KOLD vs. UCO
KOLD (ProShares UltraShort Bloomberg Natural Gas) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Leveraged Commodities funds from ProShares - KOLD tracks the Bloomberg Natural Gas Subindex (TR) (200%) while UCO tracks the Dow Jones-UBS Crude Oil Sub-Index (200%). Both are passively managed. Over the past 10 years, KOLD returned -26.16%/yr vs -11.55%/yr for UCO. At a correlation of -0.12, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
KOLD vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -34.34% return, which is significantly lower than UCO's 142.55% return. Over the past 10 years, KOLD has underperformed UCO with an annualized return of -26.16%, while UCO has yielded a comparatively higher -11.55% annualized return.
KOLD
- 1D
- 1.05%
- 1M
- -9.50%
- YTD
- -34.34%
- 6M
- -7.88%
- 1Y
- 1.67%
- 3Y*
- -19.53%
- 5Y*
- -40.39%
- 10Y*
- -26.16%
UCO
- 1D
- 2.52%
- 1M
- 0.21%
- YTD
- 142.55%
- 6M
- 133.13%
- 1Y
- 118.05%
- 3Y*
- 24.78%
- 5Y*
- 21.76%
- 10Y*
- -11.55%
KOLD vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.34% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
UCO ProShares Ultra Bloomberg Crude Oil | 142.55% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between KOLD and UCO is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
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 UCO shifts across timeframes, from -0.24 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. UCO — Risk / Return Rank
KOLD
UCO
KOLD vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.01 | 2.08 | -2.07 |
Sortino ratioReturn per unit of downside risk | 0.87 | 2.43 | -1.56 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.32 | -0.21 |
Calmar ratioReturn relative to maximum drawdown | -0.18 | 3.78 | -3.96 |
Martin ratioReturn relative to average drawdown | -0.37 | 7.17 | -7.54 |
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 | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.01 | 2.08 | -2.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | 0.37 | -0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | -0.16 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | -0.34 | +0.20 |
Drawdowns
KOLD vs. UCO - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for KOLD and UCO.
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Drawdown Indicators
| KOLD | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -99.95% | +0.50% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -34.77% | -37.73% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -50.38% | -33.96% |
Max Drawdown (5Y)Largest decline over 5 years | -98.45% | -67.24% | -31.21% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -98.75% | -0.70% |
Current DrawdownCurrent decline from peak | -97.32% | -99.25% | +1.93% |
Average DrawdownAverage peak-to-trough decline | -69.48% | -85.48% | +16.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.85% | 18.32% | +17.53% |
Volatility
KOLD vs. UCO - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 22.10%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.65% | 22.10% | +2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 99.52% | 46.40% | +53.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 114.40% | 57.35% | +57.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.74% | 59.77% | +58.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.77% | 71.36% | +30.41% |
KOLD vs. UCO - Expense Ratio Comparison
Both KOLD and UCO have an expense ratio of 0.95%.
Dividends
KOLD vs. UCO - Dividend Comparison
Neither KOLD nor UCO has paid dividends to shareholders.
Frequently Asked Questions
KOLD and UCO 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 UCO (22.10%). In terms of maximum drawdown, KOLD dropped -99.45% vs UCO's -99.95%.
On 10-year performance, UCO leads with -11.55% vs -26.16% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, UCO has been the lower-risk option at 22.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a -11.55% return vs -26.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD and UCO have the same expense ratio: 0.95% per year.
KOLD and UCO have nearly identical dividend yields, around 0.00%.
KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%).
UCO currently has the higher Sharpe Ratio (2.08 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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