KOLD vs. USL
KOLD (ProShares UltraShort Bloomberg Natural Gas) and USL (United States 12 Month Oil Fund LP) are both Oil & Gas funds - KOLD tracks the Bloomberg Natural Gas Subindex while USL tracks the 12 Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, KOLD returned -25.09%/yr vs 9.48%/yr for USL. At a correlation of -0.12, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.88%/yr for USL.
Performance
KOLD vs. USL - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -37.17% return, which is significantly lower than USL's 40.68% return. Over the past 10 years, KOLD has underperformed USL with an annualized return of -25.09%, while USL has yielded a comparatively higher 9.48% annualized return.
KOLD
- 1D
- -0.18%
- 1M
- -14.27%
- YTD
- -37.17%
- 6M
- -42.50%
- 1Y
- 9.00%
- 3Y*
- -6.55%
- 5Y*
- -38.86%
- 10Y*
- -25.09%
USL
- 1D
- -1.37%
- 1M
- -12.93%
- YTD
- 40.68%
- 6M
- 39.29%
- 1Y
- 20.67%
- 3Y*
- 13.48%
- 5Y*
- 12.91%
- 10Y*
- 9.48%
KOLD vs. USL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.17% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
USL United States 12 Month Oil Fund LP | 40.68% | -12.37% | 8.30% | -1.11% | 27.10% | 62.48% | -25.23% | 28.01% | -14.15% | 2.55% |
Correlation
The correlation between KOLD and USL is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.12 |
The correlation between KOLD and USL shifts across timeframes, from -0.23 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. USL — Risk / Return Rank
KOLD
USL
KOLD vs. USL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and United States 12 Month Oil Fund LP (USL). 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 | USL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.14 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | 1.22 | -1.09 |
| Martin ratioReturn relative to average drawdown | 0.24 | 2.71 | -2.47 |
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Drawdowns
KOLD vs. USL - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than USL's maximum drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for KOLD and USL.
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Drawdown Indicators
| KOLD | USL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -89.06% | -10.39% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -17.09% | -55.41% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -23.33% | -61.01% |
Max Drawdown (5Y)Largest decline over 5 years | -98.07% | -33.82% | -64.25% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -66.02% | -33.43% |
Current DrawdownCurrent decline from peak | -97.43% | -46.65% | -50.78% |
Average DrawdownAverage peak-to-trough decline | -69.56% | -61.39% | -8.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.81% | 8.62% | +29.19% |
Volatility
KOLD vs. USL - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 23.90% compared to United States 12 Month Oil Fund LP (USL) at 8.21%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | USL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.90% | 8.21% | +15.69% |
Volatility (6M)Calculated over the trailing 6-month period | 96.77% | 24.22% | +72.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.49% | 28.95% | +84.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.83% | 30.24% | +88.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 32.36% | +69.45% |
KOLD vs. USL - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than USL's 0.88% expense ratio.
Dividends
KOLD vs. USL - Dividend Comparison
Neither KOLD nor USL has paid dividends to shareholders.
Frequently Asked Questions
KOLD and USL have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (23.90%) compared to USL (8.21%). In terms of maximum drawdown, KOLD dropped -99.45% vs USL's -89.06%.
On 10-year performance, USL leads with 9.48% vs -25.09% for KOLD. On fees, USL is cheaper at 0.88% per year. On volatility, USL has been the lower-risk option at 8.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USL has performed better with a 9.48% return vs -25.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USL is cheaper with a 0.88% expense ratio, compared with 0.95% for KOLD.
KOLD and USL have nearly identical dividend yields, around 0.00%.
KOLD tracks Bloomberg Natural Gas Subindex, while USL tracks 12 Month Light Sweet Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for KOLD and 0.88% for USL.
USL currently has the higher Sharpe Ratio (0.72 vs 0.08), 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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