KOLD vs. USD
KOLD (ProShares UltraShort Bloomberg Natural Gas) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, 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 -25.08%/yr vs 60.90%/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
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Returns By Period
In the year-to-date period, KOLD achieves a -37.06% return, which is significantly lower than USD's 83.22% return. Over the past 10 years, KOLD has underperformed USD with an annualized return of -25.08%, while USD has yielded a comparatively higher 60.90% annualized return.
KOLD
- 1D
- -4.23%
- 1M
- -14.12%
- YTD
- -37.06%
- 6M
- -35.65%
- 1Y
- -6.21%
- 3Y*
- -6.50%
- 5Y*
- -37.39%
- 10Y*
- -25.08%
USD
- 1D
- -0.77%
- 1M
- 0.95%
- YTD
- 83.22%
- 6M
- 78.17%
- 1Y
- 185.84%
- 3Y*
- 113.73%
- 5Y*
- 63.17%
- 10Y*
- 60.90%
KOLD vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.06% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
USD ProShares Ultra Semiconductors | 83.22% | 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 | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.02 |
The correlation between KOLD and USD shifts across timeframes, from -0.04 (10 years) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. USD — Risk / Return Rank
KOLD
USD
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.
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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.38 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 5.88 | -5.97 |
| Martin ratioReturn relative to average drawdown | -0.16 | 16.26 | -16.42 |
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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
| KOLD | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -97.96% | -77.85% | -20.11% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -77.85% | -21.60% |
Current DrawdownCurrent decline from peak | -97.43% | -15.35% | -82.08% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -32.29% | -37.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.11% | 11.48% | +26.63% |
Volatility
KOLD vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Natural Gas (KOLD) is 23.46%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.08%. This indicates that KOLD experiences smaller price fluctuations and is considered to be less risky 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
| KOLD | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.46% | 34.08% | -10.62% |
Volatility (6M)Calculated over the trailing 6-month period | 96.35% | 53.79% | +42.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.09% | 67.97% | +45.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.82% | 77.72% | +41.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 69.82% | +31.99% |
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 0.25%.
| 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% |
USD ProShares Ultra Semiconductors | 0.25% | 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.
USD has higher volatility (34.08%) compared to KOLD (23.46%). In terms of maximum drawdown, KOLD dropped -99.45% vs USD's -88.63%.
On 10-year performance, USD leads with 60.90% vs -25.08% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 23.46%. 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 60.90% return vs -25.08%. 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 0.25%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while USD is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex, while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (2.76 vs -0.06), 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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