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 -25.09%/yr vs 7.28%/yr for FTGC. At a correlation of -0.27, they often move in opposite directions. 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 -37.17% return, which is significantly lower than FTGC's 20.23% return. Over the past 10 years, KOLD has underperformed FTGC with an annualized return of -25.09%, while FTGC has yielded a comparatively higher 7.28% 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%
FTGC
- 1D
- -0.24%
- 1M
- -6.30%
- YTD
- 20.23%
- 6M
- 20.44%
- 1Y
- 26.86%
- 3Y*
- 14.70%
- 5Y*
- 12.56%
- 10Y*
- 7.28%
KOLD vs. FTGC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
FTGC First Trust Global Tactical Commodity Strategy Fund | 20.23% | 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 -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.31 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | 2.74 | -2.62 |
| Martin ratioReturn relative to average drawdown | 0.24 | 9.43 | -9.19 |
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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% | -9.84% | -62.66% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -10.39% | -73.95% |
Max Drawdown (5Y)Largest decline over 5 years | -98.07% | -22.64% | -75.43% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -35.91% | -63.54% |
Current DrawdownCurrent decline from peak | -97.43% | -9.84% | -87.59% |
Average DrawdownAverage peak-to-trough decline | -69.56% | -27.34% | -42.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.81% | 2.98% | +34.83% |
Volatility
KOLD vs. FTGC - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 23.90% compared to First Trust Global Tactical Commodity Strategy Fund (FTGC) at 2.99%. 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 | 23.90% | 2.99% | +20.91% |
Volatility (6M)Calculated over the trailing 6-month period | 96.77% | 13.17% | +83.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.49% | 15.69% | +97.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.83% | 15.86% | +102.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 14.71% | +87.10% |
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 15.95%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FTGC First Trust Global Tactical Commodity Strategy Fund | 15.95% | 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 -0.32, 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 FTGC (2.99%). In terms of maximum drawdown, KOLD dropped -99.45% vs FTGC's -59.47%.
On 10-year performance, FTGC leads with 7.28% vs -25.09% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, FTGC has been the lower-risk option at 2.99%. 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 7.28% return vs -25.09%. 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 15.95%, 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 (1.72 vs 0.08), 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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