KOLD vs. UVXY
KOLD (ProShares UltraShort Bloomberg Natural Gas) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, KOLD returned -25.08%/yr vs -73.88%/yr for UVXY. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
KOLD vs. UVXY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KOLD achieves a -37.06% return, which is significantly lower than UVXY's -23.04% return. Over the past 10 years, KOLD has outperformed UVXY with an annualized return of -25.08%, while UVXY has yielded a comparatively lower -73.88% annualized return.
KOLD
- 1D
- -4.23%
- 1M
- -14.12%
- YTD
- -37.06%
- 6M
- -35.65%
- 1Y
- -6.21%
- 3Y*
- -6.50%
- 5Y*
- -37.39%
- 10Y*
- -25.08%
UVXY
- 1D
- -1.25%
- 1M
- -15.98%
- YTD
- -23.04%
- 6M
- -25.05%
- 1Y
- -71.58%
- 3Y*
- -62.12%
- 5Y*
- -66.83%
- 10Y*
- -73.88%
KOLD vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.06% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.04% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between KOLD and UVXY is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.03 |
The correlation between KOLD and UVXY shifts across timeframes, from -0.19 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
KOLD vs. UVXY — Risk / Return Rank
KOLD
UVXY
KOLD vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.83 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | -0.98 | +0.90 |
| Martin ratioReturn relative to average drawdown | -0.16 | -1.42 | +1.26 |
Loading charts...
Drawdowns
KOLD vs. UVXY - Drawdown Comparison
The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for KOLD and UVXY.
Loading charts...
Drawdown Indicators
| KOLD | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -100.00% | +0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -72.99% | +0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -94.91% | +10.57% |
Max Drawdown (5Y)Largest decline over 5 years | -97.96% | -99.71% | +1.75% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -100.00% | +0.55% |
Current DrawdownCurrent decline from peak | -97.43% | -100.00% | +2.57% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -98.75% | +29.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.11% | 51.19% | -13.08% |
Volatility
KOLD vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Bloomberg Natural Gas (KOLD) is 23.46%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.80%. This indicates that KOLD experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| KOLD | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.46% | 25.80% | -2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 96.35% | 66.21% | +30.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.09% | 85.44% | +27.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.82% | 103.95% | +14.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.81% | 112.37% | -10.56% |
KOLD vs. UVXY - Expense Ratio Comparison
Both KOLD and UVXY have an expense ratio of 0.95%.
Dividends
KOLD vs. UVXY - Dividend Comparison
Neither KOLD nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
KOLD and UVXY have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.80%) compared to KOLD (23.46%). In terms of maximum drawdown, KOLD dropped -99.45% vs UVXY's -100.00%.
On 10-year performance, KOLD leads with -25.08% vs -73.88% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 23.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KOLD has performed better with a -25.08% return vs -73.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD and UVXY have the same expense ratio: 0.95% per year.
KOLD and UVXY have nearly identical dividend yields, around 0.00%.
KOLD is categorized as Oil & Gas, while UVXY is Volatility. KOLD tracks Bloomberg Natural Gas Subindex, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
KOLD currently has the higher Sharpe Ratio (-0.06 vs -0.84), 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.
Find the right allocation for KOLD and UVXY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer