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 -23.38%/yr vs -5.16%/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
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Returns By Period
In the year-to-date period, KOLD achieves a -23.56% return, which is significantly lower than UNL's -17.95% return. Over the past 10 years, KOLD has underperformed UNL with an annualized return of -23.38%, while UNL has yielded a comparatively higher -5.16% annualized return.
KOLD
- 1D
- 4.25%
- 1M
- 14.00%
- 6M
- -45.41%
- YTD
- -23.56%
- 1Y
- 1.05%
- 3Y*
- -2.38%
- 5Y*
- -33.63%
- 10Y*
- -23.38%
UNL
- 1D
- -1.35%
- 1M
- -5.54%
- 6M
- -6.56%
- YTD
- -17.95%
- 1Y
- -30.40%
- 3Y*
- -19.15%
- 5Y*
- -9.80%
- 10Y*
- -5.16%
KOLD vs. UNL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -23.56% | -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 | -17.95% | -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.
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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 | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.86 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | -0.91 | +0.90 |
| Martin ratioReturn relative to average drawdown | -0.02 | -1.51 | +1.49 |
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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 -89.28%. 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% | -89.28% | -10.17% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -32.50% | -40.00% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -49.46% | -34.88% |
Max Drawdown (5Y)Largest decline over 5 years | -97.82% | -78.66% | -19.16% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -78.66% | -20.79% |
Current DrawdownCurrent decline from peak | -96.88% | -89.28% | -7.60% |
Average DrawdownAverage peak-to-trough decline | -69.66% | -73.43% | +3.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.59% | 19.54% | +20.05% |
Volatility
KOLD vs. UNL - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 19.69% compared to United States 12 Month Natural Gas Fund LP (UNL) at 5.84%. 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 | 19.69% | 5.84% | +13.85% |
Volatility (6M)Calculated over the trailing 6-month period | 94.00% | 29.45% | +64.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 112.05% | 35.23% | +76.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.86% | 41.74% | +77.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.70% | 33.82% | +67.88% |
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 (19.69%) compared to UNL (5.84%). In terms of maximum drawdown, KOLD dropped -99.45% vs UNL's -89.28%.
On 10-year performance, UNL leads with -5.16% vs -23.38% for KOLD. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 5.84%. 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 -5.16% return vs -23.38%. 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 (-0.01 vs -0.84), 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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