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 Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, 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 -30.36%/yr vs 9.67%/yr for CMDY. Their -0.38 correlation means they have often moved in opposite directions in the past. 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 -16.81% return, which is significantly lower than CMDY's 20.84% return.
KOLD
- 1D
- -1.11%
- 1M
- 25.17%
- 6M
- 116.05%
- YTD
- -16.81%
- 1Y
- -4.80%
- 3Y*
- -1.53%
- 5Y*
- -30.36%
- 10Y*
- -22.29%
- ALL TIME*
- -11.66%
CMDY
- 1D
- -0.08%
- 1M
- 6.88%
- 6M
- 9.23%
- YTD
- 20.84%
- 1Y
- 32.95%
- 3Y*
- 11.76%
- 5Y*
- 9.67%
- 10Y*
- —
- ALL TIME*
- 7.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.68M | $2.92M | $4.03M | |
| $57.12M | $61.92M | $74.91M |
KOLD vs. CMDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -16.81% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -51.44% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 20.84% | 15.81% | 5.43% | -9.33% | 14.55% | 26.38% | 1.15% | 4.96% | -11.13% |
Correlation
The correlation between KOLD and CMDY is -0.35, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.35 |
Correlation (3Y) Balances recent behavior with more history. | -0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.42 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2018 | -0.38 |
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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.
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 | CMDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.34 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.29 | -2.36 |
| Martin ratioReturn relative to average drawdown | -0.12 | 7.40 | -7.52 |
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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% | -14.23% | -58.27% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -14.23% | -70.11% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -26.56% | -70.90% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -96.60% | -7.49% | -89.11% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -13.07% | -56.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 4.40% | +36.52% |
Volatility
KOLD vs. CMDY - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) at 4.00%. 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 | 17.96% | 4.00% | +13.96% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 14.20% | +57.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 16.59% | +93.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 15.75% | +103.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 14.64% | +86.96% |
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 10.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 10.67% | 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 -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (17.96%) compared to CMDY (4.00%). In terms of maximum drawdown, KOLD dropped -99.45% vs CMDY's -31.19%.
On 5-year performance, CMDY leads with 9.67% vs -30.36% for KOLD. On fees, CMDY is cheaper at 0.28% per year. On volatility, CMDY has been the lower-risk option at 4.00%. 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 9.67% return vs -30.36%. 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 10.67%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while CMDY is Commodities. KOLD tracks Bloomberg Natural Gas Subindex, 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 (1.97 vs -0.05), 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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