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KOLD vs. UPRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KOLD vs. UPRO

Last updated Jun 3, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, KOLD returned -26.16%/yr vs 30.36%/yr for UPRO. At a correlation of -0.03, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.89%/yr for UPRO.

Performance

KOLD vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KOLD achieves a -34.34% return, which is significantly lower than UPRO's 30.62% return. Over the past 10 years, KOLD has underperformed UPRO with an annualized return of -26.16%, while UPRO has yielded a comparatively higher 30.36% 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%

UPRO

1D
0.39%
1M
15.79%
YTD
30.62%
6M
30.65%
1Y
87.98%
3Y*
53.66%
5Y*
24.29%
10Y*
30.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KOLD vs. UPRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UPRO
ProShares UltraPro S&P 500		30.62%31.88%63.57%68.53%-56.84%98.64%10.09%102.30%-25.11%71.37%

Correlation

The correlation between KOLD and UPRO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.19

Correlation (3Y)
Calculated over the trailing 3-year period

0.04

Correlation (5Y)
Calculated over the trailing 5-year period

-0.07

Correlation (10Y)
Calculated over the trailing 10-year period

-0.05

Correlation (All Time)
Calculated using the full available price history since Oct 7, 2011

-0.03

The correlation between KOLD and UPRO shifts across timeframes, from -0.07 (5 years) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Bloomberg Natural Gas

ProShares UltraPro S&P 500

Often compared with KOLD:
KOLD vs. BOILKOLD vs. ^GSPCKOLD vs. NGKOLD vs. DRIPKOLD vs. SCOKOLD vs. UNLKOLD vs. NGS
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF

Return for Risk

KOLD vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KOLD
KOLD Risk / Return Rank: 1111
Overall Rank
KOLD Sharpe Ratio Rank: 99
Sharpe Ratio Rank
KOLD Sortino Ratio Rank: 1717
Sortino Ratio Rank
KOLD Omega Ratio Rank: 1818
Omega Ratio Rank
KOLD Calmar Ratio Rank: 77
Calmar Ratio Rank
KOLD Martin Ratio Rank: 77
Martin Ratio Rank
UPRO
UPRO Risk / Return Rank: 6969
Overall Rank
UPRO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 6262
Sortino Ratio Rank
UPRO Omega Ratio Rank: 6464
Omega Ratio Rank
UPRO Calmar Ratio Rank: 6868
Calmar Ratio Rank
UPRO Martin Ratio Rank: 7474
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

KOLD vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares UltraPro S&P 500 (UPRO). 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.

KOLDUPRODifference

Sharpe ratio

Return per unit of total volatility

0.01

2.51

-2.49

Sortino ratio

Return per unit of downside risk

0.87

2.94

-2.07

Omega ratio

Gain probability vs. loss probability

1.11

1.39

-0.28

Calmar ratio

Return relative to maximum drawdown

-0.18

3.40

-3.58

Martin ratio

Return relative to average drawdown

-0.37

14.36

-14.73

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KOLD vs. UPRO - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is 0.01, which is lower than the UPRO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of KOLD and UPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

KOLDUPRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.01

2.51

-2.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.34

0.49

-0.83

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.26

0.57

-0.82

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.14

0.66

-0.80

Drawdowns

KOLD vs. UPRO - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for KOLD and UPRO.

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Drawdown Indicators

KOLDUPRODifference

Max Drawdown

Largest peak-to-trough decline

-99.45%

-76.82%

-22.63%

Max Drawdown (1Y)

Largest decline over 1 year

-72.50%

-26.78%

-45.72%

Max Drawdown (3Y)

Largest decline over 3 years

-84.34%

-48.87%

-35.47%

Max Drawdown (5Y)

Largest decline over 5 years

-98.45%

-63.94%

-34.51%

Max Drawdown (10Y)

Largest decline over 10 years

-99.45%

-76.82%

-22.63%

Current Drawdown

Current decline from peak

-97.32%

0.00%

-97.32%

Average Drawdown

Average peak-to-trough decline

-69.48%

-14.42%

-55.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

35.85%

6.33%

+29.52%

Volatility

KOLD vs. UPRO - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to ProShares UltraPro S&P 500 (UPRO) at 8.17%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KOLDUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

24.65%

8.17%

+16.48%

Volatility (6M)

Calculated over the trailing 6-month period

99.52%

26.54%

+72.98%

Volatility (1Y)

Calculated over the trailing 1-year period

114.40%

35.29%

+79.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

118.74%

50.31%

+68.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

101.77%

53.75%

+48.02%

KOLD vs. UPRO - Expense Ratio Comparison

KOLD has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

KOLD vs. UPRO - Dividend Comparison

KOLD has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.67%.

PositionTTM20252024202320222021202020192018201720162015
KOLD
ProShares UltraShort Bloomberg Natural Gas		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
UPRO
ProShares UltraPro S&P 500		0.67%0.84%0.93%0.74%0.52%0.06%0.11%0.41%0.63%0.00%0.12%0.34%

Frequently Asked Questions

KOLD and UPRO have a correlation of 0.19, 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 UPRO (8.17%). In terms of maximum drawdown, KOLD dropped -99.45% vs UPRO's -76.82%.

On 10-year performance, UPRO leads with 30.36% vs -26.16% for KOLD. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UPRO has performed better with a 30.36% return vs -26.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for KOLD.

UPRO has the higher dividend yield at 0.67%, compared with 0.00% for KOLD.

KOLD is categorized as Leveraged Commodities, while UPRO is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for KOLD and 0.89% for UPRO.

UPRO currently has the higher Sharpe Ratio (2.51 vs 0.01), 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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