^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 3.95%/yr vs -25.09%/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 16.30% return, which is significantly higher than KOLD's -37.17% return. Over the past 10 years, ^XNG has outperformed KOLD with an annualized return of 3.95%, while KOLD has yielded a comparatively lower -25.09% annualized return.
^XNG
- 1D
- 1.31%
- 1M
- -5.95%
- YTD
- 16.30%
- 6M
- 17.53%
- 1Y
- 16.18%
- 3Y*
- 16.76%
- 5Y*
- 15.44%
- 10Y*
- 3.95%
KOLD
- 1D
- -0.18%
- 1M
- -14.27%
- YTD
- -37.17%
- 6M
- -42.50%
- 1Y
- 9.00%
- 3Y*
- -6.55%
- 5Y*
- -38.86%
- 10Y*
- -25.09%
^XNG vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^XNG NYSE Arca Natural Gas Index | 16.30% | 9.44% | 16.55% | 2.82% | 22.57% | 54.17% | -17.49% | -3.37% | -32.78% | -15.65% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.17% | -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 | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.13 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 0.12 | +1.25 |
| Martin ratioReturn relative to average drawdown | 4.02 | 0.24 | +3.78 |
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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% | -98.07% | +72.80% |
Max Drawdown (10Y)Largest decline over 10 years | -77.64% | -99.45% | +21.81% |
Current DrawdownCurrent decline from peak | -15.09% | -97.43% | +82.34% |
Average DrawdownAverage peak-to-trough decline | -27.27% | -69.56% | +42.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.11% | 37.81% | -33.70% |
Volatility
^XNG vs. KOLD - Volatility Comparison
The current volatility for NYSE Arca Natural Gas Index (^XNG) is 5.27%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 23.90%. 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 | 5.27% | 23.90% | -18.63% |
Volatility (6M)Calculated over the trailing 6-month period | 12.60% | 96.77% | -84.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.90% | 113.49% | -97.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.72% | 118.83% | -97.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.81% | 101.81% | -73.00% |
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 (23.90%) compared to ^XNG (5.27%). In terms of maximum drawdown, ^XNG dropped -84.52% vs KOLD's -99.45%.
^XNG currently has the higher Sharpe Ratio (1.02 vs 0.08), 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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