KOLD vs. NG
KOLD (ProShares UltraShort Bloomberg Natural Gas) is Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while NG (NovaGold Resources Inc.) is a stock. Over the past 10 years, KOLD returned -21.72%/yr vs -0.67%/yr for NG. Their -0.01 correlation means they have often moved in opposite directions in the past.
Performance
KOLD vs. NG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KOLD achieves a -11.82% return, which is significantly higher than NG's -32.08% return. Over the past 10 years, KOLD has underperformed NG with an annualized return of -21.72%, while NG has yielded a comparatively higher -0.67% annualized return.
KOLD
- 1D
- 6.87%
- 1M
- 32.68%
- 6M
- 61.47%
- YTD
- -11.82%
- 1Y
- -8.10%
- 3Y*
- 0.78%
- 5Y*
- -27.79%
- 10Y*
- -21.72%
- ALL TIME*
- -11.30%
NG
- 1D
- 6.57%
- 1M
- -1.71%
- 6M
- -30.90%
- YTD
- -32.08%
- 1Y
- 15.51%
- 3Y*
- 13.32%
- 5Y*
- -3.54%
- 10Y*
- -0.67%
- ALL TIME*
- 1.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $58.21M | $60.90M | $74.57M | |
| $43.09M | $30.67M | $28.75M |
KOLD vs. NG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -11.82% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
NG NovaGold Resources Inc. | -32.08% | 179.88% | -10.96% | -37.46% | -12.83% | -29.06% | 7.92% | 126.84% | 0.51% | -13.82% |
Correlation
The correlation between KOLD and NG is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (3Y) Balances recent behavior with more history. | -0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.02 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.01 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
KOLD vs. NG — Risk / Return Rank
KOLD
NG
KOLD vs. NG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and NovaGold Resources Inc. (NG). 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 | NG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.10 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 0.25 | -0.36 |
| Martin ratioReturn relative to average drawdown | -0.20 | 0.51 | -0.71 |
Loading charts...
Drawdowns
KOLD vs. NG - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum NG drawdown of -97.85%. Use the drawdown chart below to compare losses from any high point for KOLD and NG.
Loading charts...
Drawdown Indicators
| KOLD | NG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -97.85% | -1.60% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -63.52% | -8.98% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -63.52% | -20.82% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -72.20% | -25.26% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -81.22% | -18.23% |
Current DrawdownCurrent decline from peak | -96.40% | -62.95% | -33.45% |
Average DrawdownAverage peak-to-trough decline | -69.78% | -58.06% | -11.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.07% | 30.33% | +10.74% |
Volatility
KOLD vs. NG - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Natural Gas (KOLD) is 18.78%, while NovaGold Resources Inc. (NG) has a volatility of 20.39%. This indicates that KOLD experiences smaller price fluctuations and is considered to be less risky than NG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| KOLD | NG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.78% | 20.39% | -1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 53.94% | 60.17% | -6.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.51% | 75.60% | +34.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.84% | 60.74% | +58.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.62% | 56.33% | +45.29% |
Dividends
KOLD vs. NG - Dividend Comparison
Neither KOLD nor NG has paid dividends to shareholders.
Frequently Asked Questions
KOLD and NG have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NG has higher volatility (20.39%) compared to KOLD (18.78%). In terms of maximum drawdown, KOLD dropped -99.45% vs NG's -97.85%.
NG currently has the higher Sharpe Ratio (0.21 vs -0.07), 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.
Find the right allocation for KOLD and NG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer