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 Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, KOLD returned -24.75%/yr vs 14.31%/yr for UGA. At a correlation of -0.10, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
KOLD vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KOLD achieves a -34.28% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, KOLD has underperformed UGA with an annualized return of -24.75%, while UGA has yielded a comparatively higher 14.31% annualized return.
KOLD
- 1D
- 4.60%
- 1M
- -10.33%
- YTD
- -34.28%
- 6M
- -29.48%
- 1Y
- 4.46%
- 3Y*
- -5.14%
- 5Y*
- -37.54%
- 10Y*
- -24.75%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
KOLD vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.28% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
UGA United States Gasoline Fund LP | 64.09% | -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 -0.19, 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 | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.10 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.30 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 3.17 | -3.10 |
| Martin ratioReturn relative to average drawdown | 0.12 | 9.39 | -9.27 |
Loading charts...
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.
Loading charts...
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% | -18.96% | -53.54% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -26.68% | -57.66% |
Max Drawdown (5Y)Largest decline over 5 years | -97.96% | -38.11% | -59.85% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -75.89% | -23.56% |
Current DrawdownCurrent decline from peak | -97.31% | -18.05% | -79.26% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -36.69% | -32.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.96% | 6.43% | +31.53% |
Volatility
KOLD vs. UGA - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.20% compared to United States Gasoline Fund LP (UGA) at 9.24%. 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.
Loading charts...
Volatility by Period
| KOLD | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.20% | 9.24% | +14.96% |
Volatility (6M)Calculated over the trailing 6-month period | 96.27% | 30.57% | +65.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.34% | 35.22% | +78.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.84% | 34.45% | +84.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.82% | 37.22% | +64.60% |
KOLD vs. UGA - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than UGA's 0.75% 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 -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.20%) compared to UGA (9.24%). In terms of maximum drawdown, KOLD dropped -99.45% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs -24.75% for KOLD. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. 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 14.31% return vs -24.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for KOLD.
KOLD and UGA have nearly identical dividend yields, around 0.00%.
KOLD tracks Bloomberg Natural Gas Subindex, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for KOLD and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 0.04), 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.
Find the right allocation for KOLD and UGA
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