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 -24.75%/yr vs 30.18%/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
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Returns By Period
In the year-to-date period, KOLD achieves a -34.28% return, which is significantly lower than UPRO's 17.21% return. Over the past 10 years, KOLD has underperformed UPRO with an annualized return of -24.75%, while UPRO has yielded a comparatively higher 30.18% annualized return.
KOLD
- 1D
- 4.60%
- 1M
- -10.33%
- YTD
- -34.28%
- 6M
- -29.48%
- 1Y
- 4.46%
- 3Y*
- -5.14%
- 5Y*
- -37.54%
- 10Y*
- -24.75%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
KOLD vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.28% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 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 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
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 6, 2011 | -0.03 |
The correlation between KOLD and UPRO shifts across timeframes, from -0.07 (5 years) to 0.18 (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 | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.28 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 2.34 | -2.28 |
| Martin ratioReturn relative to average drawdown | 0.12 | 9.52 | -9.40 |
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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 | -97.96% | -63.94% | -34.02% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -76.82% | -22.63% |
Current DrawdownCurrent decline from peak | -97.31% | -10.27% | -87.04% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -14.39% | -55.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.96% | 6.57% | +31.39% |
Volatility
KOLD vs. UPRO - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.20% compared to ProShares UltraPro S&P 500 (UPRO) at 14.68%. 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 | 24.20% | 14.68% | +9.52% |
Volatility (6M)Calculated over the trailing 6-month period | 96.27% | 29.49% | +66.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.34% | 37.35% | +75.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.84% | 50.62% | +68.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.82% | 53.79% | +48.03% |
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 0.74%.
| 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 | 0.74% | 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 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.20%) compared to UPRO (14.68%). In terms of maximum drawdown, KOLD dropped -99.45% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs -24.75% for KOLD. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 14.68%. 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 30.18% return vs -24.75%. 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 0.74%, 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 (1.68 vs 0.04), 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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