KOLD vs. ^XNG
KOLD (ProShares UltraShort Bloomberg Natural Gas) is Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while ^XNG (NYSE Arca Natural Gas Index) is an index. Over the past 10 years, KOLD returned -25.08%/yr vs 3.97%/yr for ^XNG. At a correlation of -0.27, they often move in opposite directions.
Performance
KOLD vs. ^XNG - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -37.06% return, which is significantly lower than ^XNG's 16.47% return. Over the past 10 years, KOLD has underperformed ^XNG with an annualized return of -25.08%, while ^XNG has yielded a comparatively higher 3.97% annualized return.
KOLD
- 1D
- -4.23%
- 1M
- -14.12%
- YTD
- -37.06%
- 6M
- -35.65%
- 1Y
- -6.21%
- 3Y*
- -6.50%
- 5Y*
- -37.39%
- 10Y*
- -25.08%
^XNG
- 1D
- -0.69%
- 1M
- -5.82%
- YTD
- 16.47%
- 6M
- 16.91%
- 1Y
- 17.79%
- 3Y*
- 16.81%
- 5Y*
- 15.00%
- 10Y*
- 3.97%
KOLD vs. ^XNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.06% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
^XNG NYSE Arca Natural Gas Index | 16.47% | 9.44% | 16.55% | 2.82% | 22.57% | 54.17% | -17.49% | -3.37% | -32.78% | -15.65% |
Correlation
The correlation between KOLD and ^XNG is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.27 |
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Return for Risk
KOLD vs. ^XNG — Risk / Return Rank
KOLD
^XNG
KOLD vs. ^XNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and NYSE Arca Natural Gas Index (^XNG). 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.
| KOLD | ^XNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.19 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 1.52 | -1.60 |
| Martin ratioReturn relative to average drawdown | -0.16 | 4.32 | -4.48 |
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Drawdowns
KOLD vs. ^XNG - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than ^XNG's maximum drawdown of -84.52%. Use the drawdown chart below to compare losses from any high point for KOLD and ^XNG.
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Drawdown Indicators
| KOLD | ^XNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -84.52% | -14.93% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -11.79% | -60.71% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -14.10% | -70.24% |
Max Drawdown (5Y)Largest decline over 5 years | -97.96% | -25.27% | -72.69% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -77.64% | -21.81% |
Current DrawdownCurrent decline from peak | -97.43% | -14.97% | -82.46% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -27.27% | -42.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.11% | 4.13% | +33.98% |
Volatility
KOLD vs. ^XNG - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 23.46% compared to NYSE Arca Natural Gas Index (^XNG) at 5.35%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than ^XNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | ^XNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.46% | 5.35% | +18.11% |
Volatility (6M)Calculated over the trailing 6-month period | 96.35% | 12.55% | +83.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.09% | 15.84% | +97.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.82% | 21.72% | +97.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 28.78% | +73.03% |
Frequently Asked Questions
KOLD and ^XNG have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (23.46%) compared to ^XNG (5.35%). In terms of maximum drawdown, KOLD dropped -99.45% vs ^XNG's -84.52%.
^XNG currently has the higher Sharpe Ratio (1.13 vs -0.06), 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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