KOLD vs. IQQQ

Last updated Jun 25, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, KOLD returned -6.21% vs 28.55% for IQQQ. At a 0.04 correlation, their price movements are largely independent. KOLD charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

KOLD vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KOLD achieves a -37.06% return, which is significantly lower than IQQQ's 12.97% 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%

IQQQ

• 1D: -0.63%
• 1M: -1.33%
• YTD: 12.97%
• 6M: 11.32%
• 1Y: 28.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KOLD vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KOLD ProShares UltraShort Bloomberg Natural Gas	-37.06%	-17.48%	-37.21%
IQQQ ProShares Nasdaq-100 High Income ETF	12.97%	17.11%	14.82%

Correlation

The correlation between KOLD and IQQQ is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.04

The correlation between KOLD and IQQQ shifts across timeframes, from 0.04 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

KOLD vs. IQQQ — 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: 15
KOLD Omega Ratio Rank: 16
KOLD Calmar Ratio Rank: 8
KOLD Martin Ratio Rank: 8

IQQQ

IQQQ Risk / Return Rank: 54
IQQQ Sharpe Ratio Rank: 55
IQQQ Sortino Ratio Rank: 50
IQQQ Omega Ratio Rank: 51
IQQQ Calmar Ratio Rank: 58
IQQQ Martin Ratio Rank: 55

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	1.69	-1.74
Sortino ratio: Return per unit of downside risk	0.76	2.22	-1.47
Omega ratio: Gain probability vs. loss probability	1.10	1.29	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.09	2.58	-2.66
Martin ratio: Return relative to average drawdown	-0.16	8.79	-8.96

KOLD vs. IQQQ - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is -0.06, which is lower than the IQQQ Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of KOLD and IQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KOLD vs. IQQQ - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for KOLD and IQQQ.

Drawdown Indicators

	KOLD	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-20.41%	-79.04%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	-11.13%	-61.37%
Max Drawdown (3Y) Largest decline over 3 years	-84.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-97.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	—	—
Current Drawdown Current decline from peak	-97.43%	-5.13%	-92.30%
Average Drawdown Average peak-to-trough decline	-69.57%	-3.63%	-65.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.11%	3.25%	+34.86%

Volatility

KOLD vs. IQQQ - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 23.46% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 8.33%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOLD	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.46%	8.33%	+15.13%
Volatility (6M) Calculated over the trailing 6-month period	96.35%	13.55%	+82.80%
Volatility (1Y) Calculated over the trailing 1-year period	113.09%	17.06%	+96.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.82%	19.07%	+99.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.81%	19.07%	+82.74%

KOLD vs. IQQQ - Expense Ratio Comparison

KOLD has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

KOLD vs. IQQQ - Dividend Comparison

KOLD has not paid dividends to shareholders, while IQQQ's dividend yield for the trailing twelve months is around 4.65%.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	4.65%	10.34%	7.27%
KOLD ProShares UltraShort Bloomberg Natural Gas	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KOLD and IQQQ in my portfolio?

KOLD and IQQQ have a correlation of 0.17, 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 IQQQ?

KOLD has higher volatility (23.46%) compared to IQQQ (8.33%). In terms of maximum drawdown, KOLD dropped -99.45% vs IQQQ's -20.41%.

Which ETF is better, KOLD or IQQQ?

On 1-year performance, IQQQ leads with 28.55% vs -6.21% for KOLD. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 8.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOLD or IQQQ?

Over the 1-year period, IQQQ has performed better with a 28.55% return vs -6.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOLD or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for KOLD.

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

IQQQ has the higher dividend yield at 4.65%, compared with 0.00% for KOLD.

What is the main difference between KOLD and IQQQ?

KOLD is categorized as Oil & Gas, while IQQQ is Nasdaq-100. KOLD tracks Bloomberg Natural Gas Subindex, while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for KOLD and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.69 vs -0.06), 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.