KOLD vs. BCD
KOLD (ProShares UltraShort Bloomberg Natural Gas) and BCD (abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while BCD is a Commodities fund actively managed by Aberdeen. KOLD is passively managed, while BCD is actively managed. Over the past 5 years, KOLD returned -40.59%/yr vs 11.98%/yr for BCD. At a correlation of -0.36, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.29%/yr for BCD.
Performance
KOLD vs. BCD - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -37.03% return, which is significantly lower than BCD's 20.45% 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%
BCD
- 1D
- -0.16%
- 1M
- -1.43%
- YTD
- 20.45%
- 6M
- 20.51%
- 1Y
- 31.80%
- 3Y*
- 14.44%
- 5Y*
- 11.98%
- 10Y*
- —
KOLD vs. BCD - 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% | 35.56% |
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 20.45% | 15.71% | 6.20% | -7.58% | 18.38% | 31.87% | 4.76% | 7.34% | -8.65% | 3.08% |
Correlation
The correlation between KOLD and BCD is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.42 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2017 | -0.36 |
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Return for Risk
KOLD vs. BCD — Risk / Return Rank
KOLD
BCD
KOLD vs. BCD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD). 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 | BCD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.34 | ||
| Sortino ratioReturn per unit of downside risk | -2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.43 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 4.42 | -4.45 |
| Martin ratioReturn relative to average drawdown | -0.04 | 12.57 | -12.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KOLD | BCD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.01 | 2.33 | -2.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | 0.78 | -1.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | 0.67 | -0.81 |
Drawdowns
KOLD vs. BCD - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than BCD's maximum drawdown of -29.81%. Use the drawdown chart below to compare losses from any high point for KOLD and BCD.
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Drawdown Indicators
| KOLD | BCD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -29.81% | -69.64% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -7.22% | -65.28% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -10.50% | -73.84% |
Max Drawdown (5Y)Largest decline over 5 years | -98.45% | -23.03% | -75.42% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -97.43% | -3.60% | -93.83% |
Average DrawdownAverage peak-to-trough decline | -69.49% | -9.86% | -59.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.01% | 2.54% | +33.47% |
Volatility
KOLD vs. BCD - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) at 4.33%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than BCD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | BCD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.65% | 4.33% | +20.32% |
Volatility (6M)Calculated over the trailing 6-month period | 99.37% | 11.74% | +87.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.51% | 13.72% | +99.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.76% | 15.41% | +103.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.76% | 13.90% | +87.86% |
KOLD vs. BCD - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than BCD's 0.29% expense ratio.
Dividends
KOLD vs. BCD - Dividend Comparison
KOLD has not paid dividends to shareholders, while BCD's dividend yield for the trailing twelve months is around 14.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 14.29% | 17.21% | 3.60% | 4.51% | 5.21% | 8.30% | 1.29% | 1.55% | 1.59% | 0.07% |
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KOLD and BCD have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.65%) compared to BCD (4.33%). In terms of maximum drawdown, KOLD dropped -99.45% vs BCD's -29.81%.
On 5-year performance, BCD leads with 11.98% vs -40.59% for KOLD. On fees, BCD is cheaper at 0.29% per year. On volatility, BCD has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BCD has performed better with a 11.98% return vs -40.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BCD is cheaper with a 0.29% expense ratio, compared with 0.95% for KOLD.
BCD has the higher dividend yield at 14.29%, compared with 0.00% for KOLD.
KOLD is categorized as Leveraged Commodities, while BCD is Commodities. They also come from different issuers: ProShares and Aberdeen. Their fees differ too: 0.95% for KOLD and 0.29% for BCD.
BCD currently has the higher Sharpe Ratio (2.33 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.
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