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 -37.39%/yr vs -62.21%/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
Loading charts...
Returns By Period
In the year-to-date period, KOLD achieves a -37.06% return, which is significantly lower than FNGD's -25.43% return.
KOLD
- 1D
- -4.23%
- 1M
- -14.12%
- YTD
- -37.06%
- 6M
- -35.65%
- 1Y
- -6.21%
- 3Y*
- -6.50%
- 5Y*
- -37.39%
- 10Y*
- -25.08%
FNGD
- 1D
- 2.34%
- 1M
- 4.80%
- YTD
- -25.43%
- 6M
- -21.40%
- 1Y
- -46.02%
- 3Y*
- -65.22%
- 5Y*
- -62.21%
- 10Y*
- —
KOLD vs. FNGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.06% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -43.74% |
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -25.43% | -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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.65 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.90 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | -0.70 | +0.61 |
| Martin ratioReturn relative to average drawdown | -0.16 | -1.45 | +1.29 |
Loading charts...
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.
Loading charts...
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 | -97.96% | -99.67% | +1.71% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -97.43% | -100.00% | +2.57% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -87.30% | +17.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.11% | 32.73% | +5.38% |
Volatility
KOLD vs. FNGD - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Natural Gas (KOLD) is 23.46%, while MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a volatility of 33.11%. This indicates that KOLD experiences smaller price fluctuations and is considered to be less risky than FNGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| KOLD | FNGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.46% | 33.11% | -9.65% |
Volatility (6M)Calculated over the trailing 6-month period | 96.35% | 53.19% | +43.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.09% | 65.48% | +47.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.82% | 89.66% | +29.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 91.28% | +10.53% |
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 (33.11%) compared to KOLD (23.46%). In terms of maximum drawdown, KOLD dropped -99.45% vs FNGD's -100.00%.
On 5-year performance, KOLD leads with -37.39% vs -62.21% for FNGD. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 23.46%. 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 -37.39% return vs -62.21%. 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 (-0.06 vs -0.71), 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.
Find the right allocation for KOLD and FNGD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer