PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
KOLD vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KOLD vs. SQQQ

Last updated Jun 4, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, KOLD returned -26.46%/yr vs -56.01%/yr for SQQQ. At a 0.02 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

KOLD vs. SQQQ - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, KOLD achieves a -37.03% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, KOLD has outperformed SQQQ with an annualized return of -26.46%, while SQQQ has yielded a comparatively lower -56.01% 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%

SQQQ

1D
0.76%
1M
-26.37%
YTD
-45.27%
6M
-42.79%
1Y
-65.16%
3Y*
-56.19%
5Y*
-49.17%
10Y*
-56.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KOLD vs. SQQQ - 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%
SQQQ
ProShares UltraPro Short QQQ		-45.27%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between KOLD and SQQQ is -0.19, 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

-0.19

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 SQQQ shifts across timeframes, from -0.19 (1 year) to 0.04 (5 years), 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

ProShares UltraPro Short QQQ

Often compared with KOLD:
KOLD vs. BOILKOLD vs. ^GSPCKOLD vs. NGKOLD vs. DRIPKOLD vs. SCOKOLD vs. UNLKOLD vs. NGS
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. QIDSQQQ vs. SPXU

Return for Risk

KOLD vs. SQQQ — 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
SQQQ
SQQQ Risk / Return Rank: 00
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 00
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 00
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
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. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares UltraPro Short QQQ (SQQQ). 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.

KOLDSQQQDifference

Sharpe ratio

Return per unit of total volatility

-0.01

-1.37

+1.35

Sortino ratio

Return per unit of downside risk

0.82

-2.63

+3.45

Omega ratio

Gain probability vs. loss probability

1.11

0.72

+0.38

Calmar ratio

Return relative to maximum drawdown

-0.02

-0.99

+0.97

Martin ratio

Return relative to average drawdown

-0.04

-1.82

+1.78

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. SQQQ - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is -0.01, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of KOLD and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

KOLDSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.01

-1.37

+1.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.34

-0.74

+0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.26

-0.85

+0.59

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.14

-0.88

+0.73

Drawdowns

KOLD vs. SQQQ - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for KOLD and SQQQ.

Loading charts...

Drawdown Indicators

KOLDSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-99.45%

-100.00%

+0.55%

Max Drawdown (1Y)

Largest decline over 1 year

-72.50%

-65.95%

-6.55%

Max Drawdown (3Y)

Largest decline over 3 years

-84.34%

-92.38%

+8.04%

Max Drawdown (5Y)

Largest decline over 5 years

-98.45%

-97.23%

-1.22%

Max Drawdown (10Y)

Largest decline over 10 years

-99.45%

-99.98%

+0.53%

Current Drawdown

Current decline from peak

-97.43%

-100.00%

+2.57%

Average Drawdown

Average peak-to-trough decline

-69.49%

-92.40%

+22.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

36.01%

35.73%

+0.28%

Volatility

KOLD vs. SQQQ - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.75%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

KOLDSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

24.65%

13.75%

+10.90%

Volatility (6M)

Calculated over the trailing 6-month period

99.37%

36.45%

+62.92%

Volatility (1Y)

Calculated over the trailing 1-year period

113.51%

47.79%

+65.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

118.76%

66.64%

+52.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

101.76%

66.11%

+35.65%

KOLD vs. SQQQ - Expense Ratio Comparison

Both KOLD and SQQQ have an expense ratio of 0.95%.

Dividends

KOLD vs. SQQQ - Dividend Comparison

KOLD has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 12.48%.

PositionTTM202520242023202220212020201920182017
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%
SQQQ
ProShares UltraPro Short QQQ		12.48%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Frequently Asked Questions

KOLD and SQQQ have a correlation of -0.19, 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 SQQQ (13.75%). In terms of maximum drawdown, KOLD dropped -99.45% vs SQQQ's -100.00%.

On 10-year performance, KOLD leads with -26.46% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 13.75%. 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 -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SQQQ has the higher dividend yield at 12.48%, compared with 0.00% for KOLD.

KOLD is categorized as Leveraged Commodities, while SQQQ is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

KOLD currently has the higher Sharpe Ratio (-0.01 vs -1.37), 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.

Portfolio Optimizer

Find the right allocation for KOLD and SQQQ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer