BOIL vs. KOLD
BOIL (ProShares Ultra Bloomberg Natural Gas) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both Oil & Gas funds from ProShares tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, BOIL returned -58.99%/yr vs -22.29%/yr for KOLD. Their -1.00 correlation means they have often moved in opposite directions in the past. BOIL charges 1.31%/yr vs 0.95%/yr for KOLD.
Performance
BOIL vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, BOIL achieves a -55.20% return, which is significantly lower than KOLD's -16.81% return. Over the past 10 years, BOIL has underperformed KOLD with an annualized return of -58.99%, while KOLD has yielded a comparatively higher -22.29% annualized return.
BOIL
- 1D
- 1.23%
- 1M
- -22.39%
- 6M
- -74.77%
- YTD
- -55.20%
- 1Y
- -71.40%
- 3Y*
- -67.40%
- 5Y*
- -69.84%
- 10Y*
- -58.99%
- ALL TIME*
- -57.95%
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) |
|---|---|---|---|
| $86.80M | $100.03M | $104.47M | |
| $57.12M | $61.92M | $74.91M |
BOIL vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -55.20% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
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 BOIL and KOLD is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -1.00 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -1.00 |
The correlation between BOIL and KOLD has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
BOIL vs. KOLD — Risk / Return Rank
BOIL
KOLD
BOIL vs. KOLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) 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.
| BOIL | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -1.47 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.10 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.07 | -0.85 |
| Martin ratioReturn relative to average drawdown | -1.40 | -0.12 | -1.28 |
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Drawdowns
BOIL vs. KOLD - Drawdown Comparison
The maximum BOIL drawdown since its inception was -100.00%, roughly equal to the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for BOIL and KOLD.
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Drawdown Indicators
| BOIL | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.45% | -0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -77.68% | -72.50% | -5.18% |
Max Drawdown (3Y)Largest decline over 3 years | -97.48% | -84.34% | -13.14% |
Max Drawdown (5Y)Largest decline over 5 years | -99.93% | -97.46% | -2.47% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -99.45% | -0.54% |
Current DrawdownCurrent decline from peak | -100.00% | -96.60% | -3.40% |
Average DrawdownAverage peak-to-trough decline | -93.63% | -69.77% | -23.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 40.92% | +9.87% |
Volatility
BOIL vs. KOLD - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 18.90% compared to ProShares UltraShort Bloomberg Natural Gas (KOLD) at 17.96%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier 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
| BOIL | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.90% | 17.96% | +0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 91.55% | 71.96% | +19.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.59% | 110.38% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.92% | 118.81% | +0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.64% | 101.60% | +0.04% |
BOIL vs. KOLD - Expense Ratio Comparison
BOIL has a 1.31% expense ratio, which is higher than KOLD's 0.95% expense ratio.
Dividends
BOIL vs. KOLD - Dividend Comparison
Neither BOIL nor KOLD has paid dividends to shareholders.
Frequently Asked Questions
BOIL and KOLD have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BOIL has higher volatility (18.90%) compared to KOLD (17.96%). In terms of maximum drawdown, BOIL dropped -100.00% vs KOLD's -99.45%.
On 10-year performance, KOLD leads with -22.29% vs -58.99% for BOIL. On fees, KOLD is cheaper at 0.95% per year. On volatility, KOLD has been the lower-risk option at 17.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KOLD has performed better with a -22.29% return vs -58.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
BOIL and KOLD have nearly identical dividend yields, around 0.00%.
Both ETFs track Bloomberg Natural Gas Subindex. Their fees differ too: 1.31% for BOIL and 0.95% for KOLD.
KOLD currently has the higher Sharpe Ratio (-0.05 vs -0.65), 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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