KOLD vs. NOBL
KOLD (ProShares UltraShort Bloomberg Natural Gas) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, KOLD returned -22.29%/yr vs 9.86%/yr for NOBL. Their -0.04 correlation means they have often moved in opposite directions in the past. KOLD charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
KOLD vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -16.81% return, which is significantly lower than NOBL's 10.84% return. Over the past 10 years, KOLD has underperformed NOBL with an annualized return of -22.29%, while NOBL has yielded a comparatively higher 9.86% annualized return.
KOLD
- 1D
- -1.11%
- 1M
- 25.17%
- 6M
- 116.05%
- YTD
- -16.81%
- 1Y
- -4.80%
- 3Y*
- -1.53%
- 5Y*
- -30.36%
- 10Y*
- -22.29%
- ALL TIME*
- -11.66%
NOBL
- 1D
- -0.19%
- 1M
- -1.09%
- 6M
- 4.89%
- YTD
- 10.84%
- 1Y
- 15.41%
- 3Y*
- 8.04%
- 5Y*
- 6.49%
- 10Y*
- 9.86%
- ALL TIME*
- 10.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.12M | $61.92M | $74.91M | |
| $66.40M | $66.46M | $60.79M |
KOLD vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -16.81% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 10.84% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between KOLD and NOBL is 0.10, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.04 |
The correlation between KOLD and NOBL shifts across timeframes, from -0.08 (5 years) to 0.10 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. NOBL — Risk / Return Rank
KOLD
NOBL
KOLD vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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 | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.21 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 1.62 | -1.69 |
| Martin ratioReturn relative to average drawdown | -0.12 | 4.10 | -4.22 |
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Drawdowns
KOLD vs. NOBL - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for KOLD and NOBL.
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Drawdown Indicators
| KOLD | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -35.43% | -64.02% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -9.11% | -63.39% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -15.36% | -68.98% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -17.92% | -79.54% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -35.43% | -64.02% |
Current DrawdownCurrent decline from peak | -96.60% | -2.31% | -94.29% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -3.46% | -66.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 3.59% | +37.33% |
Volatility
KOLD vs. NOBL - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 5.07%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.96% | 5.07% | +12.89% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 9.11% | +62.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 11.92% | +98.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 14.48% | +104.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 16.63% | +84.97% |
KOLD vs. NOBL - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
KOLD vs. NOBL - Dividend Comparison
KOLD has not paid dividends to shareholders, while NOBL's dividend yield for the trailing twelve months is around 2.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.04% | 2.14% | 2.05% | 2.09% | 1.94% | 1.89% | 2.14% | 1.89% | 2.37% | 1.74% | 2.13% | 2.02% |
Frequently Asked Questions
KOLD and NOBL have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (17.96%) compared to NOBL (5.07%). In terms of maximum drawdown, KOLD dropped -99.45% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.86% vs -22.29% for KOLD. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NOBL has performed better with a 9.86% return vs -22.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for KOLD.
NOBL has the higher dividend yield at 2.04%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while NOBL is Dividend. KOLD tracks Bloomberg Natural Gas Subindex, while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for KOLD and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.24 vs -0.05), 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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