KOLD vs. UNG
KOLD (ProShares UltraShort Bloomberg Natural Gas) and UNG (United States Natural Gas Fund LP) are both Oil & Gas funds - KOLD tracks the Bloomberg Natural Gas Subindex while UNG tracks the Front Month Natural Gas Futures. Both are passively managed. Over the past 10 years, KOLD returned -22.29%/yr vs -22.61%/yr for UNG. Their -0.99 correlation means they have often moved in opposite directions in the past. KOLD charges 0.95%/yr vs 1.17%/yr for UNG.
Performance
KOLD vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -16.81% return, which is significantly higher than UNG's -17.94% return. Both investments have delivered pretty close results over the past 10 years, with KOLD having a -22.29% annualized return and UNG not far behind at -22.61%.
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%
UNG
- 1D
- 0.50%
- 1M
- -13.13%
- 6M
- -40.47%
- YTD
- -17.94%
- 1Y
- -26.14%
- 3Y*
- -28.64%
- 5Y*
- -28.82%
- 10Y*
- -22.61%
- ALL TIME*
- -28.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.12M | $61.92M | $74.91M | |
| $82.18M | $81.43M | $85.25M |
KOLD vs. UNG - 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% |
UNG United States Natural Gas Fund LP | -17.94% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
Correlation
The correlation between KOLD and UNG is -0.99, 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.99 |
The correlation between KOLD and UNG has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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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.
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 | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.96 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | -0.62 | +0.55 |
| Martin ratioReturn relative to average drawdown | -0.12 | -1.04 | +0.91 |
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Drawdowns
KOLD vs. UNG - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum UNG drawdown of -99.88%. 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% | -99.88% | +0.43% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -42.01% | -30.49% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -69.26% | -15.08% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -92.75% | -4.71% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -93.77% | -5.68% |
Current DrawdownCurrent decline from peak | -96.60% | -99.88% | +3.28% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -90.02% | +20.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 25.13% | +15.79% |
Volatility
KOLD vs. UNG - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to United States Natural Gas Fund LP (UNG) at 10.03%. 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 | 17.96% | 10.03% | +7.93% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 42.08% | +29.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 59.01% | +51.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 64.14% | +54.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 54.70% | +46.90% |
KOLD vs. UNG - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is lower than UNG's 1.17% expense ratio.
Dividends
KOLD vs. UNG - Dividend Comparison
Neither KOLD nor UNG has paid dividends to shareholders.
Frequently Asked Questions
KOLD and UNG have a correlation of -0.99, 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 UNG (10.03%). In terms of maximum drawdown, KOLD dropped -99.45% vs UNG's -99.88%.
On 10-year performance, KOLD leads with -22.29% vs -22.61% for UNG. On fees, KOLD is cheaper at 0.95% per year. On volatility, UNG has been the lower-risk option at 10.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KOLD has performed better with a -22.29% return vs -22.61%. 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 1.17% for UNG.
KOLD and UNG have nearly identical dividend yields, around 0.00%.
KOLD tracks Bloomberg Natural Gas Subindex, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for KOLD and 1.17% for UNG.
KOLD currently has the higher Sharpe Ratio (-0.05 vs -0.44), 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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