KOLD vs. UPRO
KOLD (ProShares UltraShort Bloomberg Natural Gas) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, KOLD returned -22.29%/yr vs 28.48%/yr for UPRO. Their -0.03 correlation means they have often moved in opposite directions in the past. KOLD charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
KOLD vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -16.81% return, which is significantly lower than UPRO's 21.72% return. Over the past 10 years, KOLD has underperformed UPRO with an annualized return of -22.29%, while UPRO has yielded a comparatively higher 28.48% 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%
UPRO
- 1D
- 1.97%
- 1M
- -0.35%
- 6M
- 17.81%
- YTD
- 21.72%
- 1Y
- 53.86%
- 3Y*
- 41.29%
- 5Y*
- 19.17%
- 10Y*
- 28.48%
- ALL TIME*
- 33.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.12M | $61.92M | $74.91M | |
| $288.84M | $293.51M | $361.12M |
KOLD vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 21.72% | 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 0.17, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.17 |
Correlation (3Y) Balances recent behavior with more history. | 0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.03 |
The correlation between KOLD and UPRO shifts across timeframes, from -0.06 (5 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. UPRO — Risk / Return Rank
KOLD
UPRO
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.
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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.22 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 1.73 | -1.80 |
| Martin ratioReturn relative to average drawdown | -0.12 | 6.63 | -6.75 |
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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
| KOLD | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -97.46% | -63.94% | -33.52% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -76.82% | -22.63% |
Current DrawdownCurrent decline from peak | -96.60% | -6.81% | -89.79% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -14.35% | -55.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 7.00% | +33.92% |
Volatility
KOLD vs. UPRO - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to ProShares UltraPro S&P 500 (UPRO) at 10.69%. 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
| KOLD | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.96% | 10.69% | +7.27% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 30.36% | +41.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 38.51% | +71.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 50.70% | +68.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 53.78% | +47.82% |
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 0.77%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 0.77% | 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 0.17, 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 UPRO (10.69%). In terms of maximum drawdown, KOLD dropped -99.45% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.48% vs -22.29% for KOLD. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 10.69%. 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 28.48% return vs -22.29%. 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 0.77%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while UPRO is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex, 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 (1.21 vs -0.05), 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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