KOLD vs. USO
KOLD (ProShares UltraShort Bloomberg Natural Gas) and USO (United States Oil Fund LP) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, KOLD returned -26.16%/yr vs 3.80%/yr for USO. At a correlation of -0.12, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.86%/yr for USO.
Performance
KOLD vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, KOLD achieves a -34.34% return, which is significantly lower than USO's 98.48% return. Over the past 10 years, KOLD has underperformed USO with an annualized return of -26.16%, while USO has yielded a comparatively higher 3.80% annualized return.
KOLD
- 1D
- 1.05%
- 1M
- -9.50%
- YTD
- -34.34%
- 6M
- -7.88%
- 1Y
- 1.67%
- 3Y*
- -19.53%
- 5Y*
- -40.39%
- 10Y*
- -26.16%
USO
- 1D
- 1.31%
- 1M
- -3.87%
- YTD
- 98.48%
- 6M
- 95.54%
- 1Y
- 97.37%
- 3Y*
- 28.86%
- 5Y*
- 23.92%
- 10Y*
- 3.80%
KOLD vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.34% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
USO United States Oil Fund LP | 98.48% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between KOLD and USO is -0.22, 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 | -0.22 |
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 7, 2011 | -0.12 |
The correlation between KOLD and USO shifts across timeframes, from -0.22 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
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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 | 0.01 | 2.22 | -2.20 |
Sortino ratioReturn per unit of downside risk | 0.87 | 2.81 | -1.95 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.37 | -0.26 |
Calmar ratioReturn relative to maximum drawdown | -0.18 | 5.12 | -5.30 |
Martin ratioReturn relative to average drawdown | -0.37 | 9.66 | -10.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KOLD | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.01 | 2.22 | -2.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | 0.67 | -1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | 0.10 | -0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | -0.18 | +0.04 |
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.
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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 (3Y)Largest decline over 3 years | -84.34% | -26.05% | -58.29% |
Max Drawdown (5Y)Largest decline over 5 years | -98.45% | -36.23% | -62.22% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -86.75% | -12.70% |
Current DrawdownCurrent decline from peak | -97.32% | -85.39% | -11.93% |
Average DrawdownAverage peak-to-trough decline | -69.48% | -75.30% | +5.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.85% | 10.81% | +25.04% |
Volatility
KOLD vs. USO - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to United States Oil Fund LP (USO) at 15.03%. 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.
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Volatility by Period
| KOLD | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.65% | 15.03% | +9.62% |
Volatility (6M)Calculated over the trailing 6-month period | 99.52% | 38.18% | +61.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 114.40% | 44.26% | +70.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.74% | 36.04% | +82.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.77% | 39.00% | +62.77% |
KOLD vs. USO - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
KOLD vs. USO - Dividend Comparison
Neither KOLD nor USO has paid dividends to shareholders.
Frequently Asked Questions
KOLD and USO have a correlation of -0.22, 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 USO (15.03%). In terms of maximum drawdown, KOLD dropped -99.45% vs USO's -98.19%.
On 10-year performance, USO leads with 3.80% vs -26.16% for KOLD. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 15.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USO has performed better with a 3.80% return vs -26.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 0.95% for KOLD.
KOLD and USO have nearly identical dividend yields, around 0.00%.
KOLD is categorized as Leveraged Commodities, while USO is Oil & Gas. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for KOLD and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.22 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.
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