KOLD vs. QLD
KOLD (ProShares UltraShort Bloomberg Natural Gas) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, KOLD returned -26.16%/yr vs 36.17%/yr for QLD. At a correlation of -0.02, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
KOLD vs. QLD - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -34.34% return, which is significantly lower than QLD's 42.81% return. Over the past 10 years, KOLD has underperformed QLD with an annualized return of -26.16%, while QLD has yielded a comparatively higher 36.17% annualized 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%
QLD
- 1D
- 0.90%
- 1M
- 21.71%
- YTD
- 42.81%
- 6M
- 38.79%
- 1Y
- 89.44%
- 3Y*
- 50.42%
- 5Y*
- 26.76%
- 10Y*
- 36.17%
KOLD vs. QLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.34% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
QLD ProShares Ultra QQQ | 42.81% | 30.36% | 42.82% | 117.72% | -60.52% | 54.67% | 88.90% | 81.69% | -8.31% | 70.34% |
Correlation
The correlation between KOLD and QLD is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011 | -0.02 |
The correlation between KOLD and QLD shifts across timeframes, from -0.05 (5 years) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. QLD — Risk / Return Rank
KOLD
QLD
KOLD vs. QLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Ultra QQQ (QLD). 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 | QLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.01 | 2.82 | -2.81 |
Sortino ratioReturn per unit of downside risk | 0.87 | 3.26 | -2.40 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.43 | -0.31 |
Calmar ratioReturn relative to maximum drawdown | -0.18 | 3.67 | -3.86 |
Martin ratioReturn relative to average drawdown | -0.37 | 12.83 | -13.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KOLD | QLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.01 | 2.82 | -2.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | 0.60 | -0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | 0.81 | -1.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | 0.60 | -0.74 |
Drawdowns
KOLD vs. QLD - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for KOLD and QLD.
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Drawdown Indicators
| KOLD | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -83.13% | -16.32% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -25.13% | -47.37% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -42.29% | -42.05% |
Max Drawdown (5Y)Largest decline over 5 years | -98.45% | -63.68% | -34.77% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -63.68% | -35.77% |
Current DrawdownCurrent decline from peak | -97.32% | 0.00% | -97.32% |
Average DrawdownAverage peak-to-trough decline | -69.48% | -18.17% | -51.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.85% | 7.20% | +28.65% |
Volatility
KOLD vs. QLD - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to ProShares Ultra QQQ (QLD) at 8.87%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.65% | 8.87% | +15.78% |
Volatility (6M)Calculated over the trailing 6-month period | 99.52% | 24.08% | +75.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 114.40% | 31.86% | +82.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.74% | 44.76% | +73.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.77% | 44.57% | +57.20% |
KOLD vs. QLD - Expense Ratio Comparison
Both KOLD and QLD have an expense ratio of 0.95%.
Dividends
KOLD vs. QLD - Dividend Comparison
KOLD has not paid dividends to shareholders, while QLD's dividend yield for the trailing twelve months is around 0.12%.
| 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% |
QLD ProShares Ultra QQQ | 0.12% | 0.17% | 0.25% | 0.33% | 0.31% | 0.00% | 0.00% | 0.13% | 0.06% | 0.02% | 0.21% | 0.11% |
Frequently Asked Questions
KOLD and QLD have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.65%) compared to QLD (8.87%). In terms of maximum drawdown, KOLD dropped -99.45% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.17% vs -26.16% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 8.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QLD has performed better with a 36.17% return vs -26.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD and QLD have the same expense ratio: 0.95% per year.
QLD has the higher dividend yield at 0.12%, compared with 0.00% for KOLD.
KOLD is categorized as Leveraged Commodities, while QLD is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while QLD tracks NASDAQ-100 Index (200%).
QLD currently has the higher Sharpe Ratio (2.82 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.
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