^XNG vs. KOLD
^XNG (NYSE Arca Natural Gas Index) is an index, while KOLD (ProShares UltraShort Bloomberg Natural Gas) is Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Over the past 10 years, ^XNG returned 4.12%/yr vs -22.29%/yr for KOLD. Their -0.27 correlation means they have often moved in opposite directions in the past.
Performance
^XNG vs. KOLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ^XNG achieves a 20.98% return, which is significantly higher than KOLD's -16.81% return. Over the past 10 years, ^XNG has outperformed KOLD with an annualized return of 4.12%, while KOLD has yielded a comparatively lower -22.29% annualized return.
^XNG
- 1D
- 0.57%
- 1M
- 3.65%
- 6M
- 12.84%
- YTD
- 20.98%
- 1Y
- 23.54%
- 3Y*
- 14.96%
- 5Y*
- 17.85%
- 10Y*
- 4.12%
- ALL TIME*
- 5.92%
KOLD
- 1D
- -1.11%
- 1M
- 25.17%
- 6M
- 116.05%
- YTD
- -16.81%
- 1Y
- -4.80%
- 3Y*
- -1.53%
- 5Y*
- -30.36%
- 10Y*
- -22.29%
- ALL TIME*
- -11.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $57.12M | $61.92M | $74.91M |
^XNG vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^XNG NYSE Arca Natural Gas Index | 20.98% | 9.44% | 16.55% | 2.82% | 22.57% | 54.17% | -17.49% | -3.37% | -32.78% | -15.65% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -16.81% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
Correlation
The correlation between ^XNG and KOLD is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.30 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.34 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.28 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.27 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
^XNG vs. KOLD — Risk / Return Rank
^XNG
KOLD
^XNG vs. KOLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYSE Arca Natural Gas Index (^XNG) and ProShares UltraShort Bloomberg Natural Gas (KOLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| ^XNG | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.10 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | -0.07 | +1.97 |
| Martin ratioReturn relative to average drawdown | 4.52 | -0.12 | +4.64 |
Loading charts...
Drawdowns
^XNG vs. KOLD - Drawdown Comparison
The maximum ^XNG drawdown since its inception was -84.52%, smaller than the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for ^XNG and KOLD.
Loading charts...
Drawdown Indicators
| ^XNG | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.52% | -99.45% | +14.93% |
Max Drawdown (1Y)Largest decline over 1 year | -11.79% | -72.50% | +60.71% |
Max Drawdown (3Y)Largest decline over 3 years | -14.10% | -84.34% | +70.24% |
Max Drawdown (5Y)Largest decline over 5 years | -25.27% | -97.46% | +72.19% |
Max Drawdown (10Y)Largest decline over 10 years | -77.64% | -99.45% | +21.81% |
Current DrawdownCurrent decline from peak | -11.68% | -96.60% | +84.92% |
Average DrawdownAverage peak-to-trough decline | -27.22% | -69.77% | +42.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.96% | 40.92% | -35.96% |
Volatility
^XNG vs. KOLD - Volatility Comparison
The current volatility for NYSE Arca Natural Gas Index (^XNG) is 5.53%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 17.96%. This indicates that ^XNG experiences smaller price fluctuations and is considered to be less risky than KOLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ^XNG | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.53% | 17.96% | -12.43% |
Volatility (6M)Calculated over the trailing 6-month period | 13.09% | 71.96% | -58.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.36% | 110.38% | -94.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.57% | 118.81% | -97.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.66% | 101.60% | -72.94% |
Frequently Asked Questions
^XNG and KOLD have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (17.96%) compared to ^XNG (5.53%). In terms of maximum drawdown, ^XNG dropped -84.52% vs KOLD's -99.45%.
^XNG currently has the higher Sharpe Ratio (1.37 vs -0.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for ^XNG and KOLD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer