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 -25.09%/yr vs -4.37%/yr for UNL. At a correlation of -0.94, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.90%/yr for UNL.
Performance
KOLD vs. UNL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KOLD achieves a -37.17% return, which is significantly lower than UNL's -11.72% return. Over the past 10 years, KOLD has underperformed UNL with an annualized return of -25.09%, while UNL has yielded a comparatively higher -4.37% annualized return.
KOLD
- 1D
- -0.18%
- 1M
- -14.27%
- YTD
- -37.17%
- 6M
- -42.50%
- 1Y
- 9.00%
- 3Y*
- -6.55%
- 5Y*
- -38.86%
- 10Y*
- -25.09%
UNL
- 1D
- -0.38%
- 1M
- 3.74%
- YTD
- -11.72%
- 6M
- -9.35%
- 1Y
- -31.64%
- 3Y*
- -17.42%
- 5Y*
- -6.97%
- 10Y*
- -4.37%
KOLD vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.17% | -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 | -11.72% | -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 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 | -0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.85 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | -0.97 | +1.10 |
| Martin ratioReturn relative to average drawdown | 0.24 | -1.56 | +1.79 |
Loading charts...
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 -89.00%. Use the drawdown chart below to compare losses from any high point for KOLD and UNL.
Loading charts...
Drawdown Indicators
| KOLD | UNL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -89.00% | -10.45% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -32.65% | -39.85% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -48.16% | -36.18% |
Max Drawdown (5Y)Largest decline over 5 years | -98.07% | -78.12% | -19.95% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -78.12% | -21.33% |
Current DrawdownCurrent decline from peak | -97.43% | -88.46% | -8.97% |
Average DrawdownAverage peak-to-trough decline | -69.56% | -73.38% | +3.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.81% | 22.72% | +15.09% |
Volatility
KOLD vs. UNL - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 23.90% compared to United States 12 Month Natural Gas Fund LP (UNL) at 7.13%. 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.
Loading charts...
Volatility by Period
| KOLD | UNL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.90% | 7.13% | +16.77% |
Volatility (6M)Calculated over the trailing 6-month period | 96.77% | 30.59% | +66.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.49% | 35.79% | +77.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.83% | 41.76% | +77.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 33.85% | +67.96% |
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 (23.90%) compared to UNL (7.13%). In terms of maximum drawdown, KOLD dropped -99.45% vs UNL's -89.00%.
On 10-year performance, UNL leads with -4.37% vs -25.09% for KOLD. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 7.13%. 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 -4.37% return vs -25.09%. 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 (0.08 vs -0.89), 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.
Find the right allocation for KOLD and UNL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer