KOLD vs. BITO
Compare and contrast key facts about ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Bitcoin Strategy ETF (BITO).
KOLD and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KOLD is a passively managed fund by ProShares that tracks the performance of the Bloomberg Natural Gas Subindex (TR) (200%). It was launched on Oct 4, 2011. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.
Performance
KOLD vs. BITO - Performance Comparison
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KOLD vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -38.45% | -17.48% | -11.34% | 249.82% | -88.62% | 48.77% |
BITO ProShares Bitcoin Strategy ETF | -23.25% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Returns By Period
In the year-to-date period, KOLD achieves a -38.45% return, which is significantly lower than BITO's -23.25% return.
KOLD
- 1D
- -0.73%
- 1M
- -7.42%
- YTD
- -38.45%
- 6M
- -37.60%
- 1Y
- 10.94%
- 3Y*
- -15.68%
- 5Y*
- -43.73%
- 10Y*
- -29.03%
BITO
- 1D
- 1.75%
- 1M
- 2.92%
- YTD
- -23.25%
- 6M
- -41.96%
- 1Y
- -21.48%
- 3Y*
- 24.62%
- 5Y*
- —
- 10Y*
- —
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KOLD vs. BITO - Expense Ratio Comparison
Both KOLD and BITO have an expense ratio of 0.95%.
Return for Risk
KOLD vs. BITO — Risk / Return Rank
KOLD
BITO
KOLD vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Bitcoin Strategy ETF (BITO). 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 | BITO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.09 | -0.48 | +0.57 |
Sortino ratioReturn per unit of downside risk | 1.02 | -0.43 | +1.45 |
Omega ratioGain probability vs. loss probability | 1.13 | 0.95 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.46 | +0.57 |
Martin ratioReturn relative to average drawdown | 0.27 | -0.97 | +1.24 |
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 | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.09 | -0.48 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.15 | -0.08 | -0.07 |
Correlation
The correlation between KOLD and BITO is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
KOLD vs. BITO - Dividend Comparison
KOLD has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 84.71%.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% |
BITO ProShares Bitcoin Strategy ETF | 84.71% | 78.29% | 61.59% | 15.14% |
Drawdowns
KOLD vs. BITO - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for KOLD and BITO.
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Drawdown Indicators
| KOLD | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -77.86% | -21.59% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -50.05% | -22.45% |
Max Drawdown (5Y)Largest decline over 5 years | -98.91% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -97.48% | -47.07% | -50.41% |
Average DrawdownAverage peak-to-trough decline | -69.15% | -36.56% | -32.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.16% | 23.55% | +7.61% |
Volatility
KOLD vs. BITO - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 29.18% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.89%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.18% | 12.89% | +16.29% |
Volatility (6M)Calculated over the trailing 6-month period | 101.24% | 36.69% | +64.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 120.63% | 45.35% | +75.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.49% | 55.79% | +62.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.91% | 55.79% | +46.12% |