KOLD vs. YANG
KOLD (ProShares UltraShort Bloomberg Natural Gas) and YANG (Direxion Daily China 3x Bear Shares) are both exchange-traded funds - KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, 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 -24.75%/yr vs -37.83%/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
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Returns By Period
In the year-to-date period, KOLD achieves a -34.28% return, which is significantly lower than YANG's 45.69% return. Over the past 10 years, KOLD has outperformed YANG with an annualized return of -24.75%, while YANG has yielded a comparatively lower -37.83% annualized 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%
YANG
- 1D
- 4.97%
- 1M
- 21.92%
- YTD
- 45.69%
- 6M
- 48.59%
- 1Y
- 15.02%
- 3Y*
- -43.76%
- 5Y*
- -31.21%
- 10Y*
- -37.83%
KOLD vs. YANG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.28% | -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 | 45.69% | -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 -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.01 |
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Return for Risk
KOLD vs. YANG — Risk / Return Rank
KOLD
YANG
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.
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 | YANG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.09 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 0.43 | -0.37 |
| Martin ratioReturn relative to average drawdown | 0.12 | 0.72 | -0.60 |
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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
| KOLD | YANG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.45% | -99.98% | +0.53% |
Max Drawdown (1Y)Largest decline over 1 year | -72.50% | -35.33% | -37.17% |
Max Drawdown (3Y)Largest decline over 3 years | -84.34% | -94.02% | +9.68% |
Max Drawdown (5Y)Largest decline over 5 years | -97.96% | -97.38% | -0.58% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -99.53% | +0.08% |
Current DrawdownCurrent decline from peak | -97.31% | -99.97% | +2.66% |
Average DrawdownAverage peak-to-trough decline | -69.57% | -90.53% | +20.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.96% | 21.47% | +16.49% |
Volatility
KOLD vs. YANG - Volatility Comparison
ProShares UltraShort Bloomberg Natural Gas (KOLD) has a higher volatility of 24.20% compared to Direxion Daily China 3x Bear Shares (YANG) at 17.73%. 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
| KOLD | YANG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.20% | 17.73% | +6.47% |
Volatility (6M)Calculated over the trailing 6-month period | 96.27% | 43.44% | +52.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.34% | 59.03% | +54.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.84% | 94.55% | +24.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.82% | 81.91% | +19.91% |
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 2.80%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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 | 2.80% | 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 -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.20%) compared to YANG (17.73%). In terms of maximum drawdown, KOLD dropped -99.45% vs YANG's -99.98%.
On 10-year performance, KOLD leads with -24.75% vs -37.83% for YANG. On fees, KOLD is cheaper at 0.95% per year. On volatility, YANG has been the lower-risk option at 17.73%. 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 -24.75% return vs -37.83%. 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 2.80%, compared with 0.00% for KOLD.
KOLD is categorized as Oil & Gas, while YANG is Leveraged Equities. KOLD tracks Bloomberg Natural Gas Subindex, 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.
YANG currently has the higher Sharpe Ratio (0.26 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.
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