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 -22.29%/yr vs -43.88%/yr for DRIP. Their 0.21 correlation means their historical movements had little consistent relationship. 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 -16.81% return, which is significantly higher than DRIP's -55.32% return. Over the past 10 years, KOLD has outperformed DRIP with an annualized return of -22.29%, while DRIP has yielded a comparatively lower -43.88% 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%
DRIP
- 1D
- -2.95%
- 1M
- -25.11%
- 6M
- -44.52%
- YTD
- -55.32%
- 1Y
- -59.32%
- 3Y*
- -26.17%
- 5Y*
- -45.26%
- 10Y*
- -43.88%
- ALL TIME*
- -42.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.97M | $70.63M | $133.34M | |
| $57.12M | $61.92M | $74.91M |
KOLD vs. DRIP - 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% |
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -55.32% | -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 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.28 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +2.40 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.83 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | -0.91 | +0.84 |
| Martin ratioReturn relative to average drawdown | -0.12 | -1.49 | +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 | -97.46% | -96.24% | -1.22% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -99.92% | +0.47% |
Current DrawdownCurrent decline from peak | -96.60% | -99.94% | +3.34% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -90.56% | +20.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 37.99% | +2.93% |
Volatility
KOLD vs. DRIP - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) at 16.75%. 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 | 17.96% | 16.75% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 44.83% | +27.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 57.15% | +53.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 67.64% | +51.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 95.75% | +5.85% |
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 3.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.98% | 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 0.29, 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 DRIP (16.75%). In terms of maximum drawdown, KOLD dropped -99.45% vs DRIP's -99.95%.
On 10-year performance, KOLD leads with -22.29% vs -43.88% for DRIP. On fees, KOLD is cheaper at 0.95% per year. On volatility, DRIP has been the lower-risk option at 16.75%. 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 -22.29% return vs -43.88%. 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 3.98%, 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 (-0.05 vs -0.99), 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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