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 -57.64%/yr vs -25.09%/yr for KOLD. At a correlation of -1.00, they often move in opposite directions. BOIL charges 1.31%/yr vs 0.95%/yr for KOLD.
Performance
BOIL vs. KOLD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with BOIL having a -38.08% return and KOLD slightly higher at -37.17%. Over the past 10 years, BOIL has underperformed KOLD with an annualized return of -57.64%, while KOLD has yielded a comparatively higher -25.09% annualized return.
BOIL
- 1D
- 0.18%
- 1M
- 11.30%
- YTD
- -38.08%
- 6M
- -35.19%
- 1Y
- -76.58%
- 3Y*
- -65.93%
- 5Y*
- -65.65%
- 10Y*
- -57.64%
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%
BOIL vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BOIL ProShares Ultra Bloomberg Natural Gas | -38.08% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
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 BOIL and KOLD is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.85 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.13 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 0.12 | -1.11 |
| Martin ratioReturn relative to average drawdown | -1.35 | 0.24 | -1.59 |
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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 | -78.06% | -72.50% | -5.56% |
Max Drawdown (3Y)Largest decline over 3 years | -96.86% | -84.34% | -12.52% |
Max Drawdown (5Y)Largest decline over 5 years | -99.91% | -98.07% | -1.84% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -99.45% | -0.54% |
Current DrawdownCurrent decline from peak | -100.00% | -97.43% | -2.57% |
Average DrawdownAverage peak-to-trough decline | -93.58% | -69.56% | -24.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.95% | 37.81% | +22.14% |
Volatility
BOIL vs. KOLD - Volatility Comparison
ProShares Ultra Bloomberg Natural Gas (BOIL) and ProShares UltraShort Bloomberg Natural Gas (KOLD) have volatilities of 23.27% and 23.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 23.27% | 23.90% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 104.92% | 96.77% | +8.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.57% | 113.49% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.96% | 118.83% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.84% | 101.81% | +0.03% |
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.
KOLD has higher volatility (23.90%) compared to BOIL (23.27%). In terms of maximum drawdown, BOIL dropped -100.00% vs KOLD's -99.45%.
On 10-year performance, KOLD leads with -25.09% vs -57.64% for BOIL. On fees, KOLD is cheaper at 0.95% per year. On volatility, BOIL has been the lower-risk option at 23.27%. 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 -25.09% return vs -57.64%. 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 (0.08 vs -0.68), 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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