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 Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts. Both are passively managed. Over the past 10 years, KOLD returned -22.29%/yr vs 11.91%/yr for USL. Their -0.12 correlation means they have often moved in opposite directions in the past. KOLD charges 0.95%/yr vs 1.02%/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 -16.81% return, which is significantly lower than USL's 50.47% return. Over the past 10 years, KOLD has underperformed USL with an annualized return of -22.29%, while USL has yielded a comparatively higher 11.91% 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%
USL
- 1D
- 0.72%
- 1M
- 11.48%
- 6M
- 34.61%
- YTD
- 50.47%
- 1Y
- 36.97%
- 3Y*
- 10.51%
- 5Y*
- 14.04%
- 10Y*
- 11.91%
- ALL TIME*
- -0.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.12M | $61.92M | $74.91M | |
| $634.47K | $669.88K | $1.15M |
KOLD vs. USL - 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% |
USL United States 12 Month Oil Fund, LP | 50.47% | -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 -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 -0.24 (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 | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.20 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 1.58 | -1.65 |
| Martin ratioReturn relative to average drawdown | -0.12 | 4.38 | -4.51 |
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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% | -20.91% | -51.59% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -23.33% | -61.01% |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | -33.82% | -63.64% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -66.02% | -33.43% |
Current DrawdownCurrent decline from peak | -96.60% | -42.93% | -53.67% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -61.30% | -8.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 8.38% | +32.54% |
Volatility
KOLD vs. USL - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to United States 12 Month Oil Fund, LP (USL) at 10.45%. 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 | 17.96% | 10.45% | +7.51% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 25.73% | +46.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 29.92% | +80.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 30.36% | +88.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 32.35% | +69.25% |
KOLD vs. USL - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is lower than USL's 1.02% 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 -0.24, 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 USL (10.45%). In terms of maximum drawdown, KOLD dropped -99.45% vs USL's -89.06%.
On 10-year performance, USL leads with 11.91% vs -22.29% for KOLD. On fees, KOLD is cheaper at 0.95% per year. On volatility, USL has been the lower-risk option at 10.45%. 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 11.91% return vs -22.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD is cheaper with a 0.95% expense ratio, compared with 1.02% for USL.
KOLD and USL have nearly identical dividend yields, around 0.00%.
KOLD tracks Bloomberg Natural Gas Subindex, while USL tracks Equal-Weighted 12-Month NYMEX WTI Crude Oil Futures Contracts. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for KOLD and 1.02% for USL.
USL currently has the higher Sharpe Ratio (1.11 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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