KOLD vs. OILK
KOLD (ProShares UltraShort Bloomberg Natural Gas) and OILK (ProShares K-1 Free Crude Oil 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 -30.36%/yr vs 14.44%/yr for OILK. Their -0.13 correlation means they have often moved in opposite directions in the past. KOLD charges 0.95%/yr vs 0.69%/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 -16.81% return, which is significantly lower than OILK's 52.43% 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%
OILK
- 1D
- 0.57%
- 1M
- 12.53%
- 6M
- 35.52%
- YTD
- 52.43%
- 1Y
- 38.09%
- 3Y*
- 11.27%
- 5Y*
- 14.44%
- 10Y*
- —
- ALL TIME*
- 3.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.12M | $61.92M | $74.91M | |
| $7.09M | $6.91M | $10.69M |
KOLD vs. OILK - 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% |
OILK ProShares K-1 Free Crude Oil ETF | 52.43% | -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 -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016 | -0.13 |
The correlation between KOLD and OILK shifts across timeframes, from -0.24 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.
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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 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 | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.20 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 1.61 | -1.67 |
| Martin ratioReturn relative to average drawdown | -0.12 | 4.54 | -4.67 |
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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% | -21.19% | -51.31% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -23.42% | -60.92% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -34.69% | -62.77% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -96.60% | -10.57% | -86.03% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -32.28% | -37.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 8.49% | +32.43% |
Volatility
KOLD vs. OILK - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to ProShares K-1 Free Crude Oil ETF (OILK) at 11.31%. 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 | 17.96% | 11.31% | +6.65% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 25.98% | +45.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 30.21% | +80.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 30.46% | +88.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 35.99% | +65.61% |
KOLD vs. OILK - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than OILK's 0.69% 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 8.57%.
| 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 ETF | 8.37% | 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 -0.24, 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 OILK (11.31%). In terms of maximum drawdown, KOLD dropped -99.45% vs OILK's -83.76%.
On 5-year performance, OILK leads with 14.44% vs -30.36% for KOLD. On fees, OILK is cheaper at 0.69% per year. On volatility, OILK has been the lower-risk option at 11.31%. 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 14.44% return vs -30.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILK is cheaper with a 0.69% expense ratio, compared with 0.95% for KOLD.
OILK has the higher dividend yield at 8.37%, 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 0.69% for OILK.
OILK currently has the higher Sharpe Ratio (1.13 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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