^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 3.48%/yr vs -23.38%/yr for KOLD. At a correlation of -0.27, they often move in opposite directions.
Performance
^XNG vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, ^XNG achieves a 17.57% return, which is significantly higher than KOLD's -23.56% return. Over the past 10 years, ^XNG has outperformed KOLD with an annualized return of 3.48%, while KOLD has yielded a comparatively lower -23.38% annualized return.
^XNG
- 1D
- -0.20%
- 1M
- -1.38%
- 6M
- 19.32%
- YTD
- 17.57%
- 1Y
- 20.07%
- 3Y*
- 15.16%
- 5Y*
- 15.46%
- 10Y*
- 3.48%
KOLD
- 1D
- 4.25%
- 1M
- 14.00%
- 6M
- -45.41%
- YTD
- -23.56%
- 1Y
- 1.05%
- 3Y*
- -2.38%
- 5Y*
- -33.63%
- 10Y*
- -23.38%
^XNG vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^XNG NYSE Arca Natural Gas Index | 17.57% | 9.44% | 16.55% | 2.82% | 22.57% | 54.17% | -17.49% | -3.37% | -32.78% | -15.65% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -23.56% | -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 -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.27 |
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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 | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.11 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | -0.01 | +1.76 |
| Martin ratioReturn relative to average drawdown | 4.45 | -0.02 | +4.47 |
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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.
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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% | -97.82% | +72.55% |
Max Drawdown (10Y)Largest decline over 10 years | -77.64% | -99.45% | +21.81% |
Current DrawdownCurrent decline from peak | -14.17% | -96.88% | +82.71% |
Average DrawdownAverage peak-to-trough decline | -27.25% | -69.66% | +42.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.62% | 39.59% | -34.97% |
Volatility
^XNG vs. KOLD - Volatility Comparison
The current volatility for NYSE Arca Natural Gas Index (^XNG) is 5.80%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 19.69%. 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.
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Volatility by Period
| ^XNG | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.80% | 19.69% | -13.89% |
Volatility (6M)Calculated over the trailing 6-month period | 12.74% | 94.00% | -81.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.15% | 112.05% | -95.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 118.86% | -97.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.72% | 101.70% | -72.98% |
Frequently Asked Questions
^XNG and KOLD have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (19.69%) compared to ^XNG (5.80%). In terms of maximum drawdown, ^XNG dropped -84.52% vs KOLD's -99.45%.
^XNG currently has the higher Sharpe Ratio (1.27 vs -0.01), 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.
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