KOLD vs. DJP
KOLD (ProShares UltraShort Bloomberg Natural Gas) and DJP (iPath Bloomberg Commodity Index Total Return ETN) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while DJP is a Commodities fund tracking the Bloomberg Commodity Index. Both are passively managed. Over the past 10 years, KOLD returned -22.29%/yr vs 7.63%/yr for DJP. Their -0.41 correlation means they have often moved in opposite directions in the past. KOLD charges 0.95%/yr vs 0.70%/yr for DJP.
Performance
KOLD vs. DJP - 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 DJP's 25.98% return. Over the past 10 years, KOLD has underperformed DJP with an annualized return of -22.29%, while DJP has yielded a comparatively higher 7.63% 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%
DJP
- 1D
- 0.02%
- 1M
- 8.69%
- 6M
- 11.59%
- YTD
- 25.98%
- 1Y
- 40.97%
- 3Y*
- 13.27%
- 5Y*
- 11.22%
- 10Y*
- 7.63%
- ALL TIME*
- -0.16%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.78M | $2.43M | $3.70M | |
| $57.12M | $61.92M | $74.91M |
KOLD vs. DJP - 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% |
DJP iPath Bloomberg Commodity Index Total Return ETN | 25.98% | 17.20% | 5.59% | -9.85% | 17.46% | 31.05% | -4.12% | 7.63% | -13.07% | 0.74% |
Correlation
The correlation between KOLD and DJP is -0.40, 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. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.41 |
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Return for Risk
KOLD vs. DJP — Risk / Return Rank
KOLD
DJP
KOLD vs. DJP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and iPath Bloomberg Commodity Index Total Return ETN (DJP). 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 | DJP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.36 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.47 | -2.54 |
| Martin ratioReturn relative to average drawdown | -0.12 | 7.89 | -8.01 |
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Drawdowns
KOLD vs. DJP - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than DJP's maximum drawdown of -78.35%. Use the drawdown chart below to compare losses from any high point for KOLD and DJP.
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Drawdown Indicators
| KOLD | DJP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -78.35% | -21.10% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -16.42% | -56.08% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -16.42% | -67.92% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -28.98% | -68.48% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -38.36% | -61.09% |
Current DrawdownCurrent decline from peak | -96.60% | -35.21% | -61.39% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -50.74% | -19.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 5.13% | +35.79% |
Volatility
KOLD vs. DJP - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to iPath Bloomberg Commodity Index Total Return ETN (DJP) at 5.94%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than DJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | DJP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.96% | 5.94% | +12.02% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 17.00% | +54.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 19.73% | +90.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 19.02% | +99.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 17.09% | +84.51% |
KOLD vs. DJP - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than DJP's 0.70% expense ratio.
Dividends
KOLD vs. DJP - Dividend Comparison
Neither KOLD nor DJP has paid dividends to shareholders.
Frequently Asked Questions
KOLD and DJP have a correlation of -0.40, 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 DJP (5.94%). In terms of maximum drawdown, KOLD dropped -99.45% vs DJP's -78.35%.
On 10-year performance, DJP leads with 7.63% vs -22.29% for KOLD. On fees, DJP is cheaper at 0.70% per year. On volatility, DJP has been the lower-risk option at 5.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DJP has performed better with a 7.63% return vs -22.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DJP is cheaper with a 0.70% expense ratio, compared with 0.95% for KOLD.
KOLD and DJP have nearly identical dividend yields, around 0.00%.
KOLD is categorized as Oil & Gas, while DJP is Commodities. KOLD tracks Bloomberg Natural Gas Subindex, while DJP tracks Bloomberg Commodity Index. They also come from different issuers: ProShares and Barclays Capital. Their fees differ too: 0.95% for KOLD and 0.70% for DJP.
DJP currently has the higher Sharpe Ratio (2.06 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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