KOLD vs. CMDY
KOLD (ProShares UltraShort Bloomberg Natural Gas) and CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while CMDY is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. Both are passively managed. Over the past 5 years, KOLD returned -40.59%/yr vs 10.71%/yr for CMDY. At a correlation of -0.39, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.28%/yr for CMDY.
Performance
KOLD vs. CMDY - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -37.03% return, which is significantly lower than CMDY's 25.44% return.
KOLD
- 1D
- -4.10%
- 1M
- -9.53%
- YTD
- -37.03%
- 6M
- -5.09%
- 1Y
- -1.55%
- 3Y*
- -20.65%
- 5Y*
- -40.59%
- 10Y*
- -26.46%
CMDY
- 1D
- 0.02%
- 1M
- -2.52%
- YTD
- 25.44%
- 6M
- 24.53%
- 1Y
- 37.10%
- 3Y*
- 15.48%
- 5Y*
- 10.71%
- 10Y*
- —
KOLD vs. CMDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.03% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -52.39% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 25.44% | 15.81% | 5.43% | -9.33% | 14.55% | 26.38% | 1.15% | 4.96% | -11.11% |
Correlation
The correlation between KOLD and CMDY is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.43 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2018 | -0.39 |
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Return for Risk
KOLD vs. CMDY — Risk / Return Rank
KOLD
CMDY
KOLD vs. CMDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY). 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 | CMDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.34 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.42 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 4.82 | -4.84 |
| Martin ratioReturn relative to average drawdown | -0.04 | 14.50 | -14.54 |
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 | CMDY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.01 | 2.32 | -2.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | 0.68 | -1.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | 0.56 | -0.70 |
Drawdowns
KOLD vs. CMDY - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than CMDY's maximum drawdown of -31.19%. Use the drawdown chart below to compare losses from any high point for KOLD and CMDY.
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Drawdown Indicators
| KOLD | CMDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -31.19% | -68.26% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -7.73% | -64.77% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -10.08% | -74.26% |
Max Drawdown (5Y)Largest decline over 5 years | -98.45% | -26.56% | -71.89% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -97.43% | -3.97% | -93.46% |
Average DrawdownAverage peak-to-trough decline | -69.49% | -13.14% | -56.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.01% | 2.57% | +33.44% |
Volatility
KOLD vs. CMDY - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) at 5.04%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than CMDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | CMDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.65% | 5.04% | +19.61% |
Volatility (6M)Calculated over the trailing 6-month period | 99.37% | 14.20% | +85.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.51% | 16.06% | +97.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.76% | 15.80% | +102.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.76% | 14.63% | +87.13% |
KOLD vs. CMDY - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than CMDY's 0.28% expense ratio.
Dividends
KOLD vs. CMDY - Dividend Comparison
KOLD has not paid dividends to shareholders, while CMDY's dividend yield for the trailing twelve months is around 10.28%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 10.28% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% |
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KOLD and CMDY 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 (24.65%) compared to CMDY (5.04%). In terms of maximum drawdown, KOLD dropped -99.45% vs CMDY's -31.19%.
On 5-year performance, CMDY leads with 10.71% vs -40.59% for KOLD. On fees, CMDY is cheaper at 0.28% per year. On volatility, CMDY has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CMDY has performed better with a 10.71% return vs -40.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDY is cheaper with a 0.28% expense ratio, compared with 0.95% for KOLD.
CMDY has the higher dividend yield at 10.28%, compared with 0.00% for KOLD.
KOLD is categorized as Leveraged Commodities, while CMDY is Commodities. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while CMDY tracks Bloomberg Roll Select Commodity Total Return Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for KOLD and 0.28% for CMDY.
CMDY currently has the higher Sharpe Ratio (2.32 vs -0.01), 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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