KOLD vs. GLL

Last updated Jun 4, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and GLL (ProShares UltraShort Gold) are both Leveraged Commodities funds from ProShares - KOLD tracks the Bloomberg Natural Gas Subindex (TR) (200%) while GLL tracks the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, KOLD returned -26.46%/yr vs -23.37%/yr for GLL. At a correlation of -0.00, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

KOLD vs. GLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares UltraShort Gold (GLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KOLD achieves a -37.03% return, which is significantly lower than GLL's -14.49% return. Over the past 10 years, KOLD has underperformed GLL with an annualized return of -26.46%, while GLL has yielded a comparatively higher -23.37% annualized return.

KOLD

• 1D: -4.10%
• 1M: -9.53%
• YTD: -37.03%
• 6M: -5.09%
• 1Y: -1.55%
• 3Y*: -20.65%
• 5Y*: -40.59%
• 10Y*: -26.46%

GLL

• 1D: 2.05%
• 1M: 3.37%
• YTD: -14.49%
• 6M: -18.72%
• 1Y: -48.24%
• 3Y*: -41.46%
• 5Y*: -28.82%
• 10Y*: -23.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KOLD vs. GLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KOLD ProShares UltraShort Bloomberg Natural Gas	-37.03%	-17.48%	-11.34%	249.82%	-88.62%	-74.44%	22.05%	82.94%	-46.48%	72.02%
GLL ProShares UltraShort Gold	-14.49%	-62.81%	-33.33%	-14.91%	-2.12%	1.66%	-41.47%	-26.95%	5.39%	-23.67%

Correlation

The correlation between KOLD and GLL is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011	-0.00

Return for Risk

KOLD vs. GLL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KOLD

KOLD Risk / Return Rank: 11
KOLD Sharpe Ratio Rank: 8
KOLD Sortino Ratio Rank: 16
KOLD Omega Ratio Rank: 17
KOLD Calmar Ratio Rank: 8
KOLD Martin Ratio Rank: 8

GLL

GLL Risk / Return Rank: 2
GLL Sharpe Ratio Rank: 2
GLL Sortino Ratio Rank: 1
GLL Omega Ratio Rank: 2
GLL Calmar Ratio Rank: 3
GLL Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

KOLD vs. GLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares UltraShort Gold (GLL). 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	GLL	Difference
Sharpe ratio Return per unit of total volatility	-0.01	-0.92	+0.91
Sortino ratio Return per unit of downside risk	0.82	-1.50	+2.32
Omega ratio Gain probability vs. loss probability	1.11	0.83	+0.27
Calmar ratio Return relative to maximum drawdown	-0.02	-0.74	+0.72
Martin ratio Return relative to average drawdown	-0.04	-1.16	+1.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KOLD vs. GLL - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is -0.01, which is higher than the GLL Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of KOLD and GLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KOLD	GLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	-0.92	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	-0.81	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.26	-0.73	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	-0.67	+0.53

Drawdowns

KOLD vs. GLL - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for KOLD and GLL.

Drawdown Indicators

	KOLD	GLL	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-99.24%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	-65.10%	-7.40%
Max Drawdown (3Y) Largest decline over 3 years	-84.34%	-87.95%	+3.61%
Max Drawdown (5Y) Largest decline over 5 years	-98.45%	-89.76%	-8.69%
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	-95.76%	-3.69%
Current Drawdown Current decline from peak	-97.43%	-98.94%	+1.51%
Average Drawdown Average peak-to-trough decline	-69.49%	-85.13%	+15.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.01%	41.74%	-5.73%

Volatility

KOLD vs. GLL - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to ProShares UltraShort Gold (GLL) at 11.07%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOLD	GLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.65%	11.07%	+13.58%
Volatility (6M) Calculated over the trailing 6-month period	99.37%	44.43%	+54.94%
Volatility (1Y) Calculated over the trailing 1-year period	113.51%	52.38%	+61.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.76%	35.90%	+82.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.76%	32.12%	+69.64%

KOLD vs. GLL - Expense Ratio Comparison

Both KOLD and GLL have an expense ratio of 0.95%.

Dividends

KOLD vs. GLL - Dividend Comparison

Neither KOLD nor GLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KOLD and GLL in my portfolio?

KOLD and GLL have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOLD or GLL?

KOLD has higher volatility (24.65%) compared to GLL (11.07%). In terms of maximum drawdown, KOLD dropped -99.45% vs GLL's -99.24%.

Which ETF is better, KOLD or GLL?

On 10-year performance, GLL leads with -23.37% vs -26.46% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, GLL has been the lower-risk option at 11.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOLD or GLL?

Over the 10-year period, GLL has performed better with a -23.37% return vs -26.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOLD or GLL?

KOLD and GLL have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, KOLD or GLL?

KOLD and GLL have nearly identical dividend yields, around 0.00%.

What is the main difference between KOLD and GLL?

KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while GLL tracks Bloomberg Gold (-200%).

Which has better risk-adjusted returns?

KOLD currently has the higher Sharpe Ratio (-0.01 vs -0.92), 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.