KOLD vs. LABD

Last updated Jun 3, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and LABD (Direxion Daily S&P Biotech Bear 3x Shares) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), 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 -26.16%/yr vs -55.90%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and Direxion Daily S&P Biotech Bear 3x Shares (LABD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KOLD achieves a -34.34% return, which is significantly lower than LABD's -26.35% return. Over the past 10 years, KOLD has outperformed LABD with an annualized return of -26.16%, while LABD has yielded a comparatively lower -55.90% annualized return.

KOLD

• 1D: 1.05%
• 1M: -9.50%
• YTD: -34.34%
• 6M: -7.88%
• 1Y: 1.67%
• 3Y*: -19.53%
• 5Y*: -40.39%
• 10Y*: -26.16%

LABD

• 1D: 13.36%
• 1M: 2.25%
• YTD: -26.35%
• 6M: -33.91%
• 1Y: -80.10%
• 3Y*: -49.03%
• 5Y*: -40.90%
• 10Y*: -55.90%

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

KOLD vs. LABD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KOLD ProShares UltraShort Bloomberg Natural Gas	-34.34%	-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	-26.35%	-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 -0.18, 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	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
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 29, 2015	0.01

The correlation between KOLD and LABD shifts across timeframes, from -0.18 (1 year) to 0.01 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

KOLD vs. LABD — 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: 9
KOLD Sortino Ratio Rank: 17
KOLD Omega Ratio Rank: 18
KOLD Calmar Ratio Rank: 7
KOLD Martin Ratio Rank: 7

LABD

LABD Risk / Return Rank: 1
LABD Sharpe Ratio Rank: 1
LABD Sortino Ratio Rank: 0
LABD Omega Ratio Rank: 0
LABD Calmar Ratio Rank: 1
LABD Martin Ratio Rank: 2

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. 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.

	KOLD	LABD	Difference
Sharpe ratio Return per unit of total volatility	0.01	-1.06	+1.08
Sortino ratio Return per unit of downside risk	0.87	-2.21	+3.08
Omega ratio Gain probability vs. loss probability	1.11	0.75	+0.36
Calmar ratio Return relative to maximum drawdown	-0.18	-0.98	+0.79
Martin ratio Return relative to average drawdown	-0.37	-1.32	+0.95
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. LABD - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is 0.01, which is higher than the LABD Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of KOLD and LABD, 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	LABD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	-1.06	+1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	-0.43	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.26	-0.58	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	-0.54	+0.40

Drawdowns

KOLD vs. LABD - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum LABD drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for KOLD and LABD.

Drawdown Indicators

	KOLD	LABD	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-99.99%	+0.54%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	-83.21%	+10.71%
Max Drawdown (3Y) Largest decline over 3 years	-84.34%	-95.31%	+10.97%
Max Drawdown (5Y) Largest decline over 5 years	-98.45%	-98.24%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	-99.98%	+0.53%
Current Drawdown Current decline from peak	-97.32%	-99.99%	+2.67%
Average Drawdown Average peak-to-trough decline	-69.48%	-90.92%	+21.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.85%	62.04%	-26.19%

Volatility

KOLD vs. LABD - Volatility Comparison

The current volatility for ProShares UltraShort Bloomberg Natural Gas (KOLD) is 24.65%, while Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a volatility of 28.02%. 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.

Volatility by Period

	KOLD	LABD	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.65%	28.02%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	99.52%	61.98%	+37.54%
Volatility (1Y) Calculated over the trailing 1-year period	114.40%	76.01%	+38.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.74%	96.24%	+22.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.77%	95.94%	+5.83%

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 6.14%.

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	6.14%	6.67%	4.68%	6.13%	0.53%	0.00%	3.94%	1.75%	0.81%

Frequently Asked Questions

Can I hold both KOLD and LABD in my portfolio?

KOLD and LABD have a correlation of -0.18, 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 LABD?

LABD has higher volatility (28.02%) compared to KOLD (24.65%). In terms of maximum drawdown, KOLD dropped -99.45% vs LABD's -99.99%.

Which ETF is better, KOLD or LABD?

On 10-year performance, KOLD leads with -26.16% vs -55.90% for LABD. On fees, KOLD is cheaper at 0.95% per year. On volatility, KOLD has been the lower-risk option at 24.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOLD or LABD?

Over the 10-year period, KOLD has performed better with a -26.16% return vs -55.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOLD or LABD?

KOLD is cheaper with a 0.95% expense ratio, compared with 1.06% for LABD.

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

LABD has the higher dividend yield at 6.14%, compared with 0.00% for KOLD.

What is the main difference between KOLD and LABD?

KOLD is categorized as Leveraged Commodities, while LABD is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), 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.

Which has better risk-adjusted returns?

KOLD currently has the higher Sharpe Ratio (0.01 vs -1.06), 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.