KOLD vs. DRIP
KOLD (ProShares UltraShort Bloomberg Natural Gas) and DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while DRIP is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (-300%). Both are passively managed. Over the past 10 years, KOLD returned -25.09%/yr vs -42.00%/yr for DRIP. At a 0.21 correlation, their price movements are largely independent. KOLD charges 0.95%/yr vs 1.07%/yr for DRIP.
Performance
KOLD vs. DRIP - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -37.17% return, which is significantly higher than DRIP's -40.65% return. Over the past 10 years, KOLD has outperformed DRIP with an annualized return of -25.09%, while DRIP has yielded a comparatively lower -42.00% annualized return.
KOLD
- 1D
- -0.18%
- 1M
- -14.27%
- YTD
- -37.17%
- 6M
- -42.50%
- 1Y
- 9.00%
- 3Y*
- -6.55%
- 5Y*
- -38.86%
- 10Y*
- -25.09%
DRIP
- 1D
- -3.09%
- 1M
- 20.05%
- YTD
- -40.65%
- 6M
- -41.35%
- 1Y
- -37.54%
- 3Y*
- -27.03%
- 5Y*
- -38.96%
- 10Y*
- -42.00%
KOLD vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.17% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -40.65% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
Correlation
The correlation between KOLD and DRIP is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.21 |
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Return for Risk
KOLD vs. DRIP — Risk / Return Rank
KOLD
DRIP
KOLD vs. DRIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP). 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 | DRIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.92 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | -0.61 | +0.73 |
| Martin ratioReturn relative to average drawdown | 0.24 | -1.12 | +1.36 |
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Drawdowns
KOLD vs. DRIP - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum DRIP drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for KOLD and DRIP.
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Drawdown Indicators
| KOLD | DRIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -99.95% | +0.50% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -62.18% | -10.32% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -76.02% | -8.32% |
Max Drawdown (5Y)Largest decline over 5 years | -98.07% | -96.24% | -1.83% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -99.92% | +0.47% |
Current DrawdownCurrent decline from peak | -97.43% | -99.93% | +2.50% |
Average DrawdownAverage peak-to-trough decline | -69.56% | -90.46% | +20.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.81% | 33.61% | +4.20% |
Volatility
KOLD vs. DRIP - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 23.90% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) at 18.24%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than DRIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | DRIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.90% | 18.24% | +5.66% |
Volatility (6M)Calculated over the trailing 6-month period | 96.77% | 43.95% | +52.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.49% | 56.86% | +56.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.83% | 68.37% | +50.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 96.46% | +5.35% |
KOLD vs. DRIP - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is lower than DRIP's 1.07% expense ratio.
Dividends
KOLD vs. DRIP - Dividend Comparison
KOLD has not paid dividends to shareholders, while DRIP's dividend yield for the trailing twelve months is around 3.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.33% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
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 DRIP have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (23.90%) compared to DRIP (18.24%). In terms of maximum drawdown, KOLD dropped -99.45% vs DRIP's -99.95%.
On 10-year performance, KOLD leads with -25.09% vs -42.00% for DRIP. On fees, KOLD is cheaper at 0.95% per year. On volatility, DRIP has been the lower-risk option at 18.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KOLD has performed better with a -25.09% return vs -42.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD is cheaper with a 0.95% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.33%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while DRIP is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex, while DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for KOLD and 1.07% for DRIP.
KOLD currently has the higher Sharpe Ratio (0.08 vs -0.66), 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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