KOLD vs. BCI
KOLD (ProShares UltraShort Bloomberg Natural Gas) and BCI (abrdn Bloomberg All Commodity Strategy K-1 Free ETF) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while BCI is a Commodities fund tracking the Bloomberg Commodity Index Total Return. Both are passively managed. Over the past 5 years, KOLD returned -30.36%/yr vs 10.01%/yr for BCI. Their -0.41 correlation means they have often moved in opposite directions in the past. KOLD charges 0.95%/yr vs 0.26%/yr for BCI.
Performance
KOLD vs. BCI - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -16.81% return, which is significantly lower than BCI's 22.53% return.
KOLD
- 1D
- -1.11%
- 1M
- 25.17%
- 6M
- 116.05%
- YTD
- -16.81%
- 1Y
- -4.80%
- 3Y*
- -1.53%
- 5Y*
- -30.36%
- 10Y*
- -22.29%
- ALL TIME*
- -11.66%
BCI
- 1D
- -0.21%
- 1M
- 7.31%
- 6M
- 10.17%
- YTD
- 22.53%
- 1Y
- 35.51%
- 3Y*
- 11.89%
- 5Y*
- 10.01%
- 10Y*
- —
- ALL TIME*
- 7.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $33.67M | $55.32M | $39.13M | |
| $57.12M | $61.92M | $74.91M |
KOLD vs. BCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -16.81% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 35.79% |
BCI abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 22.53% | 15.07% | 5.47% | -8.79% | 15.09% | 26.18% | -2.77% | 7.06% | -11.21% | 3.81% |
Correlation
The correlation between KOLD and BCI is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.39 |
Correlation (3Y) Balances recent behavior with more history. | -0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.45 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2017 | -0.41 |
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Return for Risk
KOLD vs. BCI — Risk / Return Rank
KOLD
BCI
KOLD vs. BCI - 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 Strategy K-1 Free ETF (BCI). 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 | BCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.35 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.37 | -2.44 |
| Martin ratioReturn relative to average drawdown | -0.12 | 7.60 | -7.73 |
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Drawdowns
KOLD vs. BCI - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than BCI's maximum drawdown of -32.69%. Use the drawdown chart below to compare losses from any high point for KOLD and BCI.
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Drawdown Indicators
| KOLD | BCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -32.69% | -66.76% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -14.82% | -57.68% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -14.82% | -69.52% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -26.50% | -70.96% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -96.60% | -7.64% | -88.96% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -11.96% | -57.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 4.61% | +36.31% |
Volatility
KOLD vs. BCI - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) at 5.02%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than BCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | BCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.96% | 5.02% | +12.94% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 15.08% | +56.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 17.55% | +92.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 16.85% | +101.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 15.68% | +85.92% |
KOLD vs. BCI - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than BCI's 0.26% expense ratio.
Dividends
KOLD vs. BCI - Dividend Comparison
KOLD has not paid dividends to shareholders, while BCI's dividend yield for the trailing twelve months is around 13.46%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BCI abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 13.46% | 16.49% | 3.29% | 3.93% | 19.98% | 19.43% | 0.68% | 1.47% | 1.13% | 5.02% |
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 BCI have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (17.96%) compared to BCI (5.02%). In terms of maximum drawdown, KOLD dropped -99.45% vs BCI's -32.69%.
On 5-year performance, BCI leads with 10.01% vs -30.36% for KOLD. On fees, BCI is cheaper at 0.26% per year. On volatility, BCI has been the lower-risk option at 5.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BCI has performed better with a 10.01% return vs -30.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BCI is cheaper with a 0.26% expense ratio, compared with 0.95% for KOLD.
BCI has the higher dividend yield at 13.46%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while BCI is Commodities. KOLD tracks Bloomberg Natural Gas Subindex, while BCI tracks Bloomberg Commodity Index Total Return. They also come from different issuers: ProShares and Aberdeen. Their fees differ too: 0.95% for KOLD and 0.26% for BCI.
BCI currently has the higher Sharpe Ratio (2.00 vs -0.05), 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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