KOLD vs. CERY

Last updated Jun 24, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, KOLD returned 4.46% vs 27.40% for CERY. At a correlation of -0.20, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.28%/yr for CERY.

Performance

KOLD vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KOLD achieves a -34.28% return, which is significantly lower than CERY's 18.11% return.

KOLD

• 1D: 4.60%
• 1M: -10.33%
• YTD: -34.28%
• 6M: -29.48%
• 1Y: 4.46%
• 3Y*: -5.14%
• 5Y*: -37.54%
• 10Y*: -24.75%

CERY

• 1D: -1.20%
• 1M: -9.49%
• YTD: 18.11%
• 6M: 16.37%
• 1Y: 27.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KOLD vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KOLD ProShares UltraShort Bloomberg Natural Gas	-34.28%	-17.48%	-44.59%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	18.11%	15.68%	3.80%

Correlation

The correlation between KOLD and CERY is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	-0.20

Return for Risk

KOLD vs. CERY — Risk / Return Rank

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

KOLD

KOLD Risk / Return Rank: 12
KOLD Sharpe Ratio Rank: 9
KOLD Sortino Ratio Rank: 17
KOLD Omega Ratio Rank: 18
KOLD Calmar Ratio Rank: 9
KOLD Martin Ratio Rank: 9

CERY

CERY Risk / Return Rank: 53
CERY Sharpe Ratio Rank: 56
CERY Sortino Ratio Rank: 52
CERY Omega Ratio Rank: 52
CERY Calmar Ratio Rank: 47
CERY Martin Ratio Rank: 60

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. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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	CERY	Difference
Sharpe ratio: Return per unit of total volatility	0.04	1.78	-1.74
Sortino ratio: Return per unit of downside risk	0.90	2.38	-1.48
Omega ratio: Gain probability vs. loss probability	1.12	1.31	-0.19
Calmar ratio: Return relative to maximum drawdown	0.06	2.21	-2.15
Martin ratio: Return relative to average drawdown	0.12	10.02	-9.90

KOLD vs. CERY - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is 0.04, which is lower than the CERY Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of KOLD and CERY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KOLD vs. CERY - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, which is greater than CERY's maximum drawdown of -12.44%. Use the drawdown chart below to compare losses from any high point for KOLD and CERY.

Drawdown Indicators

	KOLD	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-12.44%	-87.01%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	-12.44%	-60.06%
Max Drawdown (3Y) Largest decline over 3 years	-84.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-97.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	—	—
Current Drawdown Current decline from peak	-97.31%	-12.44%	-84.87%
Average Drawdown Average peak-to-trough decline	-69.57%	-2.29%	-67.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.96%	2.76%	+35.20%

Volatility

KOLD vs. CERY - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.20% compared to SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) at 3.64%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOLD	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.20%	3.64%	+20.56%
Volatility (6M) Calculated over the trailing 6-month period	96.27%	13.63%	+82.64%
Volatility (1Y) Calculated over the trailing 1-year period	113.34%	15.66%	+97.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.84%	14.74%	+104.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.82%	14.74%	+87.08%

KOLD vs. CERY - Expense Ratio Comparison

KOLD has a 0.95% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

KOLD vs. CERY - Dividend Comparison

KOLD has not paid dividends to shareholders, while CERY's dividend yield for the trailing twelve months is around 4.23%.

Position	TTM	2025	2024
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.23%	4.99%	0.52%
KOLD ProShares UltraShort Bloomberg Natural Gas	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KOLD and CERY in my portfolio?

KOLD and CERY have a correlation of -0.20, 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 CERY?

KOLD has higher volatility (24.20%) compared to CERY (3.64%). In terms of maximum drawdown, KOLD dropped -99.45% vs CERY's -12.44%.

Which ETF is better, KOLD or CERY?

On 1-year performance, CERY leads with 27.40% vs 4.46% for KOLD. On fees, CERY is cheaper at 0.28% per year. On volatility, CERY has been the lower-risk option at 3.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOLD or CERY?

Over the 1-year period, CERY has performed better with a 27.40% return vs 4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOLD or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.95% for KOLD.

Which ETF pays a higher dividend yield, KOLD or CERY?

CERY has the higher dividend yield at 4.23%, compared with 0.00% for KOLD.

What is the main difference between KOLD and CERY?

KOLD is categorized as Oil & Gas, while CERY is Commodities. KOLD tracks Bloomberg Natural Gas Subindex, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for KOLD and 0.28% for CERY.

Which has better risk-adjusted returns?

CERY currently has the higher Sharpe Ratio (1.78 vs 0.04), 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.