KOLD vs. UGL

Last updated Jun 25, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and UGL (ProShares Ultra Gold) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, KOLD returned -25.08%/yr vs 14.52%/yr for UGL. At a 0.00 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

KOLD vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Ultra Gold (UGL). 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 UGL's -21.94% return. Over the past 10 years, KOLD has underperformed UGL with an annualized return of -25.08%, while UGL has yielded a comparatively higher 14.52% 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%

UGL

• 1D: -6.07%
• 1M: -22.68%
• YTD: -21.94%
• 6M: -28.17%
• 1Y: 23.79%
• 3Y*: 43.78%
• 5Y*: 24.57%
• 10Y*: 14.52%

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

KOLD vs. UGL - 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%
UGL ProShares Ultra Gold	-21.94%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	-8.02%	22.50%

Correlation

The correlation between KOLD and UGL is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011	0.00

Return for Risk

KOLD vs. UGL — 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

UGL

UGL Risk / Return Rank: 16
UGL Sharpe Ratio Rank: 16
UGL Sortino Ratio Rank: 17
UGL Omega Ratio Rank: 20
UGL Calmar Ratio Rank: 14
UGL Martin Ratio Rank: 15

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. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Ultra Gold (UGL). 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	UGL	Difference
Sharpe ratio: Return per unit of total volatility	-0.06	0.43	-0.49
Sortino ratio: Return per unit of downside risk	0.76	0.89	-0.14
Omega ratio: Gain probability vs. loss probability	1.10	1.13	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.09	0.48	-0.57
Martin ratio: Return relative to average drawdown	-0.16	1.25	-1.41

KOLD vs. UGL - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is -0.06, which is lower than the UGL Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of KOLD and UGL, 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. UGL - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for KOLD and UGL.

Drawdown Indicators

	KOLD	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-75.93%	-23.52%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	-49.38%	-23.12%
Max Drawdown (3Y) Largest decline over 3 years	-84.34%	-49.38%	-34.96%
Max Drawdown (5Y) Largest decline over 5 years	-97.96%	-49.38%	-48.58%
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	-49.38%	-50.07%
Current Drawdown Current decline from peak	-97.43%	-49.38%	-48.05%
Average Drawdown Average peak-to-trough decline	-69.57%	-43.62%	-25.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.11%	19.12%	+18.99%

Volatility

KOLD vs. UGL - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 23.46% compared to ProShares Ultra Gold (UGL) at 17.12%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOLD	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.46%	17.12%	+6.34%
Volatility (6M) Calculated over the trailing 6-month period	96.35%	49.57%	+46.78%
Volatility (1Y) Calculated over the trailing 1-year period	113.09%	55.16%	+57.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.82%	36.75%	+82.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.81%	32.56%	+69.25%

KOLD vs. UGL - Expense Ratio Comparison

Both KOLD and UGL have an expense ratio of 0.95%.

Dividends

KOLD vs. UGL - Dividend Comparison

Neither KOLD nor UGL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KOLD and UGL in my portfolio?

KOLD and UGL have a correlation of -0.05, 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 UGL?

KOLD has higher volatility (23.46%) compared to UGL (17.12%). In terms of maximum drawdown, KOLD dropped -99.45% vs UGL's -75.93%.

Which ETF is better, KOLD or UGL?

On 10-year performance, UGL leads with 14.52% vs -25.08% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 17.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOLD or UGL?

Over the 10-year period, UGL has performed better with a 14.52% 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 UGL?

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

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

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

What is the main difference between KOLD and UGL?

KOLD is categorized as Oil & Gas, while UGL is Leveraged Commodities. KOLD tracks Bloomberg Natural Gas Subindex, while UGL tracks Bloomberg Gold Subindex (200%).

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.43 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.