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KOLD vs. USD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KOLD vs. USD

Last updated Jun 4, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, KOLD returned -26.46%/yr vs 62.16%/yr for USD. At a correlation of -0.02, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

KOLD vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Ultra Semiconductors (USD). 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 -37.03% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, KOLD has underperformed USD with an annualized return of -26.46%, while USD has yielded a comparatively higher 62.16% annualized return.

KOLD

1D
-4.10%
1M
-9.53%
YTD
-37.03%
6M
-5.09%
1Y
-1.55%
3Y*
-20.65%
5Y*
-40.59%
10Y*
-26.46%

USD

1D
-1.14%
1M
44.53%
YTD
114.00%
6M
111.06%
1Y
274.62%
3Y*
127.67%
5Y*
69.52%
10Y*
62.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KOLD vs. USD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KOLD
ProShares UltraShort Bloomberg Natural Gas		-37.03%-17.48%-11.34%249.82%-88.62%-74.44%22.05%82.94%-46.48%72.02%
USD
ProShares Ultra Semiconductors		114.00%62.08%139.64%228.79%-68.57%104.27%68.16%110.37%-26.88%81.72%

Correlation

The correlation between KOLD and USD is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.20

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

0.06

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

-0.04

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

-0.04

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

-0.02

The correlation between KOLD and USD shifts across timeframes, from -0.04 (5 years) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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ProShares UltraShort Bloomberg Natural Gas

ProShares Ultra Semiconductors

Often compared with KOLD:
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Often compared with USD:
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Return for Risk

KOLD vs. USD — 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: 88
Sharpe Ratio Rank
KOLD Sortino Ratio Rank: 1616
Sortino Ratio Rank
KOLD Omega Ratio Rank: 1717
Omega Ratio Rank
KOLD Calmar Ratio Rank: 88
Calmar Ratio Rank
KOLD Martin Ratio Rank: 88
Martin Ratio Rank
USD
USD Risk / Return Rank: 9090
Overall Rank
USD Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
USD Sortino Ratio Rank: 8383
Sortino Ratio Rank
USD Omega Ratio Rank: 8383
Omega Ratio Rank
USD Calmar Ratio Rank: 9595
Calmar Ratio Rank
USD Martin Ratio Rank: 9393
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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Ultra Semiconductors (USD). 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.

KOLDUSDDifference

Sharpe ratio

Return per unit of total volatility

-0.01

4.53

-4.55

Sortino ratio

Return per unit of downside risk

0.82

3.81

-2.98

Omega ratio

Gain probability vs. loss probability

1.11

1.51

-0.41

Calmar ratio

Return relative to maximum drawdown

-0.02

8.70

-8.72

Martin ratio

Return relative to average drawdown

-0.04

25.16

-25.20

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. USD - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is -0.01, which is lower than the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of KOLD and USD, 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

KOLDUSDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.01

4.53

-4.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.34

0.91

-1.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.26

0.90

-1.16

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.14

0.49

-0.63

Drawdowns

KOLD vs. USD - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for KOLD and USD.

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Drawdown Indicators

KOLDUSDDifference

Max Drawdown

Largest peak-to-trough decline

-99.45%

-88.63%

-10.82%

Max Drawdown (1Y)

Largest decline over 1 year

-72.50%

-31.80%

-40.70%

Max Drawdown (3Y)

Largest decline over 3 years

-84.34%

-64.46%

-19.88%

Max Drawdown (5Y)

Largest decline over 5 years

-98.45%

-77.85%

-20.60%

Max Drawdown (10Y)

Largest decline over 10 years

-99.45%

-77.85%

-21.60%

Current Drawdown

Current decline from peak

-97.43%

-1.14%

-96.29%

Average Drawdown

Average peak-to-trough decline

-69.49%

-32.35%

-37.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

36.01%

10.97%

+25.04%

Volatility

KOLD vs. USD - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to ProShares Ultra Semiconductors (USD) at 20.36%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KOLDUSDDifference

Volatility (1M)

Calculated over the trailing 1-month period

24.65%

20.36%

+4.29%

Volatility (6M)

Calculated over the trailing 6-month period

99.37%

46.39%

+52.98%

Volatility (1Y)

Calculated over the trailing 1-year period

113.51%

61.22%

+52.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

118.76%

76.55%

+42.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

101.76%

69.23%

+32.53%

KOLD vs. USD - Expense Ratio Comparison

Both KOLD and USD have an expense ratio of 0.95%.

Dividends

KOLD vs. USD - Dividend Comparison

KOLD has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.21%.

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%
USD
ProShares Ultra Semiconductors		0.21%0.39%0.10%0.05%0.30%0.00%0.14%0.72%0.93%0.32%0.46%0.39%

Frequently Asked Questions

KOLD and USD have a correlation of 0.20, 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 USD (20.36%). In terms of maximum drawdown, KOLD dropped -99.45% vs USD's -88.63%.

On 10-year performance, USD leads with 62.16% vs -26.46% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, USD has been the lower-risk option at 20.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USD has performed better with a 62.16% return vs -26.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KOLD and USD have the same expense ratio: 0.95% per year.

USD has the higher dividend yield at 0.21%, compared with 0.00% for KOLD.

KOLD is categorized as Leveraged Commodities, while USD is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

USD currently has the higher Sharpe Ratio (4.53 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.

Portfolio Optimizer

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