KOLD vs. USO
Compare and contrast key facts about ProShares UltraShort Bloomberg Natural Gas (KOLD) and United States Oil Fund LP (USO).
KOLD and USO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KOLD is a passively managed fund by ProShares that tracks the performance of the Bloomberg Natural Gas Subindex (TR) (200%). It was launched on Oct 4, 2011. USO is a passively managed fund by Concierge Technologies that tracks the performance of the Front Month Light Sweet Crude Oil. It was launched on Apr 10, 2006. Both KOLD and USO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
KOLD vs. USO - Performance Comparison
Loading graphics...
KOLD vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -38.45% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
USO United States Oil Fund LP | 83.99% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Returns By Period
In the year-to-date period, KOLD achieves a -38.45% return, which is significantly lower than USO's 83.99% return. Over the past 10 years, KOLD has underperformed USO with an annualized return of -29.03%, while USO has yielded a comparatively higher 5.48% annualized return.
KOLD
- 1D
- -0.73%
- 1M
- -7.42%
- YTD
- -38.45%
- 6M
- -37.60%
- 1Y
- 10.94%
- 3Y*
- -15.68%
- 5Y*
- -43.73%
- 10Y*
- -29.03%
USO
- 1D
- -1.99%
- 1M
- 55.28%
- YTD
- 83.99%
- 6M
- 72.54%
- 1Y
- 64.55%
- 3Y*
- 24.19%
- 5Y*
- 24.91%
- 10Y*
- 5.48%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
KOLD vs. USO - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than USO's 0.79% expense ratio.
Return for Risk
KOLD vs. USO — Risk / Return Rank
KOLD
USO
KOLD vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and United States Oil Fund LP (USO). 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.
| KOLD | USO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.09 | 1.65 | -1.56 |
Sortino ratioReturn per unit of downside risk | 1.02 | 2.32 | -1.30 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.30 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | 0.11 | 3.44 | -3.33 |
Martin ratioReturn relative to average drawdown | 0.27 | 5.96 | -5.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| KOLD | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.09 | 1.65 | -1.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | 0.73 | -1.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.29 | 0.14 | -0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.15 | -0.19 | +0.05 |
Correlation
The correlation between KOLD and USO is -0.12. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
KOLD vs. USO - Dividend Comparison
Neither KOLD nor USO has paid dividends to shareholders.
Drawdowns
KOLD vs. USO - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for KOLD and USO.
Loading graphics...
Drawdown Indicators
| KOLD | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -98.19% | -1.26% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -20.39% | -52.11% |
Max Drawdown (5Y)Largest decline over 5 years | -98.91% | -36.23% | -62.68% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -86.75% | -12.70% |
Current DrawdownCurrent decline from peak | -97.48% | -86.46% | -11.02% |
Average DrawdownAverage peak-to-trough decline | -69.15% | -75.21% | +6.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.16% | 11.77% | +19.39% |
Volatility
KOLD vs. USO - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 29.18% compared to United States Oil Fund LP (USO) at 21.87%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| KOLD | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.18% | 21.87% | +7.31% |
Volatility (6M)Calculated over the trailing 6-month period | 101.24% | 29.71% | +71.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 120.63% | 39.38% | +81.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.49% | 34.41% | +84.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.91% | 38.33% | +63.58% |