KOLD vs. OILK
KOLD (ProShares UltraShort Bloomberg Natural Gas) and OILK (ProShares K-1 Free Crude Oil Strategy ETF) are both Oil & Gas funds from ProShares - KOLD tracks the Bloomberg Natural Gas Subindex while OILK tracks the Bloomberg Commodity Balanced WTI Crude Oil Index. Both are passively managed. Over the past 5 years, KOLD returned -37.54%/yr vs 13.00%/yr for OILK. At a correlation of -0.13, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.68%/yr for OILK.
Performance
KOLD vs. OILK - 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 OILK's 40.78% 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%
OILK
- 1D
- -0.59%
- 1M
- -13.38%
- YTD
- 40.78%
- 6M
- 38.63%
- 1Y
- 27.24%
- 3Y*
- 13.91%
- 5Y*
- 13.00%
- 10Y*
- —
KOLD vs. OILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.28% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 40.78% | -11.86% | 8.18% | -0.97% | 27.57% | 63.71% | -61.09% | 30.48% | -20.40% | 2.82% |
Correlation
The correlation between KOLD and OILK 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 | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | -0.13 |
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Return for Risk
KOLD vs. OILK — Risk / Return Rank
KOLD
OILK
KOLD vs. OILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares K-1 Free Crude Oil Strategy ETF (OILK). 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 | OILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.18 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 1.57 | -1.51 |
| Martin ratioReturn relative to average drawdown | 0.12 | 3.49 | -3.37 |
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Drawdowns
KOLD vs. OILK - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than OILK's maximum drawdown of -83.76%. Use the drawdown chart below to compare losses from any high point for KOLD and OILK.
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Drawdown Indicators
| KOLD | OILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -83.76% | -15.69% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -17.41% | -55.09% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -23.42% | -60.92% |
Max Drawdown (5Y)Largest decline over 5 years | -97.96% | -34.69% | -63.27% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -97.31% | -17.41% | -79.90% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -32.48% | -37.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.96% | 7.86% | +30.10% |
Volatility
KOLD vs. OILK - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.20% compared to ProShares K-1 Free Crude Oil Strategy ETF (OILK) at 8.02%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than OILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | OILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.20% | 8.02% | +16.18% |
Volatility (6M)Calculated over the trailing 6-month period | 96.27% | 24.07% | +72.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.34% | 29.00% | +84.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.84% | 30.27% | +88.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.82% | 35.96% | +65.86% |
KOLD vs. OILK - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than OILK's 0.68% expense ratio.
Dividends
KOLD vs. OILK - Dividend Comparison
KOLD has not paid dividends to shareholders, while OILK's dividend yield for the trailing twelve months is around 9.54%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
OILK ProShares K-1 Free Crude Oil Strategy ETF | 9.54% | 4.79% | 3.11% | 5.80% | 17.32% | 68.82% | 0.13% | 0.94% | 0.58% | 6.17% |
Frequently Asked Questions
KOLD and OILK 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 OILK (8.02%). In terms of maximum drawdown, KOLD dropped -99.45% vs OILK's -83.76%.
On 5-year performance, OILK leads with 13.00% vs -37.54% for KOLD. On fees, OILK is cheaper at 0.68% per year. On volatility, OILK has been the lower-risk option at 8.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OILK has performed better with a 13.00% return vs -37.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.68% expense ratio, compared with 0.95% for KOLD.
OILK has the higher dividend yield at 9.54%, compared with 0.00% for KOLD.
KOLD tracks Bloomberg Natural Gas Subindex, while OILK tracks Bloomberg Commodity Balanced WTI Crude Oil Index. Their fees differ too: 0.95% for KOLD and 0.68% for OILK.
OILK currently has the higher Sharpe Ratio (0.96 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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