DRIP vs. KOLD
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both exchange-traded funds - DRIP is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, DRIP returned -42.61%/yr vs -22.24%/yr for KOLD. Their 0.21 correlation means their historical movements had little consistent relationship. DRIP charges 1.07%/yr vs 0.95%/yr for KOLD.
Performance
DRIP vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, DRIP achieves a -53.72% return, which is significantly lower than KOLD's -17.49% return. Over the past 10 years, DRIP has underperformed KOLD with an annualized return of -42.61%, while KOLD has yielded a comparatively higher -22.24% annualized return.
DRIP
- 1D
- 3.59%
- 1M
- -22.42%
- 6M
- -46.02%
- YTD
- -53.72%
- 1Y
- -57.86%
- 3Y*
- -24.65%
- 5Y*
- -45.76%
- 10Y*
- -42.61%
- ALL TIME*
- -41.99%
KOLD
- 1D
- -0.82%
- 1M
- 24.15%
- 6M
- 44.27%
- YTD
- -17.49%
- 1Y
- -5.58%
- 3Y*
- -1.42%
- 5Y*
- -28.78%
- 10Y*
- -22.24%
- ALL TIME*
- -11.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.92M | $63.12M | $132.02M | |
| $57.35M | $61.14M | $74.52M |
DRIP vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -53.72% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -17.49% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
Correlation
The correlation between DRIP and KOLD is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.28 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.21 |
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Return for Risk
DRIP vs. KOLD — Risk / Return Rank
DRIP
KOLD
DRIP vs. KOLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) 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.
| DRIP | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.48 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.10 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.08 | -0.86 |
| Martin ratioReturn relative to average drawdown | -1.52 | -0.14 | -1.38 |
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Drawdowns
DRIP vs. KOLD - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, roughly equal to the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for DRIP and KOLD.
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Drawdown Indicators
| DRIP | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -99.45% | -0.50% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -72.50% | +10.32% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -84.34% | +8.32% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -97.46% | +1.22% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -99.45% | -0.47% |
Current DrawdownCurrent decline from peak | -99.94% | -96.63% | -3.31% |
Average DrawdownAverage peak-to-trough decline | -90.56% | -69.77% | -20.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.17% | 41.01% | -2.84% |
Volatility
DRIP vs. KOLD - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) and ProShares UltraShort Bloomberg Natural Gas (KOLD) have volatilities of 17.47% and 18.03%, 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
| DRIP | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.47% | 18.03% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 44.98% | 66.41% | -21.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 110.53% | -53.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.64% | 118.83% | -51.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.72% | 101.61% | -5.89% |
DRIP vs. KOLD - Expense Ratio Comparison
DRIP has a 1.07% expense ratio, which is higher than KOLD's 0.95% expense ratio.
Dividends
DRIP vs. KOLD - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.84%, while KOLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.84% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DRIP 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 (18.03%) compared to DRIP (17.47%). In terms of maximum drawdown, DRIP dropped -99.95% vs KOLD's -99.45%.
On 10-year performance, KOLD leads with -22.24% vs -42.61% for DRIP. On fees, KOLD is cheaper at 0.95% per year. On volatility, DRIP has been the lower-risk option at 17.47%. 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 -22.24% return vs -42.61%. 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 1.07% for DRIP.
DRIP has the higher dividend yield at 3.84%, compared with 0.00% for KOLD.
DRIP is categorized as Leveraged Equities, while KOLD is Oil & Gas. DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while KOLD tracks Bloomberg Natural Gas Subindex. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for DRIP and 0.95% for KOLD.
KOLD currently has the higher Sharpe Ratio (-0.05 vs -1.02), 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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