FNGD vs. KOLD
FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both exchange-traded funds - FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (-300%), while KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 5 years, FNGD returned -62.47%/yr vs -37.54%/yr for KOLD. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
FNGD vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, FNGD achieves a -27.13% return, which is significantly higher than KOLD's -34.28% return.
FNGD
- 1D
- 7.44%
- 1M
- 2.40%
- YTD
- -27.13%
- 6M
- -23.35%
- 1Y
- -49.41%
- 3Y*
- -65.49%
- 5Y*
- -62.47%
- 10Y*
- —
KOLD
- 1D
- 4.60%
- 1M
- -10.33%
- YTD
- -34.28%
- 6M
- -29.48%
- 1Y
- 4.46%
- 3Y*
- -5.14%
- 5Y*
- -37.54%
- 10Y*
- -24.75%
FNGD vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -27.13% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -16.61% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.28% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -43.74% |
Correlation
The correlation between FNGD and KOLD is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018 | 0.03 |
The correlation between FNGD and KOLD shifts across timeframes, from -0.13 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FNGD vs. KOLD — Risk / Return Rank
FNGD
KOLD
FNGD vs. KOLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) 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.
| FNGD | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.12 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 0.06 | -0.81 |
| Martin ratioReturn relative to average drawdown | -1.52 | 0.12 | -1.64 |
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Drawdowns
FNGD vs. KOLD - Drawdown Comparison
The maximum FNGD 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 FNGD and KOLD.
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Drawdown Indicators
| FNGD | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.45% | -0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -65.92% | -72.50% | +6.58% |
Max Drawdown (3Y)Largest decline over 3 years | -97.35% | -84.34% | -13.01% |
Max Drawdown (5Y)Largest decline over 5 years | -99.67% | -97.96% | -1.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.45% | — |
Current DrawdownCurrent decline from peak | -100.00% | -97.31% | -2.69% |
Average DrawdownAverage peak-to-trough decline | -87.30% | -69.57% | -17.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.15% | 37.96% | -3.81% |
Volatility
FNGD vs. KOLD - Volatility Comparison
MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a higher volatility of 33.07% compared to ProShares UltraShort Bloomberg Natural Gas (KOLD) at 24.20%. This indicates that FNGD'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
| FNGD | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.07% | 24.20% | +8.87% |
Volatility (6M)Calculated over the trailing 6-month period | 53.22% | 96.27% | -43.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.50% | 113.34% | -47.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.67% | 118.84% | -29.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 91.30% | 101.82% | -10.52% |
FNGD vs. KOLD - Expense Ratio Comparison
Both FNGD and KOLD have an expense ratio of 0.95%.
Dividends
FNGD vs. KOLD - Dividend Comparison
Neither FNGD nor KOLD has paid dividends to shareholders.
Frequently Asked Questions
FNGD and KOLD have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNGD has higher volatility (33.07%) compared to KOLD (24.20%). In terms of maximum drawdown, FNGD dropped -100.00% vs KOLD's -99.45%.
On 5-year performance, KOLD leads with -37.54% vs -62.47% for FNGD. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 24.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KOLD has performed better with a -37.54% return vs -62.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNGD and KOLD have the same expense ratio: 0.95% per year.
FNGD and KOLD have nearly identical dividend yields, around 0.00%.
FNGD is categorized as Leveraged Equities, while KOLD is Oil & Gas. FNGD tracks NYSE FANG+ Index (-300%), while KOLD tracks Bloomberg Natural Gas Subindex. They also come from different issuers: BMO and ProShares.
KOLD currently has the higher Sharpe Ratio (0.04 vs -0.76), 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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