KOLD vs. TQQQ
KOLD (ProShares UltraShort Bloomberg Natural Gas) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, KOLD returned -25.08%/yr vs 45.25%/yr for TQQQ. At a correlation of -0.02, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
KOLD vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -37.06% return, which is significantly lower than TQQQ's 39.27% return. Over the past 10 years, KOLD has underperformed TQQQ with an annualized return of -25.08%, while TQQQ has yielded a comparatively higher 45.25% annualized return.
KOLD
- 1D
- -4.23%
- 1M
- -14.12%
- YTD
- -37.06%
- 6M
- -35.65%
- 1Y
- -6.21%
- 3Y*
- -6.50%
- 5Y*
- -37.39%
- 10Y*
- -25.08%
TQQQ
- 1D
- -1.53%
- 1M
- -5.83%
- YTD
- 39.27%
- 6M
- 32.62%
- 1Y
- 89.02%
- 3Y*
- 57.21%
- 5Y*
- 21.17%
- 10Y*
- 45.25%
KOLD vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.06% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
TQQQ ProShares UltraPro QQQ | 39.27% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between KOLD and TQQQ 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 | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.02 |
The correlation between KOLD and TQQQ shifts across timeframes, from -0.04 (5 years) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. TQQQ — Risk / Return Rank
KOLD
TQQQ
KOLD vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.28 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 2.42 | -2.51 |
| Martin ratioReturn relative to average drawdown | -0.16 | 7.68 | -7.84 |
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Drawdowns
KOLD vs. TQQQ - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for KOLD and TQQQ.
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Drawdown Indicators
| KOLD | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -81.66% | -17.79% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -36.97% | -35.53% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -58.04% | -26.30% |
Max Drawdown (5Y)Largest decline over 5 years | -97.96% | -81.66% | -16.30% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -81.66% | -17.79% |
Current DrawdownCurrent decline from peak | -97.43% | -15.96% | -81.47% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -18.49% | -51.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.11% | 11.64% | +26.47% |
Volatility
KOLD vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Natural Gas (KOLD) is 23.46%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that KOLD experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.46% | 27.27% | -3.81% |
Volatility (6M)Calculated over the trailing 6-month period | 96.35% | 43.24% | +53.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.09% | 53.35% | +59.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.82% | 67.41% | +51.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 66.31% | +35.50% |
KOLD vs. TQQQ - Expense Ratio Comparison
Both KOLD and TQQQ have an expense ratio of 0.95%.
Dividends
KOLD vs. TQQQ - Dividend Comparison
KOLD has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.43%.
| 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% |
TQQQ ProShares UltraPro QQQ | 0.43% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
KOLD and TQQQ 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.
TQQQ has higher volatility (27.27%) compared to KOLD (23.46%). In terms of maximum drawdown, KOLD dropped -99.45% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 45.25% vs -25.08% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 23.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 45.25% return vs -25.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD and TQQQ have the same expense ratio: 0.95% per year.
TQQQ has the higher dividend yield at 0.43%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while TQQQ is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex, while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.68 vs -0.06), 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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