LABD vs. KOLD

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily S&P Biotech Bear 3x Shares (LABD) and ProShares UltraShort Bloomberg Natural Gas (KOLD).

LABD and KOLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LABD is a passively managed fund by Direxion that tracks the performance of the S&P Biotechnology Select Industry Index (-300%). It was launched on May 28, 2015. KOLD is a passively managed fund by ProShares that tracks the performance of the Bloomberg Natural Gas Subindex (TR) (200%). It was launched on Oct 4, 2011. Both LABD and KOLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

LABD vs. KOLD - Performance Comparison

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

LABD vs. KOLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LABD Direxion Daily S&P Biotech Bear 3x Shares	-22.25%	-70.07%	-21.43%	-41.77%	-32.68%	1.86%	-89.75%	-70.80%	-6.26%	-75.67%
KOLD ProShares UltraShort Bloomberg Natural Gas	-38.45%	-17.48%	-11.34%	249.82%	-88.62%	-74.44%	22.05%	82.94%	-46.48%	72.02%

Returns By Period

In the year-to-date period, LABD achieves a -22.25% return, which is significantly higher than KOLD's -38.45% return. Over the past 10 years, LABD has underperformed KOLD with an annualized return of -57.45%, while KOLD has yielded a comparatively higher -29.03% annualized return.

LABD

• 1D: -22.42%
• 1M: -7.39%
• YTD: -22.25%
• 6M: -59.03%
• 1Y: -82.24%
• 3Y*: -55.49%
• 5Y*: -38.61%
• 10Y*: -57.45%

KOLD

• 1D: -0.73%
• 1M: -7.42%
• YTD: -38.45%
• 6M: -37.60%
• 1Y: 10.94%
• 3Y*: -15.68%
• 5Y*: -43.73%
• 10Y*: -29.03%

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

LABD vs. KOLD - Expense Ratio Comparison

LABD has a 1.06% expense ratio, which is higher than KOLD's 0.95% expense ratio.

LABD

Direxion Daily S&P Biotech Bear 3x Shares

KOLD

ProShares UltraShort Bloomberg Natural Gas

Return for Risk

LABD vs. KOLD — Risk / Return Rank

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

LABD

LABD Risk / Return Rank: 1
LABD Sharpe Ratio Rank: 1
LABD Sortino Ratio Rank: 0
LABD Omega Ratio Rank: 0
LABD Calmar Ratio Rank: 0
LABD Martin Ratio Rank: 3

KOLD

KOLD Risk / Return Rank: 23
KOLD Sharpe Ratio Rank: 15
KOLD Sortino Ratio Rank: 38
KOLD Omega Ratio Rank: 34
KOLD Calmar Ratio Rank: 15
KOLD Martin Ratio Rank: 14

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.

LABD vs. KOLD - Risk-Adjusted Trends Comparison

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

	LABD	KOLD	Difference
Sharpe ratio Return per unit of total volatility	-0.96	0.09	-1.05
Sortino ratio Return per unit of downside risk	-2.04	1.02	-3.07
Omega ratio Gain probability vs. loss probability	0.77	1.13	-0.36
Calmar ratio Return relative to maximum drawdown	-0.91	0.11	-1.02
Martin ratio Return relative to average drawdown	-1.17	0.27	-1.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LABD vs. KOLD - Sharpe Ratio Comparison

The current LABD Sharpe Ratio is -0.96, which is lower than the KOLD Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of LABD and KOLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LABD	KOLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	0.09	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.40	-0.37	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.60	-0.29	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	-0.15	-0.40

Correlation

The correlation between LABD and KOLD is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

LABD vs. KOLD - Dividend Comparison

LABD's dividend yield for the trailing twelve months is around 5.82%, while KOLD has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
LABD Direxion Daily S&P Biotech Bear 3x Shares	5.82%	6.67%	4.68%	6.13%	0.53%	0.00%	3.94%	1.75%	0.81%
KOLD ProShares UltraShort Bloomberg Natural Gas	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

LABD vs. KOLD - Drawdown Comparison

The maximum LABD drawdown since its inception was -99.99%, roughly equal to the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for LABD and KOLD.

Drawdown Indicators

	LABD	KOLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-99.45%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	-88.09%	-72.50%	-15.59%
Max Drawdown (5Y) Largest decline over 5 years	-97.73%	-98.91%	+1.18%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-99.45%	-0.53%
Current Drawdown Current decline from peak	-99.99%	-97.48%	-2.51%
Average Drawdown Average peak-to-trough decline	-90.78%	-69.15%	-21.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.46%	31.16%	+37.30%

Volatility

LABD vs. KOLD - Volatility Comparison

Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 36.88% compared to ProShares UltraShort Bloomberg Natural Gas (KOLD) at 29.18%. This indicates that LABD's price experiences larger fluctuations and is considered to be riskier than KOLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LABD	KOLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.88%	29.18%	+7.70%
Volatility (6M) Calculated over the trailing 6-month period	59.06%	101.24%	-42.18%
Volatility (1Y) Calculated over the trailing 1-year period	87.11%	120.63%	-33.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.40%	118.49%	-22.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.40%	101.91%	-5.51%