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 Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (-300%). Both are passively managed. Over the past 5 years, KOLD returned -33.30%/yr vs -63.63%/yr for FNGD. At a 0.03 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 -21.43% return, which is significantly higher than FNGD's -36.98% return.
KOLD
- 1D
- 2.74%
- 1M
- 24.48%
- 6M
- -39.97%
- YTD
- -21.43%
- 1Y
- 17.81%
- 3Y*
- -5.58%
- 5Y*
- -33.30%
- 10Y*
- -23.09%
FNGD
- 1D
- 4.78%
- 1M
- -5.44%
- 6M
- -39.84%
- YTD
- -36.98%
- 1Y
- -49.22%
- 3Y*
- -65.04%
- 5Y*
- -63.63%
- 10Y*
- —
KOLD vs. FNGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -21.43% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -43.74% |
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -36.98% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -16.61% |
Correlation
The correlation between KOLD and FNGD is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018 | 0.03 |
The correlation between KOLD and FNGD shifts across timeframes, from -0.13 (1 year) to 0.03 (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.
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 | FNGD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.89 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | -0.75 | +1.00 |
| Martin ratioReturn relative to average drawdown | 0.45 | -1.49 | +1.93 |
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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% | -97.35% | +13.01% |
Max Drawdown (5Y)Largest decline over 5 years | -97.75% | -99.67% | +1.92% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -96.79% | -100.00% | +3.21% |
Average DrawdownAverage peak-to-trough decline | -69.69% | -87.39% | +17.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.95% | 33.13% | +6.82% |
Volatility
KOLD vs. FNGD - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) and MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) have volatilities of 18.94% and 19.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 18.94% | 19.89% | -0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 91.36% | 53.82% | +37.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 111.66% | 65.42% | +46.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.90% | 89.65% | +29.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.71% | 91.04% | +10.67% |
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 -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNGD has higher volatility (19.89%) compared to KOLD (18.94%). In terms of maximum drawdown, KOLD dropped -99.45% vs FNGD's -100.00%.
On 5-year performance, KOLD leads with -33.30% vs -63.63% for FNGD. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 18.94%. 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 -33.30% return vs -63.63%. 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 Oil & Gas, while FNGD is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex, while FNGD tracks NYSE FANG+ Index (-300%). They also come from different issuers: ProShares and BMO.
KOLD currently has the higher Sharpe Ratio (0.16 vs -0.75), 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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