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KOLD vs. DRIP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

KOLD vs. DRIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP). The values are adjusted to include any dividend payments, if applicable.

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

KOLD vs. DRIP - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KOLD
KOLD Risk / Return Rank: 1313
Overall Rank
KOLD Sharpe Ratio Rank: 99
Sharpe Ratio Rank
KOLD Sortino Ratio Rank: 1818
Sortino Ratio Rank
KOLD Omega Ratio Rank: 1818
Omega Ratio Rank
KOLD Calmar Ratio Rank: 1010
Calmar Ratio Rank
KOLD Martin Ratio Rank: 99
Martin Ratio Rank

DRIP
DRIP Risk / Return Rank: 44
Overall Rank
DRIP Sharpe Ratio Rank: 44
Sharpe Ratio Rank
DRIP Sortino Ratio Rank: 44
Sortino Ratio Rank
DRIP Omega Ratio Rank: 44
Omega Ratio Rank
DRIP Calmar Ratio Rank: 44
Calmar Ratio Rank
DRIP Martin Ratio Rank: 44
Martin Ratio Rank
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. 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.


KOLDDRIPDifference
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

KOLD vs. DRIP - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is 0.08, which is higher than the DRIP Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of KOLD and DRIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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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


KOLDDRIPDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-97.43%

-99.93%

+2.50%

Average Drawdown

Average peak-to-trough decline

-69.56%

-90.46%

+20.90%

Ulcer Index

Depth 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


KOLDDRIPDifference

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%.


PositionTTM20252024202320222021202020192018
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.

Portfolio Optimizer

Find the right allocation for KOLD and DRIP

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