KOLD vs. UNG
Compare and contrast key facts about ProShares UltraShort Bloomberg Natural Gas (KOLD) and United States Natural Gas Fund LP (UNG).
KOLD and UNG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KOLD is a passively managed fund by ProShares that tracks the performance of the Bloomberg Natural Gas Subindex (TR) (200%). It was launched on Oct 4, 2011. UNG is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Natural Gas. It was launched on Apr 18, 2007. Both KOLD and UNG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
KOLD vs. UNG - Performance Comparison
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KOLD vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -38.45% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
UNG United States Natural Gas Fund LP | -4.32% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Returns By Period
In the year-to-date period, KOLD achieves a -38.45% return, which is significantly lower than UNG's -4.32% return. Over the past 10 years, KOLD has underperformed UNG with an annualized return of -29.03%, while UNG has yielded a comparatively higher -19.74% annualized return.
KOLD
- 1D
- -0.73%
- 1M
- -7.42%
- YTD
- -38.45%
- 6M
- -37.60%
- 1Y
- 10.94%
- 3Y*
- -15.68%
- 5Y*
- -43.73%
- 10Y*
- -29.03%
UNG
- 1D
- 0.43%
- 1M
- 1.82%
- YTD
- -4.32%
- 6M
- -10.25%
- 1Y
- -45.72%
- 3Y*
- -24.96%
- 5Y*
- -21.28%
- 10Y*
- -19.74%
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KOLD vs. UNG - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is lower than UNG's 1.28% expense ratio.
Return for Risk
KOLD vs. UNG — Risk / Return Rank
KOLD
UNG
KOLD vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and United States Natural Gas Fund LP (UNG). 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 | UNG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.09 | -0.72 | +0.81 |
Sortino ratioReturn per unit of downside risk | 1.02 | -0.86 | +1.88 |
Omega ratioGain probability vs. loss probability | 1.13 | 0.89 | +0.24 |
Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.86 | +0.97 |
Martin ratioReturn relative to average drawdown | 0.27 | -1.25 | +1.51 |
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 | UNG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.09 | -0.72 | +0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | -0.33 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.29 | -0.36 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.15 | -0.57 | +0.43 |
Correlation
The correlation between KOLD and UNG is -0.99. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
KOLD vs. UNG - Dividend Comparison
Neither KOLD nor UNG has paid dividends to shareholders.
Drawdowns
KOLD vs. UNG - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum UNG drawdown of -99.87%. Use the drawdown chart below to compare losses from any high point for KOLD and UNG.
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Drawdown Indicators
| KOLD | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -99.87% | +0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -52.53% | -19.97% |
Max Drawdown (5Y)Largest decline over 5 years | -98.91% | -92.42% | -6.49% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -93.49% | -5.96% |
Current DrawdownCurrent decline from peak | -97.48% | -99.86% | +2.38% |
Average DrawdownAverage peak-to-trough decline | -69.15% | -89.87% | +20.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.16% | 36.10% | -4.94% |
Volatility
KOLD vs. UNG - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 29.18% compared to United States Natural Gas Fund LP (UNG) at 14.68%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than UNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.18% | 14.68% | +14.50% |
Volatility (6M)Calculated over the trailing 6-month period | 101.24% | 54.10% | +47.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 120.63% | 63.87% | +56.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.49% | 63.90% | +54.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.91% | 54.87% | +47.04% |