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 -25.08%/yr vs -0.32%/yr for NG. At a correlation of -0.01, they often move in opposite directions.
Performance
KOLD vs. NG - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -37.06% return, which is significantly lower than NG's -33.48% return. Over the past 10 years, KOLD has underperformed NG with an annualized return of -25.08%, while NG has yielded a comparatively higher -0.32% annualized 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%
NG
- 1D
- -14.13%
- 1M
- -19.79%
- YTD
- -33.48%
- 6M
- -37.63%
- 1Y
- 58.97%
- 3Y*
- 10.62%
- 5Y*
- -4.99%
- 10Y*
- -0.32%
KOLD vs. NG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.06% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
NG NovaGold Resources Inc. | -33.48% | 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 is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.01 |
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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 | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.19 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 1.05 | -1.14 |
| Martin ratioReturn relative to average drawdown | -0.16 | 2.52 | -2.69 |
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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.
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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% | -56.34% | -16.16% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -56.34% | -28.00% |
Max Drawdown (5Y)Largest decline over 5 years | -97.96% | -73.33% | -24.63% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -81.22% | -18.23% |
Current DrawdownCurrent decline from peak | -97.43% | -63.71% | -33.72% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -58.02% | -11.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.11% | 23.44% | +14.67% |
Volatility
KOLD vs. NG - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Natural Gas (KOLD) is 23.46%, while NovaGold Resources Inc. (NG) has a volatility of 26.06%. 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.
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Volatility by Period
| KOLD | NG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.46% | 26.06% | -2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 96.35% | 63.67% | +32.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.09% | 75.71% | +37.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.82% | 60.18% | +58.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 56.23% | +45.58% |
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 (26.06%) compared to KOLD (23.46%). In terms of maximum drawdown, KOLD dropped -99.45% vs NG's -97.85%.
NG currently has the higher Sharpe Ratio (0.78 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.
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