KOLD vs. USOI

Last updated Jun 24, 2026

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 4.46% vs 24.90% for USOI. At a correlation of -0.07, they often move in opposite directions. KOLD charges 0.95%/yr vs 0.85%/yr for USOI.

Performance

KOLD vs. USOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KOLD achieves a -34.28% return, which is significantly lower than USOI's 26.72% return.

KOLD

• 1D: 4.60%
• 1M: -10.33%
• YTD: -34.28%
• 6M: -29.48%
• 1Y: 4.46%
• 3Y*: -5.14%
• 5Y*: -37.54%
• 10Y*: -24.75%

USOI

• 1D: -1.16%
• 1M: -13.97%
• YTD: 26.72%
• 6M: 25.07%
• 1Y: 24.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

KOLD vs. USOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KOLD ProShares UltraShort Bloomberg Natural Gas	-34.28%	-17.48%	-20.29%
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN	26.72%	-8.78%	3.24%

Correlation

The correlation between KOLD and USOI is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	-0.07

Return for Risk

KOLD vs. USOI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KOLD

KOLD Risk / Return Rank: 12
KOLD Sharpe Ratio Rank: 9
KOLD Sortino Ratio Rank: 17
KOLD Omega Ratio Rank: 18
KOLD Calmar Ratio Rank: 9
KOLD Martin Ratio Rank: 9

USOI

USOI Risk / Return Rank: 30
USOI Sharpe Ratio Rank: 31
USOI Sortino Ratio Rank: 29
USOI Omega Ratio Rank: 29
USOI Calmar Ratio Rank: 29
USOI Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	0.04	1.07	-1.03
Sortino ratio: Return per unit of downside risk	0.90	1.53	-0.63
Omega ratio: Gain probability vs. loss probability	1.12	1.19	-0.07
Calmar ratio: Return relative to maximum drawdown	0.06	1.36	-1.30
Martin ratio: Return relative to average drawdown	0.12	4.30	-4.18

KOLD vs. USOI - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is 0.04, which is lower than the USOI Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of KOLD and USOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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 -19.49%. Use the drawdown chart below to compare losses from any high point for KOLD and USOI.

Drawdown Indicators

	KOLD	USOI	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-19.49%	-79.96%
Max Drawdown (1Y) Largest decline over 1 year	-72.50%	-18.41%	-54.09%
Max Drawdown (3Y) Largest decline over 3 years	-84.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-97.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.45%	—	—
Current Drawdown Current decline from peak	-97.31%	-18.41%	-78.90%
Average Drawdown Average peak-to-trough decline	-69.57%	-7.33%	-62.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.96%	5.81%	+32.15%

Volatility

KOLD vs. USOI - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.20% compared to Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) at 9.08%. 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.

Volatility by Period

	KOLD	USOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.20%	9.08%	+15.12%
Volatility (6M) Calculated over the trailing 6-month period	96.27%	19.23%	+77.04%
Volatility (1Y) Calculated over the trailing 1-year period	113.34%	23.55%	+89.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.84%	23.00%	+95.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.82%	23.00%	+78.82%

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 47.27%.

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	47.27%	27.21%	12.54%

Frequently Asked Questions

Can I hold both KOLD and USOI in my portfolio?

KOLD and USOI have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOLD or USOI?

KOLD has higher volatility (24.20%) compared to USOI (9.08%). In terms of maximum drawdown, KOLD dropped -99.45% vs USOI's -19.49%.

Which ETF is better, KOLD or USOI?

On 1-year performance, USOI leads with 24.90% vs 4.46% for KOLD. On fees, USOI is cheaper at 0.85% per year. On volatility, USOI has been the lower-risk option at 9.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOLD or USOI?

Over the 1-year period, USOI has performed better with a 24.90% return vs 4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOLD or USOI?

USOI is cheaper with a 0.85% expense ratio, compared with 0.95% for KOLD.

Which ETF pays a higher dividend yield, KOLD or USOI?

USOI has the higher dividend yield at 47.27%, compared with 0.00% for KOLD.

What is the main difference between KOLD and USOI?

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.

Which has better risk-adjusted returns?

USOI currently has the higher Sharpe Ratio (1.07 vs 0.04), 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.