KOLD vs. CMDT
KOLD (ProShares UltraShort Bloomberg Natural Gas) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 3 years, KOLD returned -5.14%/yr vs 12.77%/yr for CMDT. At a correlation of -0.24, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.65%/yr for CMDT.
Performance
KOLD vs. CMDT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KOLD achieves a -34.28% return, which is significantly lower than CMDT's 13.43% 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%
CMDT
- 1D
- -1.14%
- 1M
- -8.86%
- YTD
- 13.43%
- 6M
- 13.42%
- 1Y
- 21.34%
- 3Y*
- 12.77%
- 5Y*
- —
- 10Y*
- —
KOLD vs. CMDT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.28% | -17.48% | -11.34% | 25.21% |
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 13.43% | 12.78% | 6.93% | 5.37% |
Correlation
The correlation between KOLD and CMDT is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since May 10, 2023 | -0.24 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
KOLD vs. CMDT — Risk / Return Rank
KOLD
CMDT
KOLD vs. CMDT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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 | CMDT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.29 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 1.93 | -1.87 |
| Martin ratioReturn relative to average drawdown | 0.12 | 9.62 | -9.50 |
Loading charts...
Drawdowns
KOLD vs. CMDT - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for KOLD and CMDT.
Loading charts...
Drawdown Indicators
| KOLD | CMDT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -11.11% | -88.34% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -11.11% | -61.39% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -11.11% | -73.23% |
Max Drawdown (5Y)Largest decline over 5 years | -97.96% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -97.31% | -11.11% | -86.20% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -2.77% | -66.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.96% | 2.25% | +35.71% |
Volatility
KOLD vs. CMDT - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.20% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.26%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| KOLD | CMDT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.20% | 3.26% | +20.94% |
Volatility (6M)Calculated over the trailing 6-month period | 96.27% | 10.60% | +85.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.34% | 12.65% | +100.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.84% | 12.24% | +106.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.82% | 12.24% | +89.58% |
KOLD vs. CMDT - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than CMDT's 0.65% expense ratio.
Dividends
KOLD vs. CMDT - Dividend Comparison
KOLD has not paid dividends to shareholders, while CMDT's dividend yield for the trailing twelve months is around 2.67%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund | 2.67% | 3.04% | 8.80% | 2.71% |
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KOLD and CMDT have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.20%) compared to CMDT (3.26%). In terms of maximum drawdown, KOLD dropped -99.45% vs CMDT's -11.11%.
On 3-year performance, CMDT leads with 12.77% vs -5.14% for KOLD. On fees, CMDT is cheaper at 0.65% per year. On volatility, CMDT has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CMDT has performed better with a 12.77% return vs -5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDT is cheaper with a 0.65% expense ratio, compared with 0.95% for KOLD.
CMDT has the higher dividend yield at 2.67%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while CMDT is Commodities. KOLD tracks Bloomberg Natural Gas Subindex, while CMDT tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: ProShares and PIMCO. Their fees differ too: 0.95% for KOLD and 0.65% for CMDT.
CMDT currently has the higher Sharpe Ratio (1.71 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.
Find the right allocation for KOLD and CMDT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer