KOLD vs. NBET
KOLD (ProShares UltraShort Bloomberg Natural Gas) and NBET (Neuberger Berman Energy Transition & Infrastructure ETF) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while NBET is a Energy Equities fund actively managed by Neuberger Berman. KOLD is passively managed, while NBET is actively managed. Over the past 3 years, KOLD returned -5.14%/yr vs 19.86%/yr for NBET. At a correlation of -0.17, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.65%/yr for NBET.
Performance
KOLD vs. NBET - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -34.28% return, which is significantly lower than NBET's 20.80% return.
KOLD
- 1D
- 4.60%
- 1M
- -10.33%
- YTD
- -34.28%
- 6M
- -29.48%
- 1Y
- 4.46%
- 3Y*
- -5.14%
- 5Y*
- -37.54%
- 10Y*
- -24.75%
NBET
- 1D
- 0.19%
- 1M
- -5.87%
- YTD
- 20.80%
- 6M
- 20.90%
- 1Y
- 23.09%
- 3Y*
- 19.86%
- 5Y*
- —
- 10Y*
- —
KOLD vs. NBET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.28% | -17.48% | -11.34% | 249.82% | -49.96% |
NBET Neuberger Berman Energy Transition & Infrastructure ETF | 20.80% | 5.87% | 30.30% | 7.48% | -6.07% |
Correlation
The correlation between KOLD and NBET is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2022 | -0.17 |
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Return for Risk
KOLD vs. NBET — Risk / Return Rank
KOLD
NBET
KOLD vs. NBET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and Neuberger Berman Energy Transition & Infrastructure ETF (NBET). 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 | NBET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.26 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 2.90 | -2.84 |
| Martin ratioReturn relative to average drawdown | 0.12 | 7.90 | -7.78 |
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Drawdowns
KOLD vs. NBET - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than NBET's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for KOLD and NBET.
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Drawdown Indicators
| KOLD | NBET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -18.72% | -80.73% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -8.00% | -64.50% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -18.72% | -65.62% |
Max Drawdown (5Y)Largest decline over 5 years | -97.96% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -97.31% | -6.98% | -90.33% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -5.07% | -64.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.96% | 2.93% | +35.03% |
Volatility
KOLD vs. NBET - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.20% compared to Neuberger Berman Energy Transition & Infrastructure ETF (NBET) at 4.77%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than NBET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | NBET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.20% | 4.77% | +19.43% |
Volatility (6M)Calculated over the trailing 6-month period | 96.27% | 11.00% | +85.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.34% | 14.66% | +98.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.84% | 19.48% | +99.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.82% | 19.48% | +82.34% |
KOLD vs. NBET - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than NBET's 0.65% expense ratio.
Dividends
KOLD vs. NBET - Dividend Comparison
KOLD has not paid dividends to shareholders, while NBET's dividend yield for the trailing twelve months is around 1.71%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NBET Neuberger Berman Energy Transition & Infrastructure ETF | 1.71% | 2.70% | 2.43% | 1.22% | 0.87% |
Frequently Asked Questions
KOLD and NBET have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.20%) compared to NBET (4.77%). In terms of maximum drawdown, KOLD dropped -99.45% vs NBET's -18.72%.
On 3-year performance, NBET leads with 19.86% vs -5.14% for KOLD. On fees, NBET is cheaper at 0.65% per year. On volatility, NBET has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NBET has performed better with a 19.86% return vs -5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NBET is cheaper with a 0.65% expense ratio, compared with 0.95% for KOLD.
NBET has the higher dividend yield at 1.71%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while NBET is Energy Equities. They also come from different issuers: ProShares and Neuberger Berman. Their fees differ too: 0.95% for KOLD and 0.65% for NBET.
NBET currently has the higher Sharpe Ratio (1.59 vs 0.04), 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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