KOLD vs. ^XNG

Last updated Jun 4, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) is Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while ^XNG (NYSE Arca Natural Gas Index) is an index. Over the past 10 years, KOLD returned -26.46%/yr vs 3.90%/yr for ^XNG. At a correlation of -0.27, they often move in opposite directions.

Performance

KOLD vs. ^XNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and NYSE Arca Natural Gas Index (^XNG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KOLD achieves a -37.03% return, which is significantly lower than ^XNG's 18.38% return. Over the past 10 years, KOLD has underperformed ^XNG with an annualized return of -26.46%, while ^XNG has yielded a comparatively higher 3.90% annualized return.

KOLD

• 1D: -4.10%
• 1M: -9.53%
• YTD: -37.03%
• 6M: -5.09%
• 1Y: -1.55%
• 3Y*: -20.65%
• 5Y*: -40.59%
• 10Y*: -26.46%

^XNG

• 1D: -0.03%
• 1M: -6.30%
• YTD: 18.38%
• 6M: 13.94%
• 1Y: 20.39%
• 3Y*: 17.09%
• 5Y*: 15.48%
• 10Y*: 3.90%

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

KOLD vs. ^XNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KOLD ProShares UltraShort Bloomberg Natural Gas	-37.03%	-17.48%	-11.34%	249.82%	-88.62%	-74.44%	22.05%	82.94%	-46.48%	72.02%
^XNG NYSE Arca Natural Gas Index	18.38%	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 -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.30
Correlation (5Y) Calculated over the trailing 5-year period	-0.33
Correlation (10Y) Calculated over the trailing 10-year period	-0.28
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011	-0.27

Return for Risk

KOLD vs. ^XNG — Risk / Return Rank

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

KOLD

KOLD Risk / Return Rank: 11
KOLD Sharpe Ratio Rank: 8
KOLD Sortino Ratio Rank: 16
KOLD Omega Ratio Rank: 17
KOLD Calmar Ratio Rank: 8
KOLD Martin Ratio Rank: 8

^XNG

^XNG Risk / Return Rank: 49
^XNG Sharpe Ratio Rank: 48
^XNG Sortino Ratio Rank: 48
^XNG Omega Ratio Rank: 48
^XNG Calmar Ratio Rank: 52
^XNG Martin Ratio Rank: 49

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.

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.

	KOLD	^XNG	Difference
Sharpe ratio Return per unit of total volatility	-0.01	1.32	-1.33
Sortino ratio Return per unit of downside risk	0.82	1.82	-0.99
Omega ratio Gain probability vs. loss probability	1.11	1.22	-0.12
Calmar ratio Return relative to maximum drawdown	-0.02	1.99	-2.01
Martin ratio Return relative to average drawdown	-0.04	5.85	-5.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KOLD vs. ^XNG - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is -0.01, which is lower than the ^XNG Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of KOLD and ^XNG, 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

	KOLD	^XNG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	1.32	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	0.71	-1.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.26	0.13	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.21	-0.35

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.

Drawdown Indicators

	KOLD	^XNG	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-84.52%	-14.93%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	-10.29%	-62.21%
Max Drawdown (3Y) Largest decline over 3 years	-84.34%	-14.10%	-70.24%
Max Drawdown (5Y) Largest decline over 5 years	-98.45%	-25.27%	-73.18%
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	-77.64%	-21.81%
Current Drawdown Current decline from peak	-97.43%	-13.58%	-83.85%
Average Drawdown Average peak-to-trough decline	-69.49%	-27.28%	-42.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.01%	3.50%	+32.51%

Volatility

KOLD vs. ^XNG - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to NYSE Arca Natural Gas Index (^XNG) at 6.05%. 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.

Volatility by Period

	KOLD	^XNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.65%	6.05%	+18.60%
Volatility (6M) Calculated over the trailing 6-month period	99.37%	12.56%	+86.81%
Volatility (1Y) Calculated over the trailing 1-year period	113.51%	15.58%	+97.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.76%	21.80%	+96.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.76%	29.08%	+72.68%

Frequently Asked Questions

Can I hold both KOLD and ^XNG in my portfolio?

KOLD and ^XNG have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOLD or ^XNG?

KOLD has higher volatility (24.65%) compared to ^XNG (6.05%). In terms of maximum drawdown, KOLD dropped -99.45% vs ^XNG's -84.52%.

Which has better risk-adjusted returns?

^XNG currently has the higher Sharpe Ratio (1.32 vs -0.01), 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.