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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in ProShares UltraShort Bloomberg Natural Gas, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
ProShares UltraShort Bloomberg Natural Gas (KOLD) has returned -38.45% so far this year and 10.94% over the past 12 months. Over the last ten years, KOLD has returned -29.03% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
ProShares UltraShort Bloomberg Natural Gas
- 1D
- -0.73%
- 1M
- -7.42%
- YTD
- -38.45%
- 6M
- -37.60%
- 1Y
- 10.94%
- 3Y*
- -15.68%
- 5Y*
- -43.73%
- 10Y*
- -29.03%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Oct 6, 2011, KOLD's average daily return is +0.12%, while the average monthly return is +2.67%. At this rate, your investment would double in approximately 2.2 years.
Historically, 49% of months were positive and 51% were negative. The best month was Dec 2022 with a return of +96.9%, while the worst month was Jul 2022 at -64.2%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 7 months.
On a daily basis, KOLD closed higher 52% of trading days. The best single day was Feb 2, 2026 with a return of +48.5%, while the worst single day was Jan 20, 2026 at -38.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -61.50% | 72.68% | -7.42% | -38.45% | |||||||||
| 2025 | -5.90% | -40.78% | -17.84% | 32.45% | 2.97% | -4.05% | 20.66% | 13.04% | -0.40% | -7.13% | -19.41% | 35.45% | -17.48% |
| 2024 | 10.69% | 16.83% | 25.68% | -8.10% | -25.53% | -8.26% | 49.95% | 5.21% | -28.84% | 46.32% | -27.35% | -27.19% | -11.34% |
| 2023 | 92.56% | -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% |
Benchmark Metrics
ProShares UltraShort Bloomberg Natural Gas has an annualized alpha of 42.37%, beta of -0.38, and R² of 0.00 versus S&P 500 Index. Calculated based on daily prices since October 07, 2011.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -122.03%), but participation in market rallies was also limited (-69.90%) — a profile typical of counter-cyclical assets.
- Beta of -0.38 may look defensive, but with R² of 0.00 this ETF is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R² of 0.00 means this ETF moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 42.37%
- Beta
- -0.38
- R²
- 0.00
- Upside Capture
- -69.90%
- Downside Capture
- -122.03%
Expense Ratio
KOLD has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
KOLD ranks 21 for risk / return — below 21% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and compare them to a chosen benchmark (S&P 500 Index).
| KOLD | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.09 | 0.90 | -0.80 |
Sortino ratioReturn per unit of downside risk | 1.02 | 1.39 | -0.36 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.21 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.11 | 1.40 | -1.28 |
Martin ratioReturn relative to average drawdown | 0.27 | 6.61 | -6.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore KOLD risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
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 97.48%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -99.45% | Jun 26, 2020 | 543 | Aug 22, 2022 | — | — | — |
| -87.03% | Mar 4, 2016 | 691 | Nov 28, 2018 | 395 | Jun 25, 2020 | 1086 |
| -85.48% | Apr 20, 2012 | 508 | Apr 29, 2014 | 465 | Mar 3, 2016 | 973 |
| -30.56% | Jan 20, 2012 | 4 | Jan 25, 2012 | 28 | Mar 6, 2012 | 32 |
| -9.69% | Nov 17, 2011 | 10 | Dec 1, 2011 | 4 | Dec 7, 2011 | 14 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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