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KOLD vs. YANG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KOLD vs. YANG

Last updated Jun 3, 2026

KOLD (ProShares UltraShort Bloomberg Natural Gas) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - KOLD is a Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%), while YANG is a Leveraged Equities fund tracking the FTSE China 50 Index (-300%). Both are passively managed. Over the past 10 years, KOLD returned -26.16%/yr vs -39.14%/yr for YANG. At a 0.01 correlation, their price movements are largely independent. KOLD charges 0.95%/yr vs 1.07%/yr for YANG.

Performance

KOLD vs. YANG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Natural Gas (KOLD) and Direxion Daily China 3x Bear Shares (YANG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KOLD achieves a -34.34% return, which is significantly lower than YANG's 11.12% return. Over the past 10 years, KOLD has outperformed YANG with an annualized return of -26.16%, while YANG has yielded a comparatively lower -39.14% 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%

YANG

1D
-8.70%
1M
2.29%
YTD
11.12%
6M
18.25%
1Y
-21.07%
3Y*
-48.12%
5Y*
-35.00%
10Y*
-39.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KOLD vs. YANG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
YANG
Direxion Daily China 3x Bear Shares		11.12%-62.77%-71.41%11.95%-41.34%25.90%-58.66%-40.72%13.14%-64.93%

Correlation

The correlation between KOLD and YANG is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.09

Correlation (3Y)
Calculated over the trailing 3-year period

-0.00

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (10Y)
Calculated over the trailing 10-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Oct 7, 2011

0.01

The correlation between KOLD and YANG shifts across timeframes, from -0.09 (1 year) to 0.03 (10 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.

ProShares UltraShort Bloomberg Natural Gas

Direxion Daily China 3x Bear Shares

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YANG vs. YINNYANG vs. CWEBYANG vs. FXPYANG vs. GLLYANG vs. TYOYANG vs. KLIPYANG vs. EDZ

Return for Risk

KOLD vs. YANG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KOLD
KOLD Risk / Return Rank: 1111
Overall Rank
KOLD Sharpe Ratio Rank: 99
Sharpe Ratio Rank
KOLD Sortino Ratio Rank: 1717
Sortino Ratio Rank
KOLD Omega Ratio Rank: 1818
Omega Ratio Rank
KOLD Calmar Ratio Rank: 77
Calmar Ratio Rank
KOLD Martin Ratio Rank: 77
Martin Ratio Rank
YANG
YANG Risk / Return Rank: 55
Overall Rank
YANG Sharpe Ratio Rank: 55
Sharpe Ratio Rank
YANG Sortino Ratio Rank: 66
Sortino Ratio Rank
YANG Omega Ratio Rank: 66
Omega Ratio Rank
YANG Calmar Ratio Rank: 44
Calmar Ratio Rank
YANG Martin Ratio Rank: 55
Martin Ratio Rank
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. YANG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Natural Gas (KOLD) and Direxion Daily China 3x Bear Shares (YANG). 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.

KOLDYANGDifference

Sharpe ratio

Return per unit of total volatility

0.01

-0.36

+0.38

Sortino ratio

Return per unit of downside risk

0.87

-0.16

+1.03

Omega ratio

Gain probability vs. loss probability

1.11

0.98

+0.13

Calmar ratio

Return relative to maximum drawdown

-0.18

-0.56

+0.37

Martin ratio

Return relative to average drawdown

-0.37

-0.83

+0.46

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KOLD vs. YANG - Sharpe Ratio Comparison

The current KOLD Sharpe Ratio is 0.01, which is higher than the YANG Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of KOLD and YANG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

KOLDYANGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.01

-0.36

+0.38

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.34

-0.37

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.26

-0.48

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.14

-0.49

+0.35

Drawdowns

KOLD vs. YANG - Drawdown Comparison

The maximum KOLD drawdown since its inception was -99.45%, roughly equal to the maximum YANG drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for KOLD and YANG.

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Drawdown Indicators

KOLDYANGDifference

Max Drawdown

Largest peak-to-trough decline

-99.45%

-99.98%

+0.53%

Max Drawdown (1Y)

Largest decline over 1 year

-72.50%

-40.39%

-32.11%

Max Drawdown (3Y)

Largest decline over 3 years

-84.34%

-94.02%

+9.68%

Max Drawdown (5Y)

Largest decline over 5 years

-98.45%

-97.38%

-1.07%

Max Drawdown (10Y)

Largest decline over 10 years

-99.45%

-99.53%

+0.08%

Current Drawdown

Current decline from peak

-97.32%

-99.98%

+2.66%

Average Drawdown

Average peak-to-trough decline

-69.48%

-90.52%

+21.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

35.85%

28.39%

+7.46%

Volatility

KOLD vs. YANG - Volatility Comparison

ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.65% compared to Direxion Daily China 3x Bear Shares (YANG) at 20.36%. This indicates that KOLD's price experiences larger fluctuations and is considered to be riskier than YANG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KOLDYANGDifference

Volatility (1M)

Calculated over the trailing 1-month period

24.65%

20.36%

+4.29%

Volatility (6M)

Calculated over the trailing 6-month period

99.52%

42.19%

+57.33%

Volatility (1Y)

Calculated over the trailing 1-year period

114.40%

58.54%

+55.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

118.74%

94.43%

+24.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

101.77%

82.11%

+19.66%

KOLD vs. YANG - Expense Ratio Comparison

KOLD has a 0.95% expense ratio, which is lower than YANG's 1.07% expense ratio.

Dividends

KOLD vs. YANG - Dividend Comparison

KOLD has not paid dividends to shareholders, while YANG's dividend yield for the trailing twelve months is around 3.67%.

PositionTTM20252024202320222021202020192018
KOLD
ProShares UltraShort Bloomberg Natural Gas		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
YANG
Direxion Daily China 3x Bear Shares		3.67%4.03%9.42%3.66%0.00%0.00%0.67%1.54%0.56%

Frequently Asked Questions

KOLD and YANG have a correlation of -0.09, 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 YANG (20.36%). In terms of maximum drawdown, KOLD dropped -99.45% vs YANG's -99.98%.

On 10-year performance, KOLD leads with -26.16% vs -39.14% for YANG. On fees, KOLD is cheaper at 0.95% per year. On volatility, YANG has been the lower-risk option at 20.36%. 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 -26.16% return vs -39.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KOLD is cheaper with a 0.95% expense ratio, compared with 1.07% for YANG.

YANG has the higher dividend yield at 3.67%, compared with 0.00% for KOLD.

KOLD is categorized as Leveraged Commodities, while YANG is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%), while YANG tracks FTSE China 50 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for KOLD and 1.07% for YANG.

KOLD currently has the higher Sharpe Ratio (0.01 vs -0.36), 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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