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 Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), 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 -26.46%/yr vs -72.67%/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
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Returns By Period
In the year-to-date period, KOLD achieves a -37.03% return, which is significantly lower than UVXY's -19.06% return. Over the past 10 years, KOLD has outperformed UVXY with an annualized return of -26.46%, while UVXY has yielded a comparatively lower -72.67% annualized return.
KOLD
- 1D
- -4.10%
- 1M
- -9.53%
- YTD
- -37.03%
- 6M
- -5.09%
- 1Y
- -1.55%
- 3Y*
- -20.65%
- 5Y*
- -40.59%
- 10Y*
- -26.46%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
KOLD vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.03% | -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 | -19.06% | -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 -0.21, 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 | -0.21 |
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 7, 2011 | 0.03 |
The correlation between KOLD and UVXY shifts across timeframes, from -0.21 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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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.
| KOLD | UVXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.01 | -0.87 | +0.85 |
Sortino ratioReturn per unit of downside risk | 0.82 | -1.60 | +2.43 |
Omega ratioGain probability vs. loss probability | 1.11 | 0.82 | +0.29 |
Calmar ratioReturn relative to maximum drawdown | -0.02 | -0.97 | +0.95 |
Martin ratioReturn relative to average drawdown | -0.04 | -1.31 | +1.27 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.01 | -0.87 | +0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.34 | -0.66 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.26 | -0.64 | +0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | -0.68 | +0.53 |
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.
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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% | -75.22% | +2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -95.45% | +11.11% |
Max Drawdown (5Y)Largest decline over 5 years | -98.45% | -99.68% | +1.23% |
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 | -69.49% | -98.55% | +29.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.01% | 55.63% | -19.62% |
Volatility
KOLD vs. UVXY - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOLD | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.65% | 11.77% | +12.88% |
Volatility (6M)Calculated over the trailing 6-month period | 99.37% | 62.64% | +36.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.51% | 84.42% | +29.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.76% | 103.85% | +14.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.76% | 113.82% | -12.06% |
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 -0.21, 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 UVXY (11.77%). In terms of maximum drawdown, KOLD dropped -99.45% vs UVXY's -100.00%.
On 10-year performance, KOLD leads with -26.46% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.77%. 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 -26.46% return vs -72.67%. 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 Leveraged Commodities, while UVXY is Volatility. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
KOLD currently has the higher Sharpe Ratio (-0.01 vs -0.87), 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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