KOLD vs. COPZ

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraShort Bloomberg Natural Gas (KOLD) and Defiance Daily Target 2X Long Copper ETF (COPZ).

KOLD and COPZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KOLD is a passively managed fund by ProShares that tracks the performance of the Bloomberg Natural Gas Subindex (TR) (200%). It was launched on Oct 4, 2011. COPZ is an actively managed fund by Defiance. It was launched on Feb 17, 2026.

Performance

KOLD vs. COPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and Defiance Daily Target 2X Long Copper ETF (COPZ). The values are adjusted to include any dividend payments, if applicable.

KOLD vs. COPZ - Yearly Performance Comparison

	2026 (YTD)
KOLD ProShares UltraShort Bloomberg Natural Gas	2.70%
COPZ Defiance Daily Target 2X Long Copper ETF	-23.72%

Returns By Period

KOLD

• 1D: 5.20%
• 1M: 6.13%
• YTD: -35.24%
• 6M: -28.13%
• 1Y: 7.53%
• 3Y*: -14.24%
• 5Y*: -43.16%
• 10Y*: -28.67%

COPZ

• 1D: 5.04%
• 1M: -34.13%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KOLD vs. COPZ - Expense Ratio Comparison

Both KOLD and COPZ have an expense ratio of 0.95%.

KOLD

ProShares UltraShort Bloomberg Natural Gas

COPZ

Defiance Daily Target 2X Long Copper ETF

Return for Risk

KOLD vs. COPZ — Risk / Return Rank

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

KOLD

KOLD Risk / Return Rank: 21
KOLD Sharpe Ratio Rank: 13
KOLD Sortino Ratio Rank: 32
KOLD Omega Ratio Rank: 29
KOLD Calmar Ratio Rank: 16
KOLD Martin Ratio Rank: 16

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. COPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and Defiance Daily Target 2X Long Copper ETF (COPZ). 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	COPZ	Difference
Sharpe ratio Return per unit of total volatility	0.06	—	—
Sortino ratio Return per unit of downside risk	0.98	—	—
Omega ratio Gain probability vs. loss probability	1.13	—	—
Calmar ratio Return relative to maximum drawdown	0.23	—	—
Martin ratio Return relative to average drawdown	0.53	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	KOLD	COPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	-0.76	+0.62

Correlation

The correlation between KOLD and COPZ is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

KOLD vs. COPZ - Dividend Comparison

Neither KOLD nor COPZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

KOLD vs. COPZ - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, which is greater than COPZ's maximum drawdown of -49.79%. Use the drawdown chart below to compare losses from any high point for KOLD and COPZ.

Drawdown Indicators

	KOLD	COPZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-49.79%	-49.66%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-98.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	—	—
Current Drawdown Current decline from peak	-97.35%	-36.84%	-60.51%
Average Drawdown Average peak-to-trough decline	-69.16%	-26.76%	-42.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.34%	—	—

Volatility

Volatility by Period

	KOLD	COPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	101.32%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	120.69%	119.42%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.51%	119.42%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.90%	119.42%	-17.52%