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BOIL vs UCO

ProShares Ultra Bloomberg Natural Gas

BOILDNYSE Arca

ProShares Ultra Bloomberg Crude Oil

UCOCNYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

BOIL0.95%UCO0.95%

Avg volume · 30D

BOIL 2.1×the volume

BOIL5.56MUCO2.69M

10Y return · a year

UCO +53.0pt

BOIL−59.2%UCO−6.2%

BOIL vs UCO Performance

Nov 2, 2021 – Nov 2, 2026

−99.9%BOIL+146.1%UCO

Nov 2, 2021 to Nov 2, 2026. BOIL −99.9%. UCO +146.1%. Use the arrow keys to read each point.−50%0%50%100%Nov 2021May 2024Nov 2026
Expense ratio
BOIL 0.95%
UCO 0.95%
Fund size
BOIL $424M
UCO $453M
1Y total return
BOIL −73.4%
UCO +180.5%, better
Holdings
BOIL 1
UCO 1
Avg volume (30D)
BOIL 5.56M sh, better
UCO 2.69M sh
NAV per share
BOIL $15.94
UCO $60.87
52W range

ETF.net Grade

BOIL: Cost 32, Risk 12, Mission not scored, Tradability 50, Holdings not scored, Durability 65. UCO: Cost 32, Risk 52, Mission not scored, Tradability 80, Holdings not scored, Durability 70.
Pillar letters and Scores for BOIL, UCO, with each pillar’s weight
PillarBOILUCO
Cost30% weightD32D32
Mission25% weightNot scoredNot scored
Risk15% weightF12C52Higher
Tradability15% weightC50A80Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB65A70Higher

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 UCO 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 ›

UCO ranks 2nd 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 2CUCOProShares Ultra Bloomberg Crude OilScore 50
  4. Rank 4CDIGProShares Ultra EnergyScore 47
  5. Rank 5CXLEXCorgi U.S. Energy 2x Daily ETFScore 40
  6. Rank 6DBOILProShares Ultra Bloomberg Natural GasScore 33

Our read on each fund

ETF.net Research

BOILDProShares Ultra Bloomberg Natural Gas

UCOCProShares Ultra Bloomberg Crude Oil

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.

UCO Most leveraged energy funds juice oil-company stocks. UCO levers the barrel itself: 2x the daily move of a WTI futures index that spreads across three roll schedules instead of camping in the front-month contract.

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.

UCO UCO seeks daily results, before fees and expenses, equal to two times the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index.

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.
  • UCO Crude, not drillers: 2x the daily move of a WTI futures index, while cohort peers ERX, GUSH and DIG lever baskets of energy stocks.proshares.com
  • The benchmark splits equally across monthly, June-annual and December-annual futures roll schedules, reset semi-annually, so it is not pinned to the front-month contract.proshares.comsec.gov
  • Actively traded, and its 0.95% expense ratio sits right at the median for 2x energy funds. Live since 2008, through several oil booms and busts.

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.
  • UCO The leverage resets daily. Hold past a day and compounding takes over, so multi-day results can differ from 2x the period's oil move, especially in choppy markets.proshares.com
  • Structured as a commodity pool, so tax time brings a Schedule K-1 rather than a 1099.proshares.com
  • A price-move vehicle, not an income one: the fund has not been paying distributions.

Full BOIL profile⁠

Full UCO profile⁠

BOIL vs UCO 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 UCO Cost

Same expense ratio

$17,869

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

  • BOIL 0.95%

    $17,869

  • UCO 0.95%

    $17,869

$10,000
30 years

Cost over time

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

Year by year

YearBOILUCO
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%BOIL
  • 0.95%UCO
  • Middle half of 2x/3x Long Energy funds
  • Median 0.94%

BOIL 4th cheapest of 6 funds

UCO 4th cheapest of 6 funds

BOIL vs UCO Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
BOIL None
UCO None

Distribution history

BOILAll BOIL payments⁠

No distribution history available.

UCOAll UCO payments⁠

No distribution history available.

BOIL vs UCO Risk

Fall from peak · 5 years

  • BOIL
  • UCO
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%UCO 53.7%, better
Return per unit of riskSharpe ratio, 3 years
BOIL −0.82UCO 0.63, better
Worst fallMax drawdown, 5 years
BOIL −99.9%UCO −67.2%, better
Market sensitivityBeta, 5 years
BOIL 3.18UCO 2.79

BOIL and UCO in the news

All news⁠

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