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 -42.30%/yr vs -23.16%/yr for KOLD. At a 0.21 correlation, their price movements are largely independent. 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 -48.42% return, which is significantly lower than KOLD's -22.31% return. Over the past 10 years, DRIP has underperformed KOLD with an annualized return of -42.30%, while KOLD has yielded a comparatively higher -23.16% annualized return.
DRIP
- 1D
- -0.65%
- 1M
- -2.28%
- 6M
- -45.20%
- YTD
- -48.42%
- 1Y
- -47.19%
- 3Y*
- -27.53%
- 5Y*
- -43.20%
- 10Y*
- -42.30%
KOLD
- 1D
- -2.07%
- 1M
- 15.86%
- 6M
- -32.36%
- YTD
- -22.31%
- 1Y
- 9.21%
- 3Y*
- -5.67%
- 5Y*
- -33.83%
- 10Y*
- -23.16%
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 | -48.42% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -22.31% | -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 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.13 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 0.13 | -0.89 |
| Martin ratioReturn relative to average drawdown | -1.32 | 0.23 | -1.56 |
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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% | -97.75% | +1.51% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -99.45% | -0.47% |
Current DrawdownCurrent decline from peak | -99.94% | -96.82% | -3.12% |
Average DrawdownAverage peak-to-trough decline | -90.51% | -69.67% | -20.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.66% | 39.75% | -4.09% |
Volatility
DRIP vs. KOLD - Volatility Comparison
The current volatility for Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) is 16.32%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 18.97%. This indicates that DRIP 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
| DRIP | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.32% | 18.97% | -2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 44.01% | 92.76% | -48.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.73% | 111.86% | -55.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.02% | 118.90% | -50.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.90% | 101.75% | -5.85% |
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 3.44%, 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 | 3.44% | 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 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (18.97%) compared to DRIP (16.32%). In terms of maximum drawdown, DRIP dropped -99.95% vs KOLD's -99.45%.
On 10-year performance, KOLD leads with -23.16% vs -42.30% for DRIP. On fees, KOLD is cheaper at 0.95% per year. On volatility, DRIP has been the lower-risk option at 16.32%. 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 -23.16% return vs -42.30%. 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 3.44%, 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 (0.08 vs -0.83), 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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