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 -73.85%/yr vs -57.84%/yr for BOIL. At a correlation of -0.03, they often move in opposite directions. 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 -22.07% return, which is significantly higher than BOIL's -41.05% return. Over the past 10 years, UVXY has underperformed BOIL with an annualized return of -73.85%, while BOIL has yielded a comparatively higher -57.84% annualized return.
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
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%
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 | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
BOIL ProShares Ultra Bloomberg Natural Gas | -41.05% | -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 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 0.20 (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 | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.89 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.98 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.45 | -1.36 | -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 | -73.51% | -77.43% | +3.92% |
Max Drawdown (3Y)Largest decline over 3 years | -94.93% | -96.86% | +1.93% |
Max Drawdown (5Y)Largest decline over 5 years | -99.71% | -99.91% | +0.20% |
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 | -98.75% | -93.59% | -5.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.34% | 56.83% | -1.49% |
Volatility
UVXY vs. BOIL - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 25.85% compared to ProShares Ultra Bloomberg Natural Gas (BOIL) at 23.63%. 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 | 25.85% | 23.63% | +2.22% |
Volatility (6M)Calculated over the trailing 6-month period | 66.46% | 104.46% | -38.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.46% | 113.44% | -27.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.96% | 118.97% | -15.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.39% | 101.84% | +10.55% |
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 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to BOIL (23.63%). In terms of maximum drawdown, UVXY dropped -100.00% vs BOIL's -100.00%.
On 10-year performance, BOIL leads with -57.84% vs -73.85% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, BOIL has been the lower-risk option at 23.63%. 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 -57.84% return vs -73.85%. 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 (-0.67 vs -0.87), 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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