KOLD vs. DBE
KOLD (ProShares UltraShort Bloomberg Natural Gas) and DBE (Invesco DB Energy Fund) are both Oil & Gas funds - KOLD tracks the Bloomberg Natural Gas Subindex while DBE tracks the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, KOLD returned -22.29%/yr vs 13.17%/yr for DBE. Their -0.24 correlation means they have often moved in opposite directions in the past. KOLD charges 0.95%/yr vs 0.78%/yr for DBE.
Performance
KOLD vs. DBE - 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 DBE's 78.87% return. Over the past 10 years, KOLD has underperformed DBE with an annualized return of -22.29%, while DBE has yielded a comparatively higher 13.17% annualized 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%
DBE
- 1D
- 1.13%
- 1M
- 21.13%
- 6M
- 53.89%
- YTD
- 78.87%
- 1Y
- 68.62%
- 3Y*
- 17.16%
- 5Y*
- 17.73%
- 10Y*
- 13.17%
- ALL TIME*
- 2.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.24M | $1.18M | $1.76M | |
| $57.12M | $61.92M | $74.91M |
KOLD vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -16.81% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
DBE Invesco DB Energy Fund | 78.87% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between KOLD and DBE is -0.33, 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. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.24 |
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Return for Risk
KOLD vs. DBE — Risk / Return Rank
KOLD
DBE
KOLD vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.29 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.59 | -2.66 |
| Martin ratioReturn relative to average drawdown | -0.12 | 8.14 | -8.26 |
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Drawdowns
KOLD vs. DBE - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for KOLD and DBE.
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Drawdown Indicators
| KOLD | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -86.69% | -12.76% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -24.72% | -47.78% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -24.72% | -59.62% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -38.74% | -58.72% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -60.84% | -38.61% |
Current DrawdownCurrent decline from peak | -96.60% | -32.09% | -64.51% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -57.13% | -12.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 8.15% | +32.77% |
Volatility
KOLD vs. DBE - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to Invesco DB Energy Fund (DBE) at 14.12%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.96% | 14.12% | +3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 33.95% | +38.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 37.47% | +72.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 30.09% | +88.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 28.58% | +73.02% |
KOLD vs. DBE - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
KOLD vs. DBE - Dividend Comparison
KOLD has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.16% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
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 DBE have a correlation of -0.33, 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 DBE (14.12%). In terms of maximum drawdown, KOLD dropped -99.45% vs DBE's -86.69%.
On 10-year performance, DBE leads with 13.17% vs -22.29% for KOLD. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 14.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 13.17% return vs -22.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.95% for KOLD.
DBE has the higher dividend yield at 2.16%, compared with 0.00% for KOLD.
KOLD tracks Bloomberg Natural Gas Subindex, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for KOLD and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.71 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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