KOLD vs. COMB
KOLD (ProShares UltraShort Bloomberg Natural Gas) and COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while COMB is a Commodities fund actively managed by GraniteShares. KOLD is passively managed, while COMB is actively managed. Over the past 5 years, KOLD returned -41.45%/yr vs 11.02%/yr for COMB. At a correlation of -0.44, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.25%/yr for COMB.
Performance
KOLD vs. COMB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KOLD achieves a -41.42% return, which is significantly lower than COMB's 25.39% return.
KOLD
- 1D
- -6.98%
- 1M
- -20.08%
- YTD
- -41.42%
- 6M
- -9.35%
- 1Y
- -8.99%
- 3Y*
- -20.78%
- 5Y*
- -41.45%
- 10Y*
- -26.57%
COMB
- 1D
- -1.12%
- 1M
- -3.57%
- YTD
- 25.39%
- 6M
- 24.01%
- 1Y
- 37.22%
- 3Y*
- 15.83%
- 5Y*
- 11.02%
- 10Y*
- —
KOLD vs. COMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -41.42% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 38.35% |
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | 25.39% | 15.12% | 5.24% | -7.75% | 14.56% | 26.34% | -2.95% | 7.02% | -11.41% | 4.98% |
Correlation
The correlation between KOLD and COMB is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (All Time) Calculated using the full available price history since May 25, 2017 | -0.44 |
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. COMB — Risk / Return Rank
KOLD
COMB
KOLD vs. COMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB). 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 | COMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.39 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 4.86 | -4.99 |
| Martin ratioReturn relative to average drawdown | -0.25 | 12.60 | -12.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| KOLD | COMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.08 | 2.19 | -2.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | 0.66 | -1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.15 | 0.51 | -0.66 |
Drawdowns
KOLD vs. COMB - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than COMB's maximum drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for KOLD and COMB.
Loading charts...
Drawdown Indicators
| KOLD | COMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -33.50% | -65.95% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -7.69% | -64.81% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -11.35% | -72.99% |
Max Drawdown (5Y)Largest decline over 5 years | -98.45% | -26.63% | -71.82% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -97.61% | -5.42% | -92.19% |
Average DrawdownAverage peak-to-trough decline | -69.49% | -12.06% | -57.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.20% | 2.96% | +33.24% |
Volatility
KOLD vs. COMB - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.79% compared to GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) at 5.22%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than COMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| KOLD | COMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.79% | 5.22% | +19.57% |
Volatility (6M)Calculated over the trailing 6-month period | 99.56% | 15.04% | +84.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.73% | 17.07% | +96.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.80% | 16.70% | +102.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.77% | 15.14% | +86.63% |
KOLD vs. COMB - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than COMB's 0.25% expense ratio.
Dividends
KOLD vs. COMB - Dividend Comparison
KOLD has not paid dividends to shareholders, while COMB's dividend yield for the trailing twelve months is around 7.22%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | 7.22% | 9.05% | 2.48% | 6.57% | 30.85% | 15.83% | 0.07% | 1.48% | 0.97% | 0.20% |
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KOLD and COMB have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.79%) compared to COMB (5.22%). In terms of maximum drawdown, KOLD dropped -99.45% vs COMB's -33.50%.
On 5-year performance, COMB leads with 11.02% vs -41.45% for KOLD. On fees, COMB is cheaper at 0.25% per year. On volatility, COMB has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, COMB has performed better with a 11.02% return vs -41.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COMB is cheaper with a 0.25% expense ratio, compared with 0.95% for KOLD.
COMB has the higher dividend yield at 7.22%, compared with 0.00% for KOLD.
KOLD is categorized as Leveraged Commodities, while COMB is Commodities. They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for KOLD and 0.25% for COMB.
COMB currently has the higher Sharpe Ratio (2.19 vs -0.08), 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 COMB
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