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ProShares UltraShort Bloomberg Natural Gas (KOLD)
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

ETF Info

ISIN

US74347W3878

CUSIP

74347W387

Issuer

ProShares

Inception Date

Oct 4, 2011

Leveraged

2x

Index Tracked

Bloomberg Natural Gas Subindex (TR) (200%)

Asset Class

Commodity

Expense Ratio

KOLD has a high expense ratio of 0.95%, indicating above-average management fees.


Share Price Chart


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Compare to other instruments

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.


Performance

Performance Chart


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S&P 500

Returns By Period

ProShares UltraShort Bloomberg Natural Gas (KOLD) returned -37.55% year-to-date (YTD) and -50.49% over the past 12 months. Over the past 10 years, KOLD returned -20.92% annually, underperforming the S&P 500 benchmark at 10.85%.


KOLD

YTD

-37.55%

1M

2.97%

6M

-54.53%

1Y

-50.49%

3Y*

30.46%

5Y*

-46.01%

10Y*

-20.92%

^GSPC (Benchmark)

YTD

0.51%

1M

6.15%

6M

-2.00%

1Y

12.92%

3Y*

12.68%

5Y*

14.19%

10Y*

10.85%

*Annualized

Monthly Returns

The table below presents the monthly returns of KOLD, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
2025-5.90%-40.78%-17.84%32.45%2.97%-37.55%
202410.69%16.83%25.68%-8.10%-25.53%-8.26%49.95%5.21%-28.84%46.32%-27.35%-27.19%-11.34%
202392.56%-3.56%41.50%-4.21%20.38%-33.60%5.54%-7.23%12.43%-26.51%80.43%19.11%249.82%
2022-52.12%-0.03%-44.31%-46.03%-31.00%66.47%-64.22%-25.70%61.75%9.18%-25.49%96.86%-88.62%
2021-7.30%-20.86%13.12%-15.64%-2.38%-36.87%-12.38%-21.55%-49.32%-0.14%26.16%35.01%-74.44%
202033.62%19.45%0.10%-26.42%27.47%15.54%-9.37%-49.53%23.65%-23.63%32.52%23.16%22.05%
2019-6.60%3.23%10.02%10.75%11.32%10.19%0.59%-0.92%-3.30%-6.08%31.67%6.52%82.94%
2018-8.22%21.82%-3.39%0.56%-11.14%0.91%7.85%-8.86%-6.09%-15.23%-62.97%89.63%-46.48%
201727.72%26.29%-21.33%-3.69%15.37%2.55%11.28%-11.14%2.06%18.04%-3.75%3.74%72.02%
20160.44%74.72%-19.30%-16.68%-2.55%-36.37%-0.52%2.72%3.85%-2.43%-12.65%-25.16%-50.49%
20156.51%-4.30%4.70%-6.41%6.09%-13.48%5.90%4.07%16.84%30.56%21.02%-8.72%70.25%
2014-35.44%-6.88%4.82%-17.18%9.70%1.81%31.59%-10.98%-1.86%15.31%-15.85%81.88%18.27%
Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of KOLD is 8, meaning it’s performing worse than 92% of other ETFs on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.


The Risk-Adjusted Performance Rank of KOLD is 88
Overall Rank
The Sharpe Ratio Rank of KOLD is 44
Sharpe Ratio Rank
The Sortino Ratio Rank of KOLD is 1414
Sortino Ratio Rank
The Omega Ratio Rank of KOLD is 1414
Omega Ratio Rank
The Calmar Ratio Rank of KOLD is 33
Calmar Ratio Rank
The Martin Ratio Rank of KOLD is 66
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

The charts below present risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.


The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

ProShares UltraShort Bloomberg Natural Gas Sharpe ratios as of May 31, 2025 (values are recalculated daily):

  • 1-Year: -0.47
  • 5-Year: -0.40
  • 10-Year: -0.21
  • All Time: -0.14

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

The chart below shows the rolling Sharpe ratio of ProShares UltraShort Bloomberg Natural Gas compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.


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Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

Dividends

Dividend History


ProShares UltraShort Bloomberg Natural Gas doesn't pay dividends

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.


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Worst Drawdowns

The table below displays the maximum drawdowns of the ProShares UltraShort Bloomberg Natural Gas. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the ProShares UltraShort Bloomberg Natural Gas was 99.45%, occurring on Aug 22, 2022. The portfolio has not yet recovered.

The current ProShares UltraShort Bloomberg Natural Gas drawdown is 96.91%.


Depth

Start

To Bottom

Bottom

To Recover

End

Total

-99.45%Jun 26, 2020543Aug 22, 2022
-87.03%Mar 4, 2016691Nov 28, 2018395Jun 25, 20201086
-85.48%Apr 20, 2012508Apr 29, 2014465Mar 3, 2016973
-30.56%Jan 20, 20124Jan 25, 201228Mar 6, 201232
-9.69%Nov 17, 201110Dec 1, 20114Dec 7, 201114
Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.


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