GLDW vs. KOLD

Last updated Jul 17, 2026

GLDW (Roundhill Gold WeeklyPay ETF) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both exchange-traded funds - GLDW is a Derivative Income fund actively managed by State Street, while KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. GLDW is actively managed, while KOLD is passively managed. At a correlation of -0.08, they often move in opposite directions. GLDW charges 0.99%/yr vs 0.95%/yr for KOLD.

Performance

GLDW vs. KOLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Gold WeeklyPay ETF (GLDW) 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, GLDW achieves a -12.10% return, which is significantly higher than KOLD's -21.43% return.

GLDW

• 1D: -2.26%
• 1M: -10.14%
• 6M: -18.75%
• YTD: -12.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KOLD

• 1D: 2.74%
• 1M: 24.48%
• 6M: -39.97%
• YTD: -21.43%
• 1Y: 17.81%
• 3Y*: -5.58%
• 5Y*: -33.30%
• 10Y*: -23.09%

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

GLDW vs. KOLD - Yearly Performance Comparison

	2026 (YTD)	2025
GLDW Roundhill Gold WeeklyPay ETF	-12.10%	9.36%
KOLD ProShares UltraShort Bloomberg Natural Gas	-21.43%	-5.34%

Correlation

The correlation between GLDW and KOLD is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 30, 2025	-0.08

Return for Risk

GLDW vs. KOLD — Risk / Return Rank

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

GLDW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

KOLD

KOLD Risk / Return Rank: 17
KOLD Sharpe Ratio Rank: 12
KOLD Sortino Ratio Rank: 23
KOLD Omega Ratio Rank: 24
KOLD Calmar Ratio Rank: 13
KOLD Martin Ratio Rank: 12

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.

GLDW vs. KOLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Gold WeeklyPay ETF (GLDW) 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.

	GLDW	KOLD	Difference
Sharpe ratio: Return per unit of total volatility	—	0.16	—
Sortino ratio: Return per unit of downside risk	—	1.06	—
Omega ratio: Gain probability vs. loss probability	—	1.14	—
Calmar ratio: Return relative to maximum drawdown	—	0.25	—
Martin ratio: Return relative to average drawdown	—	0.45	—

Drawdowns

GLDW vs. KOLD - Drawdown Comparison

The maximum GLDW drawdown since its inception was -32.55%, smaller than the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for GLDW and KOLD.

Drawdown Indicators

	GLDW	KOLD	Difference
Max Drawdown Largest peak-to-trough decline	-32.55%	-99.45%	+66.90%
Max Drawdown (1Y) Largest decline over 1 year	—	-72.50%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.45%	—
Current Drawdown Current decline from peak	-32.55%	-96.79%	+64.24%
Average Drawdown Average peak-to-trough decline	-12.16%	-69.69%	+57.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	39.95%	—

Volatility

Volatility by Period

	GLDW	KOLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.94%	—
Volatility (6M) Calculated over the trailing 6-month period	—	91.36%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.47%	111.66%	-75.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.47%	118.90%	-82.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.47%	101.71%	-65.24%

GLDW vs. KOLD - Expense Ratio Comparison

GLDW has a 0.99% expense ratio, which is higher than KOLD's 0.95% expense ratio.

Dividends

GLDW vs. KOLD - Dividend Comparison

GLDW's dividend yield for the trailing twelve months is around 26.12%, while KOLD has not paid dividends to shareholders.

Position	TTM	2025
GLDW Roundhill Gold WeeklyPay ETF	26.12%	3.75%
KOLD ProShares UltraShort Bloomberg Natural Gas	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDW and KOLD in my portfolio?

GLDW and KOLD have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDW or KOLD?

On fees, KOLD is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDW or KOLD?

KOLD is cheaper with a 0.95% expense ratio, compared with 0.99% for GLDW.

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

GLDW has the higher dividend yield at 26.12%, compared with 0.00% for KOLD.

What is the main difference between GLDW and KOLD?

GLDW is categorized as Derivative Income, while KOLD is Oil & Gas. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.99% for GLDW and 0.95% for KOLD.