KOLD vs. USOI
KOLD (ProShares UltraShort Bloomberg Natural Gas) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both Oil & Gas funds - KOLD tracks the Bloomberg Natural Gas Subindex while USOI tracks the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, KOLD returned -4.80% vs 25.08% for USOI. Their -0.07 correlation means they have often moved in opposite directions in the past. KOLD charges 0.95%/yr vs 0.85%/yr for USOI.
Performance
KOLD vs. USOI - 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 USOI's 32.59% 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%
USOI
- 1D
- 0.37%
- 1M
- 11.52%
- 6M
- 23.29%
- YTD
- 32.59%
- 1Y
- 25.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.12M | $61.92M | $74.91M | |
| $32.75M | $18.81M | $9.02M |
KOLD vs. USOI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -16.81% | -17.48% | -20.29% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 32.59% | -8.78% | 3.24% |
Correlation
The correlation between KOLD and USOI is -0.17, 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. | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024 | -0.07 |
The correlation between KOLD and USOI shifts across timeframes, from -0.17 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KOLD vs. USOI — Risk / Return Rank
KOLD
USOI
KOLD vs. USOI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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 | USOI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.17 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 0.96 | -1.03 |
| Martin ratioReturn relative to average drawdown | -0.12 | 3.00 | -3.12 |
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Drawdowns
KOLD vs. USOI - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, which is greater than USOI's maximum drawdown of -23.54%. Use the drawdown chart below to compare losses from any high point for KOLD and USOI.
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Drawdown Indicators
| KOLD | USOI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -23.54% | -75.91% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -23.54% | -48.96% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -97.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | — | — |
Current DrawdownCurrent decline from peak | -96.60% | -14.63% | -81.97% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -7.85% | -61.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.92% | 8.10% | +32.82% |
Volatility
KOLD vs. USOI - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 17.96% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 6.18%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | USOI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.96% | 6.18% | +11.78% |
Volatility (6M)Calculated over the trailing 6-month period | 71.96% | 20.39% | +51.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 110.38% | 24.74% | +85.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.81% | 23.32% | +95.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.60% | 23.32% | +78.28% |
KOLD vs. USOI - Expense Ratio Comparison
KOLD has a 0.95% expense ratio, which is higher than USOI's 0.85% expense ratio.
Dividends
KOLD vs. USOI - Dividend Comparison
KOLD has not paid dividends to shareholders, while USOI's dividend yield for the trailing twelve months is around 46.43%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | 0.00% | 0.00% | 0.00% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 46.43% | 27.21% | 12.54% |
Frequently Asked Questions
KOLD and USOI have a correlation of -0.17, 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 USOI (6.18%). In terms of maximum drawdown, KOLD dropped -99.45% vs USOI's -23.54%.
On 1-year performance, USOI leads with 25.08% vs -4.80% for KOLD. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 6.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USOI has performed better with a 25.08% return vs -4.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USOI is cheaper with a 0.85% expense ratio, compared with 0.95% for KOLD.
USOI has the higher dividend yield at 46.43%, compared with 0.00% for KOLD.
KOLD tracks Bloomberg Natural Gas Subindex, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: ProShares and Credit Suisse. Their fees differ too: 0.95% for KOLD and 0.85% for USOI.
USOI currently has the higher Sharpe Ratio (0.91 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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