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KOLD vs. SOXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KOLD vs. SOXX

Last updated Jun 4, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and SOXX (iShares Semiconductor ETF) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, KOLD returned -26.46%/yr vs 35.79%/yr for SOXX. At a correlation of -0.02, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.34%/yr for SOXX.

Performance

KOLD vs. SOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and iShares Semiconductor ETF (SOXX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KOLD achieves a -37.03% return, which is significantly lower than SOXX's 104.57% return. Over the past 10 years, KOLD has underperformed SOXX with an annualized return of -26.46%, while SOXX has yielded a comparatively higher 35.79% 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%

SOXX

1D
1.76%
1M
33.25%
YTD
104.57%
6M
99.43%
1Y
190.05%
3Y*
57.39%
5Y*
34.50%
10Y*
35.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KOLD vs. SOXX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SOXX
iShares Semiconductor ETF		104.57%40.74%12.92%67.12%-35.09%44.09%52.72%62.42%-6.49%39.79%

Correlation

The correlation between KOLD and SOXX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.21

Correlation (3Y)
Calculated over the trailing 3-year period

0.06

Correlation (5Y)
Calculated over the trailing 5-year period

-0.04

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 SOXX shifts across timeframes, from -0.04 (5 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Bloomberg Natural Gas

iShares Semiconductor ETF

Often compared with KOLD:
KOLD vs. BOILKOLD vs. ^GSPCKOLD vs. NGKOLD vs. DRIPKOLD vs. SCOKOLD vs. UNLKOLD vs. NGS
Often compared with SOXX:
SOXX vs. SMHSOXX vs. QQQSOXX vs. SOXLSOXX vs. SOXQSOXX vs. FSELXSOXX vs. VGTSOXX vs. VOO

Return for Risk

KOLD vs. SOXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KOLD
KOLD Risk / Return Rank: 1111
Overall Rank
KOLD Sharpe Ratio Rank: 88
Sharpe Ratio Rank
KOLD Sortino Ratio Rank: 1616
Sortino Ratio Rank
KOLD Omega Ratio Rank: 1717
Omega Ratio Rank
KOLD Calmar Ratio Rank: 88
Calmar Ratio Rank
KOLD Martin Ratio Rank: 88
Martin Ratio Rank
SOXX
SOXX Risk / Return Rank: 9797
Overall Rank
SOXX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SOXX Sortino Ratio Rank: 9595
Sortino Ratio Rank
SOXX Omega Ratio Rank: 9595
Omega Ratio Rank
SOXX Calmar Ratio Rank: 9797
Calmar Ratio Rank
SOXX Martin Ratio Rank: 9797
Martin Ratio Rank
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. SOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and iShares Semiconductor ETF (SOXX). 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.

KOLDSOXXDifference

Sharpe ratio

Return per unit of total volatility

-0.01

5.61

-5.62

Sortino ratio

Return per unit of downside risk

0.82

5.36

-4.53

Omega ratio

Gain probability vs. loss probability

1.11

1.74

-0.64

Calmar ratio

Return relative to maximum drawdown

-0.02

12.13

-12.15

Martin ratio

Return relative to average drawdown

-0.04

46.43

-46.48

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. SOXX - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is -0.01, which is lower than the SOXX Sharpe Ratio of 5.61. The chart below compares the historical Sharpe Ratios of KOLD and SOXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

KOLDSOXXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.01

5.61

-5.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.34

0.96

-1.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.26

1.07

-1.34

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.14

0.45

-0.59

Drawdowns

KOLD vs. SOXX - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, which is greater than SOXX's maximum drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for KOLD and SOXX.

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Drawdown Indicators

KOLDSOXXDifference

Max Drawdown

Largest peak-to-trough decline

-99.45%

-70.21%

-29.24%

Max Drawdown (1Y)

Largest decline over 1 year

-72.50%

-15.77%

-56.73%

Max Drawdown (3Y)

Largest decline over 3 years

-84.34%

-41.36%

-42.98%

Max Drawdown (5Y)

Largest decline over 5 years

-98.45%

-45.75%

-52.70%

Max Drawdown (10Y)

Largest decline over 10 years

-99.45%

-45.75%

-53.70%

Current Drawdown

Current decline from peak

-97.43%

0.00%

-97.43%

Average Drawdown

Average peak-to-trough decline

-69.49%

-19.97%

-49.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

36.01%

4.11%

+31.90%

Volatility

KOLD vs. SOXX - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to iShares Semiconductor ETF (SOXX) at 14.03%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KOLDSOXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

24.65%

14.03%

+10.62%

Volatility (6M)

Calculated over the trailing 6-month period

99.37%

27.35%

+72.02%

Volatility (1Y)

Calculated over the trailing 1-year period

113.51%

34.18%

+79.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

118.76%

36.11%

+82.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

101.76%

33.43%

+68.33%

KOLD vs. SOXX - Expense Ratio Comparison

KOLD has a 0.95% expense ratio, which is higher than SOXX's 0.34% expense ratio.

Dividends

KOLD vs. SOXX - Dividend Comparison

KOLD has not paid dividends to shareholders, while SOXX's dividend yield for the trailing twelve months is around 0.27%.

PositionTTM20252024202320222021202020192018201720162015
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%
SOXX
iShares Semiconductor ETF		0.27%0.57%0.67%0.78%1.26%0.64%0.81%1.23%1.37%0.90%1.08%1.29%

Frequently Asked Questions

KOLD and SOXX have a correlation of 0.21, 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 SOXX (14.03%). In terms of maximum drawdown, KOLD dropped -99.45% vs SOXX's -70.21%.

On 10-year performance, SOXX leads with 35.79% vs -26.46% for KOLD. On fees, SOXX is cheaper at 0.34% per year. On volatility, SOXX has been the lower-risk option at 14.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SOXX has performed better with a 35.79% return vs -26.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SOXX is cheaper with a 0.34% expense ratio, compared with 0.95% for KOLD.

SOXX has the higher dividend yield at 0.27%, compared with 0.00% for KOLD.

KOLD is categorized as Leveraged Commodities, while SOXX is Semiconductors. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while SOXX tracks NYSE Semiconductor Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for KOLD and 0.34% for SOXX.

SOXX currently has the higher Sharpe Ratio (5.61 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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