KOLD vs. OILU

Last updated Jun 3, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both Leveraged Commodities funds. Over the past 3 years, KOLD returned -19.53%/yr vs 9.29%/yr for OILU. At a correlation of -0.24, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

KOLD vs. OILU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KOLD achieves a -34.34% return, which is significantly lower than OILU's 89.62% return.

KOLD

• 1D: 1.05%
• 1M: -9.50%
• YTD: -34.34%
• 6M: -7.88%
• 1Y: 1.67%
• 3Y*: -19.53%
• 5Y*: -40.39%
• 10Y*: -26.16%

OILU

• 1D: 3.24%
• 1M: -10.77%
• YTD: 89.62%
• 6M: 81.13%
• 1Y: 116.30%
• 3Y*: 9.29%
• 5Y*: —
• 10Y*: —

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

KOLD vs. OILU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KOLD ProShares UltraShort Bloomberg Natural Gas	-34.34%	-17.48%	-11.34%	249.82%	-88.62%	42.81%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	89.62%	-16.50%	-21.65%	-32.50%	151.08%	-17.87%

Correlation

The correlation between KOLD and OILU is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	-0.24

Return for Risk

KOLD vs. OILU — Risk / Return Rank

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

KOLD

KOLD Risk / Return Rank: 11
KOLD Sharpe Ratio Rank: 9
KOLD Sortino Ratio Rank: 17
KOLD Omega Ratio Rank: 18
KOLD Calmar Ratio Rank: 7
KOLD Martin Ratio Rank: 7

OILU

OILU Risk / Return Rank: 54
OILU Sharpe Ratio Rank: 55
OILU Sortino Ratio Rank: 45
OILU Omega Ratio Rank: 43
OILU Calmar Ratio Rank: 73
OILU Martin Ratio Rank: 54

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. 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.

	KOLD	OILU	Difference
Sharpe ratio Return per unit of total volatility	0.01	1.88	-1.87
Sortino ratio Return per unit of downside risk	0.87	2.26	-1.39
Omega ratio Gain probability vs. loss probability	1.11	1.28	-0.16
Calmar ratio Return relative to maximum drawdown	-0.18	3.73	-3.91
Martin ratio Return relative to average drawdown	-0.37	9.44	-9.81
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. OILU - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is 0.01, which is lower than the OILU Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of KOLD and OILU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KOLD	OILU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	1.88	-1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.16	-0.30

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.

Drawdown Indicators

	KOLD	OILU	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-81.00%	-18.45%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	-33.51%	-38.99%
Max Drawdown (3Y) Largest decline over 3 years	-84.34%	-69.09%	-15.25%
Max Drawdown (5Y) Largest decline over 5 years	-98.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	—	—
Current Drawdown Current decline from peak	-97.32%	-49.00%	-48.32%
Average Drawdown Average peak-to-trough decline	-69.48%	-50.59%	-18.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.85%	13.23%	+22.62%

Volatility

KOLD vs. OILU - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) and MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) have volatilities of 24.65% and 25.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOLD	OILU	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.65%	25.15%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	99.52%	49.89%	+49.63%
Volatility (1Y) Calculated over the trailing 1-year period	114.40%	62.25%	+52.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.74%	81.18%	+37.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.77%	81.18%	+20.59%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KOLD and OILU in my portfolio?

KOLD and OILU have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOLD or OILU?

OILU has higher volatility (25.15%) compared to KOLD (24.65%). In terms of maximum drawdown, KOLD dropped -99.45% vs OILU's -81.00%.

Which ETF is better, KOLD or OILU?

On 3-year performance, OILU leads with 9.29% vs -19.53% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 24.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOLD or OILU?

Over the 3-year period, OILU has performed better with a 9.29% return vs -19.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOLD or OILU?

KOLD and OILU have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, KOLD or OILU?

KOLD and OILU have nearly identical dividend yields, around 0.00%.

What is the main difference between KOLD and OILU?

They also come from different issuers: ProShares and BMO.

Which has better risk-adjusted returns?

OILU currently has the higher Sharpe Ratio (1.88 vs 0.01), 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.