DRIP vs. KOLD

Last updated Jun 3, 2026

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 Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%). Both are passively managed. Over the past 10 years, DRIP returned -42.77%/yr vs -26.16%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) and ProShares UltraShort Bloomberg Natural Gas (KOLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRIP achieves a -48.89% return, which is significantly lower than KOLD's -34.34% return. Over the past 10 years, DRIP has underperformed KOLD with an annualized return of -42.77%, while KOLD has yielded a comparatively higher -26.16% annualized return.

DRIP

• 1D: -0.86%
• 1M: 7.49%
• YTD: -48.89%
• 6M: -44.21%
• 1Y: -56.60%
• 3Y*: -30.20%
• 5Y*: -41.26%
• 10Y*: -42.77%

KOLD

• 1D: 1.05%
• 1M: -9.50%
• YTD: -34.34%
• 6M: -7.88%
• 1Y: 1.67%
• 3Y*: -19.53%
• 5Y*: -40.39%
• 10Y*: -26.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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	-48.89%	-14.81%	1.27%	-17.24%	-73.57%	-79.74%	-42.76%	-36.11%	49.62%	-9.05%
KOLD ProShares UltraShort Bloomberg Natural Gas	-34.34%	-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 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015	0.21

Return for Risk

DRIP vs. KOLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DRIP

DRIP Risk / Return Rank: 1
DRIP Sharpe Ratio Rank: 1
DRIP Sortino Ratio Rank: 1
DRIP Omega Ratio Rank: 1
DRIP Calmar Ratio Rank: 1
DRIP Martin Ratio Rank: 0

KOLD

KOLD Risk / Return Rank: 11
KOLD Sharpe Ratio Rank: 9
KOLD Sortino Ratio Rank: 17
KOLD Omega Ratio Rank: 18
KOLD Calmar Ratio Rank: 7
KOLD Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	DRIP	KOLD	Difference
Sharpe ratio Return per unit of total volatility	-1.02	0.01	-1.04
Sortino ratio Return per unit of downside risk	-1.73	0.87	-2.60
Omega ratio Gain probability vs. loss probability	0.82	1.11	-0.29
Calmar ratio Return relative to maximum drawdown	-0.90	-0.18	-0.72
Martin ratio Return relative to average drawdown	-1.70	-0.37	-1.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DRIP vs. KOLD - Sharpe Ratio Comparison

The current DRIP Sharpe Ratio is -1.02, which is lower than the KOLD Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of DRIP and KOLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DRIP	KOLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.02	0.01	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.61	-0.34	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.44	-0.26	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-0.14	-0.28

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.

Drawdown Indicators

	DRIP	KOLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-99.45%	-0.50%
Max Drawdown (1Y) Largest decline over 1 year	-63.84%	-72.50%	+8.66%
Max Drawdown (3Y) Largest decline over 3 years	-76.02%	-84.34%	+8.32%
Max Drawdown (5Y) Largest decline over 5 years	-96.24%	-98.45%	+2.21%
Max Drawdown (10Y) Largest decline over 10 years	-99.92%	-99.45%	-0.47%
Current Drawdown Current decline from peak	-99.94%	-97.32%	-2.62%
Average Drawdown Average peak-to-trough decline	-90.45%	-69.48%	-20.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.93%	35.85%	-1.92%

Volatility

DRIP vs. KOLD - Volatility Comparison

The current volatility for Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) is 20.12%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 24.65%. 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.

Volatility by Period

	DRIP	KOLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.12%	24.65%	-4.53%
Volatility (6M) Calculated over the trailing 6-month period	42.98%	99.52%	-56.54%
Volatility (1Y) Calculated over the trailing 1-year period	55.62%	114.40%	-58.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.35%	118.74%	-50.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.61%	101.77%	-5.16%

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 3.86%, 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	3.86%	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

Can I hold both DRIP and KOLD in my portfolio?

DRIP and KOLD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRIP or KOLD?

KOLD has higher volatility (24.65%) compared to DRIP (20.12%). In terms of maximum drawdown, DRIP dropped -99.95% vs KOLD's -99.45%.

Which ETF is better, DRIP or KOLD?

On 10-year performance, KOLD leads with -26.16% vs -42.77% for DRIP. On fees, KOLD is cheaper at 0.95% per year. On volatility, DRIP has been the lower-risk option at 20.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DRIP or KOLD?

Over the 10-year period, KOLD has performed better with a -26.16% return vs -42.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DRIP or KOLD?

KOLD is cheaper with a 0.95% expense ratio, compared with 1.07% for DRIP.

Which ETF pays a higher dividend yield, DRIP or KOLD?

DRIP has the higher dividend yield at 3.86%, compared with 0.00% for KOLD.

What is the main difference between DRIP and KOLD?

DRIP is categorized as Leveraged Equities, while KOLD is Leveraged Commodities. DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for DRIP and 0.95% for KOLD.

Which has better risk-adjusted returns?

KOLD currently has the higher Sharpe Ratio (0.01 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.