KOLD vs. SCO
KOLD (ProShares UltraShort Bloomberg Natural Gas) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both Oil & Gas funds from ProShares - KOLD tracks the Bloomberg Natural Gas Subindex while SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Both are passively managed. Over the past 10 years, KOLD returned -21.72%/yr vs -38.99%/yr for SCO. Their 0.12 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
KOLD vs. SCO - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -11.82% return, which is significantly higher than SCO's -61.03% return. Over the past 10 years, KOLD has outperformed SCO with an annualized return of -21.72%, while SCO has yielded a comparatively lower -38.99% annualized return.
KOLD
- 1D
- 6.87%
- 1M
- 32.68%
- 6M
- 61.47%
- YTD
- -11.82%
- 1Y
- -8.10%
- 3Y*
- 0.78%
- 5Y*
- -27.79%
- 10Y*
- -21.72%
- ALL TIME*
- -11.30%
SCO
- 1D
- 5.56%
- 1M
- -14.18%
- 6M
- -51.96%
- YTD
- -61.03%
- 1Y
- -54.32%
- 3Y*
- -26.41%
- 5Y*
- -39.31%
- 10Y*
- -38.99%
- ALL TIME*
- -25.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $58.21M | $60.90M | $74.57M | |
| $143.40M | $129.22M | $237.28M |
KOLD vs. SCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -11.82% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
SCO ProShares UltraShort Bloomberg Crude Oil | -61.03% | 15.90% | -19.00% | -12.41% | -62.59% | -72.62% | -4.20% | -58.50% | 19.22% | -22.40% |
Correlation
The correlation between KOLD and SCO is 0.24, which is low. Their historical price movements had little consistent relationship.
| 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. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.12 |
The correlation between KOLD and SCO shifts across timeframes, from 0.12 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. SCO — Risk / Return Rank
KOLD
SCO
KOLD vs. SCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares UltraShort Bloomberg Crude Oil (SCO). 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 | SCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.85 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | -0.75 | +0.64 |
| Martin ratioReturn relative to average drawdown | -0.20 | -1.27 | +1.07 |
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Drawdowns
KOLD vs. SCO - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum SCO drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for KOLD and SCO.
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Drawdown Indicators
| KOLD | SCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -99.80% | +0.35% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -72.24% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -74.64% | -9.70% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -94.80% | -2.66% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -99.50% | +0.05% |
Current DrawdownCurrent decline from peak | -96.40% | -99.74% | +3.34% |
Average DrawdownAverage peak-to-trough decline | -69.78% | -85.29% | +15.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.07% | 42.78% | -1.71% |
Volatility
KOLD vs. SCO - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Natural Gas (KOLD) is 18.78%, while ProShares UltraShort Bloomberg Crude Oil (SCO) has a volatility of 25.37%. This indicates that KOLD experiences smaller price fluctuations and is considered to be less risky than SCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | SCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.78% | 25.37% | -6.59% |
Volatility (6M)Calculated over the trailing 6-month period | 53.94% | 51.16% | +2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.51% | 59.92% | +50.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.84% | 60.46% | +58.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.62% | 71.92% | +29.70% |
KOLD vs. SCO - Expense Ratio Comparison
Both KOLD and SCO have an expense ratio of 0.95%.
Dividends
KOLD vs. SCO - Dividend Comparison
Neither KOLD nor SCO has paid dividends to shareholders.
Frequently Asked Questions
KOLD and SCO 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.
SCO has higher volatility (25.37%) compared to KOLD (18.78%). In terms of maximum drawdown, KOLD dropped -99.45% vs SCO's -99.80%.
On 10-year performance, KOLD leads with -21.72% vs -38.99% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 18.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KOLD has performed better with a -21.72% return vs -38.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD and SCO have the same expense ratio: 0.95% per year.
KOLD and SCO have nearly identical dividend yields, around 0.00%.
KOLD tracks Bloomberg Natural Gas Subindex, while SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%).
KOLD currently has the higher Sharpe Ratio (-0.07 vs -0.91), 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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