KOLD vs. COPZ

Last updated Jun 3, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and COPZ (Defiance Daily Target 2X Long Copper ETF) are both Leveraged Commodities funds. KOLD is passively managed, while COPZ is actively managed. At a 0.35 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

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.

Returns By Period

KOLD

• 1D: 1.05%
• 1M: -9.50%
• YTD: -34.34%
• 6M: -7.88%
• 1Y: 1.67%
• 3Y*: -19.53%
• 5Y*: -40.39%
• 10Y*: -26.16%

COPZ

• 1D: 7.43%
• 1M: 34.29%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KOLD vs. COPZ - Yearly Performance Comparison

	2026 (YTD)
KOLD ProShares UltraShort Bloomberg Natural Gas	4.14%
COPZ Defiance Daily Target 2X Long Copper ETF	1.71%

Correlation

The correlation between KOLD and COPZ is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2026	0.35

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: 11
KOLD Sharpe Ratio Rank: 9
KOLD Sortino Ratio Rank: 17
KOLD Omega Ratio Rank: 18
KOLD Calmar Ratio Rank: 7
KOLD Martin Ratio Rank: 7

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	0.01	—	—
Sortino ratio Return per unit of downside risk	0.87	—	—
Omega ratio Gain probability vs. loss probability	1.11	—	—
Calmar ratio Return relative to maximum drawdown	-0.18	—	—
Martin ratio Return relative to average drawdown	-0.37	—	—
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	0.01	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	—	—
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	0.06	-0.20

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 (3Y) Largest decline over 3 years	-84.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-98.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	—	—
Current Drawdown Current decline from peak	-97.32%	-15.79%	-81.53%
Average Drawdown Average peak-to-trough decline	-69.48%	-28.62%	-40.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.85%	—	—

Volatility

Volatility by Period

	KOLD	COPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	99.52%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	114.40%	104.76%	+9.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.74%	104.76%	+13.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.77%	104.76%	-2.99%

KOLD vs. COPZ - Expense Ratio Comparison

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

Dividends

KOLD vs. COPZ - Dividend Comparison

Neither KOLD nor COPZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KOLD and COPZ in my portfolio?

KOLD and COPZ 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.

Which ETF is better, KOLD or COPZ?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KOLD or COPZ?

KOLD and COPZ have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, KOLD or COPZ?

KOLD and COPZ have nearly identical dividend yields, around 0.00%.

What is the main difference between KOLD and COPZ?

They also come from different issuers: ProShares and Defiance.