KOLD vs. UNL
KOLD (ProShares UltraShort Bloomberg Natural Gas) and UNL (United States 12 Month Natural Gas Fund LP) are both Oil & Gas funds - KOLD tracks the Bloomberg Natural Gas Subindex while UNL tracks the 12 Month Natural Gas. Both are passively managed. Over the past 10 years, KOLD returned -22.29%/yr vs -5.20%/yr for UNL. Their -0.94 correlation means they have often moved in opposite directions in the past. KOLD charges 0.95%/yr vs 0.90%/yr for UNL.
Performance
KOLD vs. UNL - 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 UNL's -18.52% return. Over the past 10 years, KOLD has underperformed UNL with an annualized return of -22.29%, while UNL has yielded a comparatively higher -5.20% annualized return.
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%
UNL
- 1D
- 0.56%
- 1M
- -5.15%
- 6M
- -30.80%
- YTD
- -18.52%
- 1Y
- -25.95%
- 3Y*
- -18.51%
- 5Y*
- -11.19%
- 10Y*
- -5.20%
- ALL TIME*
- -12.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.12M | $61.92M | $74.91M | |
| $226.03K | $285.73K | $439.49K |
KOLD vs. UNL - 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% |
UNL United States 12 Month Natural Gas Fund LP | -18.52% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
Correlation
The correlation between KOLD and UNL is -0.94, 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. | -0.94 |
Correlation (3Y) Balances recent behavior with more history. | -0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.94 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.94 |
The correlation between KOLD and UNL has been stable across timeframes, ranging from -0.97 to -0.94 - a consistent structural relationship.
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Return for Risk
KOLD vs. UNL — Risk / Return Rank
KOLD
UNL
KOLD vs. UNL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and United States 12 Month Natural Gas Fund LP (UNL). 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 | UNL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.89 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | -0.76 | +0.69 |
| Martin ratioReturn relative to average drawdown | -0.12 | -1.30 | +1.17 |
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Drawdowns
KOLD vs. UNL - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than UNL's maximum drawdown of -89.48%. Use the drawdown chart below to compare losses from any high point for KOLD and UNL.
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Drawdown Indicators
| KOLD | UNL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -89.48% | -9.97% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -33.33% | -39.17% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -50.42% | -33.92% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -79.07% | -18.39% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -79.07% | -20.38% |
Current DrawdownCurrent decline from peak | -96.60% | -89.35% | -7.25% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -73.49% | +3.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 19.53% | +21.39% |
Volatility
KOLD vs. UNL - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to United States 12 Month Natural Gas Fund LP (UNL) at 5.25%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than UNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | UNL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.96% | 5.25% | +12.71% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 26.04% | +45.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 34.75% | +75.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 41.70% | +77.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 33.81% | +67.79% |
KOLD vs. UNL - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than UNL's 0.90% expense ratio.
Dividends
KOLD vs. UNL - Dividend Comparison
Neither KOLD nor UNL has paid dividends to shareholders.
Frequently Asked Questions
KOLD and UNL have a correlation of -0.94, 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 UNL (5.25%). In terms of maximum drawdown, KOLD dropped -99.45% vs UNL's -89.48%.
On 10-year performance, UNL leads with -5.20% vs -22.29% for KOLD. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UNL has performed better with a -5.20% return vs -22.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNL is cheaper with a 0.90% expense ratio, compared with 0.95% for KOLD.
KOLD and UNL have nearly identical dividend yields, around 0.00%.
KOLD tracks Bloomberg Natural Gas Subindex, while UNL tracks 12 Month Natural Gas. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for KOLD and 0.90% for UNL.
KOLD currently has the higher Sharpe Ratio (-0.05 vs -0.73), 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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