KOLD vs. FTGC
KOLD (ProShares UltraShort Bloomberg Natural Gas) and FTGC (First Trust Global Tactical Commodity Strategy Fund) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while FTGC is a Commodities fund actively managed by First Trust. KOLD is passively managed, while FTGC is actively managed. Over the past 10 years, KOLD returned -22.29%/yr vs 8.01%/yr for FTGC. Their -0.27 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
KOLD vs. FTGC - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -16.81% return, which is significantly lower than FTGC's 27.22% return. Over the past 10 years, KOLD has underperformed FTGC with an annualized return of -22.29%, while FTGC has yielded a comparatively higher 8.01% 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%
FTGC
- 1D
- 0.03%
- 1M
- 6.75%
- 6M
- 16.44%
- YTD
- 27.22%
- 1Y
- 39.60%
- 3Y*
- 14.53%
- 5Y*
- 12.93%
- 10Y*
- 8.01%
- ALL TIME*
- 3.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.55M | $14.47M | $23.37M | |
| $57.12M | $61.92M | $74.91M |
KOLD vs. FTGC - 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% |
FTGC First Trust Global Tactical Commodity Strategy Fund | 27.22% | 14.61% | 9.96% | -5.36% | 17.36% | 27.95% | 2.17% | 6.40% | -12.75% | 2.73% |
Correlation
The correlation between KOLD and FTGC is -0.34, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.34 |
Correlation (3Y) Balances recent behavior with more history. | -0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.31 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.26 |
Correlation (All Time) Calculated using the full available price history since Oct 23, 2013 | -0.27 |
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Return for Risk
KOLD vs. FTGC — Risk / Return Rank
KOLD
FTGC
KOLD vs. FTGC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and First Trust Global Tactical Commodity Strategy Fund (FTGC). 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 | FTGC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.42 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 3.14 | -3.21 |
| Martin ratioReturn relative to average drawdown | -0.12 | 10.32 | -10.45 |
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Drawdowns
KOLD vs. FTGC - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than FTGC's maximum drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for KOLD and FTGC.
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Drawdown Indicators
| KOLD | FTGC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -59.47% | -39.98% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -12.34% | -60.16% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -12.34% | -72.00% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -22.64% | -74.82% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -35.91% | -63.54% |
Current DrawdownCurrent decline from peak | -96.60% | -4.60% | -92.00% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -27.17% | -42.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 3.75% | +37.17% |
Volatility
KOLD vs. FTGC - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to First Trust Global Tactical Commodity Strategy Fund (FTGC) at 4.34%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than FTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | FTGC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.96% | 4.34% | +13.62% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 13.35% | +58.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 15.87% | +94.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 15.71% | +103.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 14.73% | +86.87% |
KOLD vs. FTGC - Expense Ratio Comparison
Both KOLD and FTGC have an expense ratio of 0.95%.
Dividends
KOLD vs. FTGC - Dividend Comparison
KOLD has not paid dividends to shareholders, while FTGC's dividend yield for the trailing twelve months is around 15.23%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FTGC First Trust Global Tactical Commodity Strategy Fund | 15.23% | 17.74% | 3.05% | 3.34% | 10.35% | 7.21% | 0.00% | 0.81% | 0.80% | 1.21% |
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KOLD and FTGC have a correlation of -0.34, 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 FTGC (4.34%). In terms of maximum drawdown, KOLD dropped -99.45% vs FTGC's -59.47%.
On 10-year performance, FTGC leads with 8.01% vs -22.29% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, FTGC has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FTGC has performed better with a 8.01% return vs -22.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD and FTGC have the same expense ratio: 0.95% per year.
FTGC has the higher dividend yield at 15.23%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while FTGC is Commodities. They also come from different issuers: ProShares and First Trust.
FTGC currently has the higher Sharpe Ratio (2.44 vs -0.05), 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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