KOLD vs. NGS

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort Bloomberg Natural Gas (KOLD) and Natural Gas Services Group, Inc. (NGS).

KOLD is a passively managed fund by ProShares that tracks the performance of the Bloomberg Natural Gas Subindex (TR) (200%). It was launched on Oct 4, 2011.

Performance

KOLD vs. NGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and Natural Gas Services Group, Inc. (NGS). The values are adjusted to include any dividend payments, if applicable.

KOLD vs. NGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KOLD ProShares UltraShort Bloomberg Natural Gas	-38.45%	-17.48%	-11.34%	249.82%	-88.62%	-74.44%	22.05%	82.94%	-46.48%	72.02%
NGS Natural Gas Services Group, Inc.	12.49%	26.53%	66.67%	40.31%	9.46%	10.44%	-22.68%	-25.43%	-37.25%	-18.51%

Returns By Period

In the year-to-date period, KOLD achieves a -38.45% return, which is significantly lower than NGS's 12.49% return. Over the past 10 years, KOLD has underperformed NGS with an annualized return of -29.03%, while NGS has yielded a comparatively higher 6.14% annualized return.

KOLD

• 1D: -0.73%
• 1M: -7.42%
• YTD: -38.45%
• 6M: -37.60%
• 1Y: 10.94%
• 3Y*: -15.68%
• 5Y*: -43.73%
• 10Y*: -29.03%

NGS

• 1D: -1.20%
• 1M: -1.36%
• YTD: 12.49%
• 6M: 35.71%
• 1Y: 73.62%
• 3Y*: 54.67%
• 5Y*: 32.19%
• 10Y*: 6.14%

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

Return for Risk

KOLD vs. NGS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KOLD

KOLD Risk / Return Rank: 23
KOLD Sharpe Ratio Rank: 15
KOLD Sortino Ratio Rank: 38
KOLD Omega Ratio Rank: 34
KOLD Calmar Ratio Rank: 15
KOLD Martin Ratio Rank: 14

NGS

NGS Risk / Return Rank: 86
NGS Sharpe Ratio Rank: 88
NGS Sortino Ratio Rank: 83
NGS Omega Ratio Rank: 85
NGS Calmar Ratio Rank: 87
NGS Martin Ratio Rank: 90

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. NGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and Natural Gas Services Group, Inc. (NGS). 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	NGS	Difference
Sharpe ratio Return per unit of total volatility	0.09	1.72	-1.63
Sortino ratio Return per unit of downside risk	1.02	2.25	-1.23
Omega ratio Gain probability vs. loss probability	1.13	1.33	-0.20
Calmar ratio Return relative to maximum drawdown	0.11	3.26	-3.15
Martin ratio Return relative to average drawdown	0.27	10.41	-10.14
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. NGS - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is 0.09, which is lower than the NGS Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of KOLD and NGS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KOLD	NGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	1.72	-1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	0.73	-1.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.29	0.13	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	0.19	-0.34

Correlation

The correlation between KOLD and NGS is -0.08. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

KOLD vs. NGS - Dividend Comparison

KOLD has not paid dividends to shareholders, while NGS's dividend yield for the trailing twelve months is around 0.85%.

	TTM	2025
KOLD ProShares UltraShort Bloomberg Natural Gas	0.00%	0.00%
NGS Natural Gas Services Group, Inc.	0.85%	0.62%

Drawdowns

KOLD vs. NGS - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, which is greater than NGS's maximum drawdown of -89.59%. Use the drawdown chart below to compare losses from any high point for KOLD and NGS.

Drawdown Indicators

	KOLD	NGS	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-89.59%	-9.86%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	-23.09%	-49.41%
Max Drawdown (5Y) Largest decline over 5 years	-98.91%	-40.89%	-58.02%
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	-87.91%	-11.54%
Current Drawdown Current decline from peak	-97.48%	-5.22%	-92.26%
Average Drawdown Average peak-to-trough decline	-69.15%	-47.82%	-21.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.16%	7.24%	+23.92%

Volatility

KOLD vs. NGS - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 29.18% compared to Natural Gas Services Group, Inc. (NGS) at 11.01%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than NGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOLD	NGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.18%	11.01%	+18.17%
Volatility (6M) Calculated over the trailing 6-month period	101.24%	23.26%	+77.98%
Volatility (1Y) Calculated over the trailing 1-year period	120.63%	43.04%	+77.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.49%	44.07%	+74.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.91%	46.38%	+55.53%