KOLD vs. BOIL
KOLD (ProShares UltraShort Bloomberg Natural Gas) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both Leveraged Commodities funds from ProShares - KOLD tracks the Bloomberg Natural Gas Subindex (TR) (200%) while BOIL tracks the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, KOLD returned -26.16%/yr vs -57.13%/yr for BOIL. At a correlation of -1.00, they often move in opposite directions. KOLD charges 0.95%/yr vs 1.31%/yr for BOIL.
Performance
KOLD vs. BOIL - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -34.34% return, which is significantly higher than BOIL's -39.39% return. Over the past 10 years, KOLD has outperformed BOIL with an annualized return of -26.16%, while BOIL has yielded a comparatively lower -57.13% annualized return.
KOLD
- 1D
- 1.05%
- 1M
- -9.50%
- YTD
- -34.34%
- 6M
- -7.88%
- 1Y
- 1.67%
- 3Y*
- -19.53%
- 5Y*
- -40.39%
- 10Y*
- -26.16%
BOIL
- 1D
- -1.21%
- 1M
- 4.36%
- YTD
- -39.39%
- 6M
- -62.02%
- 1Y
- -75.13%
- 3Y*
- -61.17%
- 5Y*
- -64.76%
- 10Y*
- -57.13%
KOLD vs. BOIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.34% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
BOIL ProShares Ultra Bloomberg Natural Gas | -39.39% | -58.98% | -60.75% | -92.00% | -31.85% | 23.84% | -74.74% | -67.70% | -20.55% | -65.72% |
Correlation
The correlation between KOLD and BOIL is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011 | -1.00 |
The correlation between KOLD and BOIL has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
KOLD vs. BOIL — Risk / Return Rank
KOLD
BOIL
KOLD vs. BOIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Ultra Bloomberg Natural Gas (BOIL). 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 | BOIL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.01 | -0.66 | +0.68 |
Sortino ratioReturn per unit of downside risk | 0.87 | -0.82 | +1.69 |
Omega ratioGain probability vs. loss probability | 1.11 | 0.89 | +0.22 |
Calmar ratioReturn relative to maximum drawdown | -0.18 | -0.88 | +0.70 |
Martin ratioReturn relative to average drawdown | -0.37 | -1.21 | +0.84 |
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 | BOIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.01 | -0.66 | +0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | -0.55 | +0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | -0.56 | +0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | -0.61 | +0.47 |
Drawdowns
KOLD vs. BOIL - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum BOIL drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for KOLD and BOIL.
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Drawdown Indicators
| KOLD | BOIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -100.00% | +0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -80.85% | +8.35% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -96.86% | +12.52% |
Max Drawdown (5Y)Largest decline over 5 years | -98.45% | -99.91% | +1.46% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -99.99% | +0.54% |
Current DrawdownCurrent decline from peak | -97.32% | -100.00% | +2.68% |
Average DrawdownAverage peak-to-trough decline | -69.48% | -93.59% | +24.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.85% | 59.00% | -23.15% |
Volatility
KOLD vs. BOIL - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Ultra Bloomberg Natural Gas (BOIL) have volatilities of 24.65% and 23.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | BOIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.65% | 23.91% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 99.52% | 107.71% | -8.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 114.40% | 114.52% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.74% | 118.88% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.77% | 101.82% | -0.05% |
KOLD vs. BOIL - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is lower than BOIL's 1.31% expense ratio.
Dividends
KOLD vs. BOIL - Dividend Comparison
Neither KOLD nor BOIL has paid dividends to shareholders.
Frequently Asked Questions
KOLD and BOIL have a correlation of -1.00, 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 BOIL (23.91%). In terms of maximum drawdown, KOLD dropped -99.45% vs BOIL's -100.00%.
On 10-year performance, KOLD leads with -26.16% vs -57.13% for BOIL. On fees, KOLD is cheaper at 0.95% per year. On volatility, BOIL has been the lower-risk option at 23.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KOLD has performed better with a -26.16% return vs -57.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD is cheaper with a 0.95% expense ratio, compared with 1.31% for BOIL.
KOLD and BOIL have nearly identical dividend yields, around 0.00%.
KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while BOIL tracks Bloomberg Natural Gas Subindex. Their fees differ too: 0.95% for KOLD and 1.31% for BOIL.
KOLD currently has the higher Sharpe Ratio (0.01 vs -0.66), 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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