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Performance
KOLD Performance Chart
ProShares UltraShort Bloomberg Natural Gas (KOLD) is down 37.2% since the beginning of the year. KOLD is currently trading at $22 per share. Investors who bought $1,000 worth of KOLD shares 5 years ago would now be looking at an investment worth $85.
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Returns By Period
ProShares UltraShort Bloomberg Natural Gas (KOLD) has returned -37.17% so far this year and 9.00% over the past 12 months. Over the last ten years, KOLD has returned -25.09% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ProShares UltraShort Bloomberg Natural Gas
- 1D
- -0.18%
- 1M
- -14.27%
- YTD
- -37.17%
- 6M
- -42.50%
- 1Y
- 9.00%
- 3Y*
- -6.55%
- 5Y*
- -38.86%
- 10Y*
- -25.09%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
KOLD Monthly Returns History
Based on dividend-adjusted daily data since Oct 6, 2011, KOLD's average daily return is +0.12%, while the average monthly return is +2.65%. At this rate, an 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 51% 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% | 21.00% | -18.16% | 3.07% | -37.17% | ||||||
| 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 42.54%, beta of -0.37, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since October 06, 2011.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -123.16%), but participation in market rallies was also limited (-67.00%) - a profile typical of counter-cyclical assets.
- Beta of -0.37 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
- 42.54%
- Beta
- -0.37
- R²
- 0.00
- Upside Capture
- -67.00%
- Downside Capture
- -123.16%
Expense Ratio
KOLD has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
KOLD ranks 13 for risk / return — in the bottom 13% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and compare them to S&P 500 Index.
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.
| KOLD | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.37 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | 2.78 | -2.66 |
| Martin ratioReturn relative to average drawdown | 0.24 | 12.44 | -12.20 |
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 97.43%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -99.45%Aug 2022 | 2y 1mo | — | 5y 12moJun 2020 - now |
Rate-hike selloffLate 2018 | -87.03%Nov 2018 | 2y 8mo | 1y 7mo | 4y 3moMar 2016 - Jun 2020 |
2014 bear market2014 | -85.48%Apr 2014 | 2y 9d | 1y 10mo | 3y 10moApr 2012 - Mar 2016 |
2012 bear market2012 | -30.56%Jan 2012 | 5d | 1mo 11d | 1mo 16dJan 2012 - Mar 2012 |
2011 pullback2011 | -9.69%Dec 2011 | 14d | 6d | 20dNov 2011 - Dec 2011 |
Drawdown Indicators
| KOLD | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -56.78% | -42.67% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -9.10% | -63.40% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -18.90% | -65.44% |
Max Drawdown (5Y)Largest decline over 5 years | -98.07% | -25.43% | -72.64% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -33.92% | -65.53% |
Current DrawdownCurrent decline from peak | -97.43% | -1.80% | -95.63% |
Average DrawdownAverage peak-to-trough decline | -69.56% | -10.71% | -58.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.81% | 2.03% | +35.78% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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