KOLD vs. UGA
KOLD (ProShares UltraShort Bloomberg Natural Gas) and UGA (United States Gasoline Fund, LP) are both Oil & Gas funds - KOLD tracks the Bloomberg Natural Gas Subindex while UGA tracks the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 10 years, KOLD returned -22.29%/yr vs 18.03%/yr for UGA. Their -0.10 correlation means they have often moved in opposite directions in the past. KOLD charges 0.95%/yr vs 1.02%/yr for UGA.
Performance
KOLD vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -16.81% return, which is significantly lower than UGA's 91.06% return. Over the past 10 years, KOLD has underperformed UGA with an annualized return of -22.29%, while UGA has yielded a comparatively higher 18.03% annualized return.
KOLD
- 1D
- -1.11%
- 1M
- 25.17%
- 6M
- 116.05%
- YTD
- -16.81%
- 1Y
- -4.80%
- 3Y*
- -1.53%
- 5Y*
- -30.36%
- 10Y*
- -22.29%
- ALL TIME*
- -11.66%
UGA
- 1D
- -0.01%
- 1M
- 14.56%
- 6M
- 70.02%
- YTD
- 91.06%
- 1Y
- 88.12%
- 3Y*
- 17.55%
- 5Y*
- 25.78%
- 10Y*
- 18.03%
- ALL TIME*
- 4.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.12M | $61.92M | $74.91M | |
| $6.47M | $5.01M | $4.85M |
KOLD vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -16.81% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
UGA United States Gasoline Fund, LP | 91.06% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between KOLD and UGA is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.21 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.12 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.10 |
The correlation between KOLD and UGA shifts across timeframes, from -0.21 (1 year) to -0.09 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. UGA — Risk / Return Rank
KOLD
UGA
KOLD vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and United States Gasoline Fund, LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.37 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 4.12 | -4.19 |
| Martin ratioReturn relative to average drawdown | -0.12 | 11.57 | -11.69 |
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Drawdowns
KOLD vs. UGA - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than UGA's maximum drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for KOLD and UGA.
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Drawdown Indicators
| KOLD | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -86.59% | -12.86% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -20.32% | -52.18% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -26.68% | -57.66% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -38.11% | -59.35% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -75.89% | -23.56% |
Current DrawdownCurrent decline from peak | -96.60% | -5.63% | -90.97% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -36.53% | -33.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 7.26% | +33.66% |
Volatility
KOLD vs. UGA - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to United States Gasoline Fund, LP (UGA) at 11.28%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.96% | 11.28% | +6.68% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 31.98% | +39.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 36.11% | +74.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 34.60% | +84.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 37.26% | +64.34% |
KOLD vs. UGA - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
KOLD vs. UGA - Dividend Comparison
Neither KOLD nor UGA has paid dividends to shareholders.
Frequently Asked Questions
KOLD and UGA 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 (17.96%) compared to UGA (11.28%). In terms of maximum drawdown, KOLD dropped -99.45% vs UGA's -86.59%.
On 10-year performance, UGA leads with 18.03% vs -22.29% for KOLD. On fees, KOLD is cheaper at 0.95% per year. On volatility, UGA has been the lower-risk option at 11.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGA has performed better with a 18.03% return vs -22.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD is cheaper with a 0.95% expense ratio, compared with 1.02% for UGA.
KOLD and UGA have nearly identical dividend yields, around 0.00%.
KOLD tracks Bloomberg Natural Gas Subindex, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for KOLD and 1.02% for UGA.
UGA currently has the higher Sharpe Ratio (2.32 vs -0.05), 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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