KOLD vs. LABD
KOLD (ProShares UltraShort Bloomberg Natural Gas) and LABD (Direxion Daily S&P Biotech Bear 3x Shares) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while LABD is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry Index (-300%). Both are passively managed. Over the past 10 years, KOLD returned -23.00%/yr vs -58.40%/yr for LABD. At a 0.01 correlation, their price movements are largely independent. KOLD charges 0.95%/yr vs 1.06%/yr for LABD.
Performance
KOLD vs. LABD - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -20.67% return, which is significantly higher than LABD's -61.31% return. Over the past 10 years, KOLD has outperformed LABD with an annualized return of -23.00%, while LABD has yielded a comparatively lower -58.40% annualized return.
KOLD
- 1D
- 3.78%
- 1M
- 18.31%
- 6M
- -33.22%
- YTD
- -20.67%
- 1Y
- 4.87%
- 3Y*
- -5.01%
- 5Y*
- -33.28%
- 10Y*
- -23.00%
LABD
- 1D
- 7.19%
- 1M
- -38.51%
- 6M
- -59.02%
- YTD
- -61.31%
- 1Y
- -87.02%
- 3Y*
- -59.73%
- 5Y*
- -47.75%
- 10Y*
- -58.40%
KOLD vs. LABD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -20.67% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | -61.31% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | -6.26% | -75.67% |
Correlation
The correlation between KOLD and LABD is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | 0.01 |
The correlation between KOLD and LABD shifts across timeframes, from -0.14 (1 year) to 0.01 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. LABD — Risk / Return Rank
KOLD
LABD
KOLD vs. LABD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and Direxion Daily S&P Biotech Bear 3x Shares (LABD). 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 | LABD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +3.62 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.70 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 0.07 | -0.97 | +1.04 |
| Martin ratioReturn relative to average drawdown | 0.12 | -1.36 | +1.49 |
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Drawdowns
KOLD vs. LABD - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum LABD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for KOLD and LABD.
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Drawdown Indicators
| KOLD | LABD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -100.00% | +0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -89.59% | +17.09% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -97.43% | +13.09% |
Max Drawdown (5Y)Largest decline over 5 years | -97.82% | -99.04% | +1.22% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -99.99% | +0.54% |
Current DrawdownCurrent decline from peak | -96.76% | -99.99% | +3.23% |
Average DrawdownAverage peak-to-trough decline | -69.66% | -91.03% | +21.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.68% | 63.83% | -24.15% |
Volatility
KOLD vs. LABD - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Natural Gas (KOLD) is 19.60%, while Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a volatility of 24.76%. This indicates that KOLD experiences smaller price fluctuations and is considered to be less risky than LABD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | LABD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.60% | 24.76% | -5.16% |
Volatility (6M)Calculated over the trailing 6-month period | 93.73% | 65.13% | +28.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 112.06% | 79.49% | +32.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.90% | 96.77% | +22.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.74% | 95.76% | +5.98% |
KOLD vs. LABD - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is lower than LABD's 1.06% expense ratio.
Dividends
KOLD vs. LABD - Dividend Comparison
KOLD has not paid dividends to shareholders, while LABD's dividend yield for the trailing twelve months is around 8.12%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | 8.12% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
Frequently Asked Questions
KOLD and LABD have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (24.76%) compared to KOLD (19.60%). In terms of maximum drawdown, KOLD dropped -99.45% vs LABD's -100.00%.
On 10-year performance, KOLD leads with -23.00% vs -58.40% for LABD. On fees, KOLD is cheaper at 0.95% per year. On volatility, KOLD has been the lower-risk option at 19.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KOLD has performed better with a -23.00% return vs -58.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD is cheaper with a 0.95% expense ratio, compared with 1.06% for LABD.
LABD has the higher dividend yield at 8.12%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while LABD is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex, while LABD tracks S&P Biotechnology Select Industry Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for KOLD and 1.06% for LABD.
KOLD currently has the higher Sharpe Ratio (0.04 vs -1.10), 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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