KOLD vs. SCO
KOLD (ProShares UltraShort Bloomberg Natural Gas) and SCO (ProShares UltraShort Bloomberg Crude Oil) are both Leveraged Commodities funds from ProShares - KOLD tracks the Bloomberg Natural Gas Subindex (TR) (200%) while SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%). Both are passively managed. Over the past 10 years, KOLD returned -26.46%/yr vs -38.69%/yr for SCO. At a 0.12 correlation, their price movements are largely independent. 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 -37.03% return, which is significantly higher than SCO's -68.52% return. Over the past 10 years, KOLD has outperformed SCO with an annualized return of -26.46%, while SCO has yielded a comparatively lower -38.69% annualized return.
KOLD
- 1D
- -4.10%
- 1M
- -9.53%
- YTD
- -37.03%
- 6M
- -5.09%
- 1Y
- -1.55%
- 3Y*
- -20.65%
- 5Y*
- -40.59%
- 10Y*
- -26.46%
SCO
- 1D
- -2.80%
- 1M
- 0.04%
- YTD
- -68.52%
- 6M
- -67.29%
- 1Y
- -68.07%
- 3Y*
- -37.96%
- 5Y*
- -42.81%
- 10Y*
- -38.69%
KOLD vs. SCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.03% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
SCO ProShares UltraShort Bloomberg Crude Oil | -68.52% | 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 price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 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.
| KOLD | SCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +3.16 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.75 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | -0.94 | +0.92 |
| Martin ratioReturn relative to average drawdown | -0.04 | -1.97 | +1.92 |
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 | SCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.01 | -1.20 | +1.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | -0.72 | +0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | -0.54 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | -0.38 | +0.24 |
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% | -79.85% | -4.49% |
Max Drawdown (5Y)Largest decline over 5 years | -98.45% | -94.80% | -3.65% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -99.51% | +0.06% |
Current DrawdownCurrent decline from peak | -97.43% | -99.79% | +2.36% |
Average DrawdownAverage peak-to-trough decline | -69.49% | -85.17% | +15.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.01% | 34.60% | +1.41% |
Volatility
KOLD vs. SCO - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to ProShares UltraShort Bloomberg Crude Oil (SCO) at 20.05%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier 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 | 24.65% | 20.05% | +4.60% |
Volatility (6M)Calculated over the trailing 6-month period | 99.37% | 45.60% | +53.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.51% | 56.64% | +56.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.76% | 59.74% | +59.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.76% | 71.95% | +29.81% |
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.
KOLD has higher volatility (24.65%) compared to SCO (20.05%). In terms of maximum drawdown, KOLD dropped -99.45% vs SCO's -99.80%.
On 10-year performance, KOLD leads with -26.46% vs -38.69% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, SCO has been the lower-risk option at 20.05%. 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 -26.46% return vs -38.69%. 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 (TR) (200%), while SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%).
KOLD currently has the higher Sharpe Ratio (-0.01 vs -1.20), 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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