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BOIL vs ERX

ProShares Ultra Bloomberg Natural Gas

BOILDNYSE Arca

Direxion Daily Energy Bull 2X ETF

ERXBNYSE Arca

Overlap

Expense ratio

ERX −0.04pt a year

BOIL0.95%ERX0.91%

Avg volume · 30D

BOIL 19.4×the volume

BOIL5.56MERX287K

10Y return · a year

ERX +52.5pt

BOIL−59.2%ERX−6.7%

BOIL vs ERX Performance

Nov 2, 2021 – Nov 2, 2026

−99.9%BOIL+318.6%ERX

Nov 2, 2021 to Nov 2, 2026. BOIL −99.9%. ERX +318.6%. Use the arrow keys to read each point.0%100%200%Nov 2021May 2024Nov 2026
Expense ratio
BOIL 0.95%
ERX 0.91%, better
Fund size
BOIL $424M
ERX $311M
1Y total return
BOIL −73.4%
ERX +121.4%, better
Yield (12M)
BOIL No data
ERX 1.18%
Holdings
BOIL 1
ERX 29
Avg volume (30D)
BOIL 5.56M sh, better
ERX 287K sh
NAV per share
BOIL $15.94
ERX $128.79
52W range

ETF.net Grade

BOIL: Cost 32, Risk 12, Mission not scored, Tradability 50, Holdings not scored, Durability 65. ERX: Cost 74, Risk 69, Mission not scored, Tradability 54, Holdings not scored, Durability 50.
Pillar letters and Scores for BOIL, ERX, with each pillar’s weight
PillarBOILERX
Cost30% weightD32A74Higher
Mission25% weightNot scoredNot scored
Risk15% weightF12B69Higher
Tradability15% weightC50C54Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB65HigherC50

Rank among 2x/3x Long Energy funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BOIL and ERX are both graded against the same 6 2x/3x Long Energy funds, so their Grades compare head to head.

2x/3x Long Energy⁠

Category · 6 funds
See all 6 ›

ERX ranks 1st and BOIL 6th of 6 funds in the 2x/3x Long Energy Category.

  1. Rank 1BERXDirexion Daily Energy Bull 2X ETFScore 66
  2. Rank 2CGUSHDirexion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETFScore 50
  3. Rank 5CXLEXCorgi U.S. Energy 2x Daily ETFScore 40
  4. Rank 6DBOILProShares Ultra Bloomberg Natural GasScore 33

Our read on each fund

ETF.net Research

BOILDProShares Ultra Bloomberg Natural Gas

ERXBDirexion Daily Energy Bull 2X ETF

In short

BOIL The only natural gas play in a leveraged energy aisle full of oil and energy stocks. BOIL aims for two times the daily move of a Bloomberg natural gas futures index, in a market known for violent swings.

ERX The 2008 original of the leveraged energy trade: 2x the daily move of the Energy Select Sector Index, built from oil-major stocks rather than crude futures. Sector-wide exposure, dialed up, for holding periods measured in days.

Stated mandate

BOIL The fund seeks daily investment results, before fees and expenses, equal to two times the daily performance of the Bloomberg Natural Gas Subindex SM.

ERX The fund seeks daily investment results, before fees and expenses, equal to 200% of the performance of the Energy Select Sector Index for a single day. It is not designed to deliver twice the index’s cumulative return over periods longer than one day.

Why people hold it

  • BOIL One job, spelled out in the fund's own documents: two times the daily performance of the Bloomberg Natural Gas Subindex, reset each day.proshares.com
  • The cohort's only gas ticket. ERX, GUSH and DIG track energy equities and UCO tracks crude; nothing else here follows the gas curve.
  • The 0.95% fee sits right at the cohort median, and shares trade actively, which matters when the holding period is measured in days.
  • Trading since 2011, a long run for a leveraged commodity product and an unusually deep track record in this corner of the market.
  • ERX At 0.91% it undercuts every rival in its leveraged energy group, including GUSH (0.94%), UCO and BOIL (0.95%) and DIG (1.07%).
  • Rides a stock index of roughly 30 US energy companies, so there is no crude futures roll to fight, unlike the commodity-based versions of the same trade.direxion.com
  • Live since November 2008, it has traded through multiple oil booms and busts. Few leveraged sector funds have that much tape behind them.
  • One of the stronger implementations in the leveraged energy peer group, with low cost doing much of the heavy lifting.

Worth knowing

  • BOIL Daily reset means results compound. Hold through a choppy stretch and the outcome can differ, sometimes sharply, from two times the index move over that period.
  • Natural gas swings hard on weather and storage, and doubling it daily puts this at the wildest end of an already volatile peer group.
  • It is a commodity pool holding futures, not shares of gas producers, so it is not built to pay income.
  • ERX The 2x target resets every day. Hold longer and compounding takes over, so a week or a month can land well away from twice the index move.
  • One sector, one country, about 30 stocks, then doubled. The concentration is the point and the risk in the same breath.
  • Moderately traded rather than one of the busiest leveraged funds on the tape, so spreads and order size carry more weight at the point of entry.

Full BOIL profile⁠

Full ERX profile⁠

BOIL vs ERX Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BOIL vs ERX Cost

Overpaying BOIL vs ERX

$662

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BOIL 0.95%

    $17,869

  • ERX 0.91%

    $17,207

$10,000
30 years

Cost over time

  • BOIL 0.95%
  • ERX 0.91%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BOIL $17,869ERX $17,207

Year by year

YearBOILERXOverpaying
10$1,678$1,610$68
20$6,322$6,076$246
30$17,869$17,207$662

Expense ratio

  • 0.95%BOIL
  • 0.91%ERX, cheaper
  • Middle half of 2x/3x Long Energy funds
  • Median 0.94%

ERX 2nd cheapest of 6 funds

BOIL 4th cheapest of 6 funds

BOIL vs ERX Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
BOIL No data
ERX 1.18%
Payout (12M)
BOIL None
ERX $1.39
Last payment
BOIL No data
ERX $0.37
Ex-dividend
BOIL No data
ERX Sep 22, 2026
Paid on
BOIL No data
ERX Sep 29, 2026
Frequency
BOIL No data
ERX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

BOILAll BOIL payments⁠

No distribution history available.

ERXQuarterly · 35 paymentsAll ERX payments⁠
One bar per payment. 35 payments from 2017 to 2026 YTD. Mar 21, 2017 $0.20; Jun 20, 2017 $0.64; Dec 19, 2017 $2.14; Jun 19, 2018 $2.74; Sep 25, 2018 $1.14; Dec 27, 2018 $0.82; Mar 19, 2019 $1.28; Sep 24, 2019 $0.71; Dec 23, 2019 $0.74; Jun 23, 2020 $0.16; Sep 22, 2020 $0.10; Dec 22, 2020 $0.07; Mar 23, 2021 $0.12; Jun 22, 2021 $0.16; Sep 21, 2021 $0.17; Dec 21, 2021 $0.19; Mar 22, 2022 $0.36; Jun 22, 2022 $0.38; Sep 20, 2022 $0.42; Dec 20, 2022 $0.33; Mar 21, 2023 $0.50; Jun 21, 2023 $0.47; Sep 19, 2023 $0.45; Dec 21, 2023 $0.37; Mar 19, 2024 $0.51; Jun 25, 2024 $0.41; Sep 24, 2024 $0.39; Dec 23, 2024 $0.32; Mar 25, 2025 $0.45; Jun 24, 2025 $0.32; Sep 23, 2025 $0.38; Dec 23, 2025 $0.27; Mar 24, 2026 $0.52; Jun 23, 2026 $0.24; Sep 22, 2026 $0.37. Use the arrow keys to read each point.$0$2.502017202020232026YTD

BOIL vs ERX Risk

Fall from peak · 5 years

  • BOIL
  • ERX
Nov 2, 2021 to Nov 2, 2026. Worst fall: BOIL −99.9% · Nov 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
BOIL 94.9%ERX 43.5%, better
Return per unit of riskSharpe ratio, 3 years
BOIL −0.82ERX 0.77, better
Worst fallMax drawdown, 5 years
BOIL −99.9%ERX −46.9%, better
Market sensitivityBeta, 5 years
BOIL 3.18ERX −0.03

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