KOLD vs. UCO

Last updated Jun 25, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and UCO (ProShares Ultra Bloomberg Crude Oil) are both Oil & Gas funds from ProShares - KOLD tracks the Bloomberg Natural Gas Subindex while UCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, KOLD returned -25.08%/yr vs 18.60%/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

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

Returns By Period

In the year-to-date period, KOLD achieves a -37.06% return, which is significantly lower than UCO's 69.20% return. Over the past 10 years, KOLD has underperformed UCO with an annualized return of -25.08%, while UCO has yielded a comparatively higher 18.60% 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%

UCO

• 1D: -6.97%
• 1M: -30.80%
• YTD: 69.20%
• 6M: 64.11%
• 1Y: 44.07%
• 3Y*: 12.63%
• 5Y*: 10.47%
• 10Y*: 18.60%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KOLD vs. UCO - 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%
UCO ProShares Ultra Bloomberg Crude Oil	69.20%	-29.75%	5.36%	-13.89%	39.71%	139.26%	77.27%	53.83%	-43.26%	0.34%

Correlation

The correlation between KOLD and UCO is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.13
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 6, 2011	-0.12

Return for Risk

KOLD vs. UCO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KOLD

KOLD Risk / Return Rank: 11
KOLD Sharpe Ratio Rank: 8
KOLD Sortino Ratio Rank: 15
KOLD Omega Ratio Rank: 16
KOLD Calmar Ratio Rank: 8
KOLD Martin Ratio Rank: 8

UCO

UCO Risk / Return Rank: 25
UCO Sharpe Ratio Rank: 24
UCO Sortino Ratio Rank: 26
UCO Omega Ratio Rank: 25
UCO Calmar Ratio Rank: 26
UCO Martin Ratio Rank: 23

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. 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.

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	UCO	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	0.79	-0.84
Sortino ratio: Return per unit of downside risk	0.76	1.34	-0.58
Omega ratio: Gain probability vs. loss probability	1.10	1.16	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.09	1.19	-1.28
Martin ratio: Return relative to average drawdown	-0.16	2.71	-2.87

KOLD vs. UCO - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is -0.06, which is lower than the UCO Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of KOLD and UCO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KOLD vs. UCO - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for KOLD and UCO.

Drawdown Indicators

	KOLD	UCO	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-99.86%	+0.41%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	-37.09%	-35.41%
Max Drawdown (3Y) Largest decline over 3 years	-84.34%	-50.38%	-33.96%
Max Drawdown (5Y) Largest decline over 5 years	-97.96%	-67.24%	-30.72%
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	-96.50%	-2.95%
Current Drawdown Current decline from peak	-97.43%	-86.87%	-10.56%
Average Drawdown Average peak-to-trough decline	-69.57%	-82.11%	+12.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.11%	16.32%	+21.79%

Volatility

KOLD vs. UCO - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 23.46% compared to ProShares Ultra Bloomberg Crude Oil (UCO) at 17.09%. 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.

Volatility by Period

	KOLD	UCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.46%	17.09%	+6.37%
Volatility (6M) Calculated over the trailing 6-month period	96.35%	48.66%	+47.69%
Volatility (1Y) Calculated over the trailing 1-year period	113.09%	56.87%	+56.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.82%	60.17%	+58.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.81%	317.72%	-215.91%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KOLD and UCO in my portfolio?

KOLD and UCO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOLD or UCO?

KOLD has higher volatility (23.46%) compared to UCO (17.09%). In terms of maximum drawdown, KOLD dropped -99.45% vs UCO's -99.86%.

Which ETF is better, KOLD or UCO?

On 10-year performance, UCO leads with 18.60% vs -25.08% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, UCO has been the lower-risk option at 17.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOLD or UCO?

Over the 10-year period, UCO has performed better with a 18.60% return vs -25.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOLD or UCO?

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

Which ETF pays a higher dividend yield, KOLD or UCO?

KOLD and UCO have nearly identical dividend yields, around 0.00%.

What is the main difference between KOLD and UCO?

KOLD tracks Bloomberg Natural Gas Subindex, while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%).

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (0.79 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.