. BOIL
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, UVXY returned -71.00%/yr vs -59.32%/yr for BOIL. Their -0.03 correlation means they have often moved in opposite directions in the past. UVXY charges 0.95%/yr vs 1.31%/yr for BOIL.
Performance
UVXY vs. BOIL - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -35.49% return, which is significantly higher than BOIL's -57.88% return. Over the past 10 years, UVXY has underperformed BOIL with an annualized return of -71.00%, while BOIL has yielded a comparatively higher -59.32% annualized return.
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
BOIL
- 1D
- -6.77%
- 1M
- -27.04%
- 6M
- -54.25%
- YTD
- -57.88%
- 1Y
- -70.19%
- 3Y*
- -68.09%
- 5Y*
- -70.90%
- 10Y*
- -59.32%
- ALL TIME*
- -58.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $90.73M | $100.10M | $103.98M | |
| $189.58M | $189.56M | $234.35M |
UVXY vs. BOIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
BOIL ProShares Ultra Bloomberg Natural Gas | -57.88% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
Correlation
The correlation between UVXY and BOIL is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.05 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.03 |
The correlation between UVXY and BOIL shifts across timeframes, from -0.05 (5 years) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UVXY vs. BOIL — Risk / Return Rank
UVXY
BOIL
UVXY vs. BOIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) 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.
| UVXY | BOIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.91 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.90 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.37 | -0.10 |
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Drawdowns
UVXY vs. BOIL - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UVXY and BOIL.
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Drawdown Indicators
| UVXY | BOIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -71.36% | -77.89% | +6.53% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -97.50% | +2.08% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -99.93% | +0.25% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.99% | -0.01% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -93.63% | -5.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 51.14% | -3.28% |
Volatility
UVXY vs. BOIL - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to ProShares Ultra Bloomberg Natural Gas (BOIL) at 19.72%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier 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
| UVXY | BOIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.98% | 19.72% | +2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 54.88% | +10.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 110.71% | -24.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 118.96% | -15.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 101.65% | +10.42% |
UVXY vs. BOIL - Expense Ratio Comparison
UVXY has a 0.95% expense ratio, which is lower than BOIL's 1.31% expense ratio.
Dividends
UVXY vs. BOIL - Dividend Comparison
Neither UVXY nor BOIL has paid dividends to shareholders.
Frequently Asked Questions
UVXY and BOIL have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.98%) compared to BOIL (19.72%). In terms of maximum drawdown, UVXY dropped -100.00% vs BOIL's -100.00%.
On 10-year performance, BOIL leads with -59.32% vs -71.00% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, BOIL has been the lower-risk option at 19.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BOIL has performed better with a -59.32% return vs -71.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
UVXY and BOIL have nearly identical dividend yields, around 0.00%.
UVXY is categorized as Volatility, while BOIL is Oil & Gas. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while BOIL tracks Bloomberg Natural Gas Subindex. Their fees differ too: 0.95% for UVXY and 1.31% for BOIL.
BOIL currently has the higher Sharpe Ratio (-0.64 vs -0.82), 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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