FNGD vs. KOLD

Last updated Jun 3, 2026

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 Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%). Both are passively managed. Over the past 5 years, FNGD returned -66.27%/yr vs -40.39%/yr for KOLD. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

FNGD vs. KOLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) 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, FNGD achieves a -43.70% return, which is significantly lower than KOLD's -34.34% return.

FNGD

• 1D: 1.51%
• 1M: -31.76%
• YTD: -43.70%
• 6M: -34.07%
• 1Y: -62.82%
• 3Y*: -69.63%
• 5Y*: -66.27%
• 10Y*: —

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)

FNGD vs. KOLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-43.70%	-61.42%	-76.57%	-90.14%	52.21%	-60.04%	-95.60%	-72.46%	-13.73%
KOLD ProShares UltraShort Bloomberg Natural Gas	-34.34%	-17.48%	-11.34%	249.82%	-88.62%	-74.44%	22.05%	82.94%	-38.51%

Correlation

The correlation between FNGD and KOLD is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 24, 2018	0.04

The correlation between FNGD and KOLD shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FNGD vs. KOLD — Risk / Return Rank

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

FNGD

FNGD Risk / Return Rank: 1
FNGD Sharpe Ratio Rank: 1
FNGD Sortino Ratio Rank: 1
FNGD Omega Ratio Rank: 1
FNGD Calmar Ratio Rank: 1
FNGD 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.

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.

	FNGD	KOLD	Difference
Sharpe ratio Return per unit of total volatility	-1.07	0.01	-1.09
Sortino ratio Return per unit of downside risk	-1.88	0.87	-2.75
Omega ratio Gain probability vs. loss probability	0.79	1.11	-0.32
Calmar ratio Return relative to maximum drawdown	-0.97	-0.18	-0.79
Martin ratio Return relative to average drawdown	-1.91	-0.37	-1.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNGD vs. KOLD - Sharpe Ratio Comparison

The current FNGD Sharpe Ratio is -1.07, which is lower than the KOLD Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of FNGD 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

	FNGD	KOLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.07	0.01	-1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.75	-0.34	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	-0.14	-0.64

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.

Drawdown Indicators

	FNGD	KOLD	Difference
Max Drawdown Largest 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	-97.37%	-84.34%	-13.03%
Max Drawdown (5Y) Largest decline over 5 years	-99.67%	-98.45%	-1.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.45%	—
Current Drawdown Current decline from peak	-100.00%	-97.32%	-2.68%
Average Drawdown Average peak-to-trough decline	-87.24%	-69.48%	-17.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.47%	35.85%	-2.38%

Volatility

FNGD vs. KOLD - Volatility Comparison

The current volatility for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) is 16.71%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 24.65%. This indicates that FNGD 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

	FNGD	KOLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.71%	24.65%	-7.94%
Volatility (6M) Calculated over the trailing 6-month period	45.80%	99.52%	-53.72%
Volatility (1Y) Calculated over the trailing 1-year period	58.66%	114.40%	-55.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.79%	118.74%	-29.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.02%	101.77%	-10.75%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNGD and KOLD in my portfolio?

FNGD and KOLD have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGD or KOLD?

KOLD has higher volatility (24.65%) compared to FNGD (16.71%). In terms of maximum drawdown, FNGD dropped -100.00% vs KOLD's -99.45%.

Which ETF is better, FNGD or KOLD?

On 5-year performance, KOLD leads with -40.39% vs -66.27% for FNGD. Both ETFs have the same 0.95% expense ratio. On volatility, FNGD has been the lower-risk option at 16.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGD or KOLD?

Over the 5-year period, KOLD has performed better with a -40.39% return vs -66.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGD or KOLD?

FNGD and KOLD have the same expense ratio: 0.95% per year.

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

FNGD and KOLD have nearly identical dividend yields, around 0.00%.

What is the main difference between FNGD and KOLD?

FNGD is categorized as Leveraged Equities, while KOLD is Leveraged Commodities. FNGD tracks NYSE FANG+ Index (-300%), while KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%). They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

KOLD currently has the higher Sharpe Ratio (0.01 vs -1.07), 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.