KOLD vs. OILU
KOLD (ProShares UltraShort Bloomberg Natural Gas) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while OILU is a Leveraged Equities fund tracking the Solactive MicroSectors Oil & Gas Exploration & Production Index. Both are passively managed. Over the past 3 years, KOLD returned -1.53%/yr vs 1.15%/yr for OILU. Their -0.24 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
KOLD vs. OILU - 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 OILU's 95.09% 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%
OILU
- 1D
- 3.79%
- 1M
- 38.67%
- 6M
- 37.11%
- YTD
- 95.09%
- 1Y
- 107.91%
- 3Y*
- 1.15%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.12M | $61.92M | $74.91M | |
| $8.21M | $8.45M | $7.94M |
KOLD vs. OILU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -16.81% | -17.48% | -11.34% | 249.82% | -88.62% | 65.89% |
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN | 95.09% | -16.50% | -21.65% | -32.50% | 151.08% | -16.79% |
Correlation
The correlation between KOLD and OILU is -0.25, 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. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.20 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | -0.24 |
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Return for Risk
KOLD vs. OILU — Risk / Return Rank
KOLD
OILU
KOLD vs. OILU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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 | OILU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.24 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.07 | -2.14 |
| Martin ratioReturn relative to average drawdown | -0.12 | 5.11 | -5.23 |
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Drawdowns
KOLD vs. OILU - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than OILU's maximum drawdown of -81.00%. Use the drawdown chart below to compare losses from any high point for KOLD and OILU.
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Drawdown Indicators
| KOLD | OILU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -81.00% | -18.45% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -46.49% | -26.01% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -69.09% | -15.25% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -96.60% | -47.53% | -49.07% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -50.69% | -19.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 18.88% | +22.04% |
Volatility
KOLD vs. OILU - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Natural Gas (KOLD) is 17.96%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 19.22%. This indicates that KOLD experiences smaller price fluctuations and is considered to be less risky than OILU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | OILU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.96% | 19.22% | -1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 51.99% | +19.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 64.36% | +46.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 80.80% | +38.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 80.80% | +20.80% |
KOLD vs. OILU - Expense Ratio Comparison
Both KOLD and OILU have an expense ratio of 0.95%.
Dividends
KOLD vs. OILU - Dividend Comparison
Neither KOLD nor OILU has paid dividends to shareholders.
Frequently Asked Questions
KOLD and OILU have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILU has higher volatility (19.22%) compared to KOLD (17.96%). In terms of maximum drawdown, KOLD dropped -99.45% vs OILU's -81.00%.
On 3-year performance, OILU leads with 1.15% vs -1.53% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 17.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, OILU has performed better with a 1.15% return vs -1.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD and OILU have the same expense ratio: 0.95% per year.
KOLD and OILU have nearly identical dividend yields, around 0.00%.
KOLD is categorized as Oil & Gas, while OILU is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex, while OILU tracks Solactive MicroSectors Oil & Gas Exploration & Production Index. They also come from different issuers: ProShares and BMO.
OILU currently has the higher Sharpe Ratio (1.50 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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