KOLD vs. FNGD
KOLD (ProShares UltraShort Bloomberg Natural Gas) and FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (-300%). Both are passively managed. Over the past 5 years, KOLD returned -40.39%/yr vs -66.27%/yr for FNGD. At a 0.04 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
KOLD vs. FNGD - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -34.34% return, which is significantly higher than FNGD's -43.70% return.
KOLD
- 1D
- 1.05%
- 1M
- -9.50%
- YTD
- -34.34%
- 6M
- -7.88%
- 1Y
- 1.67%
- 3Y*
- -19.53%
- 5Y*
- -40.39%
- 10Y*
- -26.16%
FNGD
- 1D
- 1.51%
- 1M
- -31.76%
- YTD
- -43.70%
- 6M
- -34.07%
- 1Y
- -62.82%
- 3Y*
- -69.63%
- 5Y*
- -66.27%
- 10Y*
- —
KOLD vs. FNGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.34% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -38.51% |
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -43.70% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -13.73% |
Correlation
The correlation between KOLD and FNGD is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2018 | 0.04 |
The correlation between KOLD and FNGD shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. FNGD — Risk / Return Rank
KOLD
FNGD
KOLD vs. FNGD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD). 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.
| KOLD | FNGD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.01 | -1.07 | +1.09 |
Sortino ratioReturn per unit of downside risk | 0.87 | -1.88 | +2.75 |
Omega ratioGain probability vs. loss probability | 1.11 | 0.79 | +0.32 |
Calmar ratioReturn relative to maximum drawdown | -0.18 | -0.97 | +0.79 |
Martin ratioReturn relative to average drawdown | -0.37 | -1.91 | +1.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KOLD | FNGD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.01 | -1.07 | +1.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | -0.75 | +0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | -0.78 | +0.64 |
Drawdowns
KOLD vs. FNGD - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum FNGD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for KOLD and FNGD.
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Drawdown Indicators
| KOLD | FNGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -100.00% | +0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -65.92% | -6.58% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -97.37% | +13.03% |
Max Drawdown (5Y)Largest decline over 5 years | -98.45% | -99.67% | +1.22% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -97.32% | -100.00% | +2.68% |
Average DrawdownAverage peak-to-trough decline | -69.48% | -87.24% | +17.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.85% | 33.47% | +2.38% |
Volatility
KOLD vs. FNGD - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) at 16.71%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than FNGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | FNGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.65% | 16.71% | +7.94% |
Volatility (6M)Calculated over the trailing 6-month period | 99.52% | 45.80% | +53.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 114.40% | 58.66% | +55.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.74% | 88.79% | +29.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.77% | 91.02% | +10.75% |
KOLD vs. FNGD - Expense Ratio Comparison
Both KOLD and FNGD have an expense ratio of 0.95%.
Dividends
KOLD vs. FNGD - Dividend Comparison
Neither KOLD nor FNGD has paid dividends to shareholders.
Frequently Asked Questions
KOLD and FNGD have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.65%) compared to FNGD (16.71%). In terms of maximum drawdown, KOLD dropped -99.45% vs FNGD's -100.00%.
On 5-year performance, KOLD leads with -40.39% vs -66.27% for FNGD. Both ETFs have the same 0.95% expense ratio. On volatility, FNGD has been the lower-risk option at 16.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KOLD has performed better with a -40.39% return vs -66.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD and FNGD have the same expense ratio: 0.95% per year.
KOLD and FNGD have nearly identical dividend yields, around 0.00%.
KOLD is categorized as Leveraged Commodities, while FNGD is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while FNGD tracks NYSE FANG+ Index (-300%). They also come from different issuers: ProShares and BMO.
KOLD currently has the higher Sharpe Ratio (0.01 vs -1.07), 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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