KOLD vs. UNG
KOLD (ProShares UltraShort Bloomberg Natural Gas) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while UNG is a Oil & Gas fund tracking the Front Month Natural Gas. Both are passively managed. Over the past 10 years, KOLD returned -26.16%/yr vs -20.65%/yr for UNG. At a correlation of -0.99, they often move in opposite directions. KOLD charges 0.95%/yr vs 1.28%/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 -34.34% return, which is significantly lower than UNG's -6.44% return. Over the past 10 years, KOLD has underperformed UNG with an annualized return of -26.16%, while UNG has yielded a comparatively higher -20.65% annualized return.
KOLD
- 1D
- 1.05%
- 1M
- -9.50%
- YTD
- -34.34%
- 6M
- -7.88%
- 1Y
- 1.67%
- 3Y*
- -19.53%
- 5Y*
- -40.39%
- 10Y*
- -26.16%
UNG
- 1D
- -0.61%
- 1M
- 7.10%
- YTD
- -6.44%
- 6M
- -23.33%
- 1Y
- -32.01%
- 3Y*
- -21.73%
- 5Y*
- -23.24%
- 10Y*
- -20.65%
KOLD vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.34% | -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 | -6.44% | -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 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 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.
| KOLD | UNG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.01 | -0.53 | +0.55 |
Sortino ratioReturn per unit of downside risk | 0.87 | -0.45 | +1.32 |
Omega ratioGain probability vs. loss probability | 1.11 | 0.94 | +0.17 |
Calmar ratioReturn relative to maximum drawdown | -0.18 | -0.62 | +0.43 |
Martin ratioReturn relative to average drawdown | -0.37 | -0.91 | +0.54 |
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 | 0.01 | -0.53 | +0.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | -0.36 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | -0.38 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | -0.57 | +0.43 |
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% | -43.86% | -28.64% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -68.16% | -16.18% |
Max Drawdown (5Y)Largest decline over 5 years | -98.45% | -92.49% | -5.96% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -93.55% | -5.90% |
Current DrawdownCurrent decline from peak | -97.32% | -99.86% | +2.54% |
Average DrawdownAverage peak-to-trough decline | -69.48% | -89.96% | +20.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.85% | 29.59% | +6.26% |
Volatility
KOLD vs. UNG - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to United States Natural Gas Fund LP (UNG) at 13.11%. 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 | 24.65% | 13.11% | +11.54% |
Volatility (6M)Calculated over the trailing 6-month period | 99.52% | 53.02% | +46.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 114.40% | 60.90% | +53.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.74% | 64.09% | +54.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.77% | 54.79% | +46.98% |
KOLD vs. UNG - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is lower than UNG's 1.28% 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 (24.65%) compared to UNG (13.11%). In terms of maximum drawdown, KOLD dropped -99.45% vs UNG's -99.88%.
On 10-year performance, UNG leads with -20.65% vs -26.16% for KOLD. On fees, KOLD is cheaper at 0.95% per year. On volatility, UNG has been the lower-risk option at 13.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UNG has performed better with a -20.65% return vs -26.16%. 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 1.28% for UNG.
KOLD and UNG have nearly identical dividend yields, around 0.00%.
KOLD is categorized as Leveraged Commodities, while UNG is Oil & Gas. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while UNG tracks Front Month Natural Gas. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for KOLD and 1.28% for UNG.
KOLD currently has the higher Sharpe Ratio (0.01 vs -0.53), 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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