SCO vs. KOLD

Last updated Jul 14, 2026

SCO (ProShares UltraShort Bloomberg Crude Oil) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both Oil & Gas funds from ProShares - SCO tracks the Bloomberg Commodity Balanced WTI Crude Oil Index (-200%) while KOLD tracks the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, SCO returned -38.07%/yr vs -23.00%/yr for KOLD. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SCO vs. KOLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Bloomberg Crude Oil (SCO) and ProShares UltraShort Bloomberg Natural Gas (KOLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCO achieves a -62.90% return, which is significantly lower than KOLD's -20.67% return. Over the past 10 years, SCO has underperformed KOLD with an annualized return of -38.07%, while KOLD has yielded a comparatively higher -23.00% annualized return.

SCO

• 1D: -12.22%
• 1M: 3.82%
• 6M: -60.38%
• YTD: -62.90%
• 1Y: -55.75%
• 3Y*: -31.76%
• 5Y*: -39.58%
• 10Y*: -38.07%

KOLD

• 1D: 3.78%
• 1M: 18.31%
• 6M: -33.22%
• YTD: -20.67%
• 1Y: 4.87%
• 3Y*: -5.01%
• 5Y*: -33.28%
• 10Y*: -23.00%

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

SCO vs. KOLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCO ProShares UltraShort Bloomberg Crude Oil	-62.90%	15.90%	-19.00%	-12.41%	-62.59%	-72.62%	-4.20%	-58.50%	19.22%	-22.40%
KOLD ProShares UltraShort Bloomberg Natural Gas	-20.67%	-17.48%	-11.34%	249.82%	-88.62%	-74.44%	22.05%	82.94%	-46.48%	72.02%

Correlation

The correlation between SCO and KOLD is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011	0.12

Return for Risk

SCO vs. KOLD — Risk / Return Rank

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

SCO

SCO Risk / Return Rank: 2
SCO Sharpe Ratio Rank: 2
SCO Sortino Ratio Rank: 2
SCO Omega Ratio Rank: 2
SCO Calmar Ratio Rank: 3
SCO Martin Ratio Rank: 1

KOLD

KOLD Risk / Return Rank: 14
KOLD Sharpe Ratio Rank: 10
KOLD Sortino Ratio Rank: 19
KOLD Omega Ratio Rank: 20
KOLD Calmar Ratio Rank: 10
KOLD Martin Ratio Rank: 10

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.

SCO vs. KOLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Bloomberg Crude Oil (SCO) 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.

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.

	SCO	KOLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	0.04	-1.01
Sortino ratio: Return per unit of downside risk	-1.52	0.90	-2.42
Omega ratio: Gain probability vs. loss probability	0.83	1.12	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.77	0.07	-0.84
Martin ratio: Return relative to average drawdown	-1.42	0.12	-1.54

SCO vs. KOLD - Sharpe Ratio Comparison

The current SCO Sharpe Ratio is -0.97, which is lower than the KOLD Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of SCO and KOLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SCO vs. KOLD - Drawdown Comparison

The maximum SCO drawdown since its inception was -99.80%, roughly equal to the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for SCO and KOLD.

Drawdown Indicators

	SCO	KOLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-99.45%	-0.35%
Max Drawdown (1Y) Largest decline over 1 year	-72.24%	-72.50%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-75.14%	-84.34%	+9.20%
Max Drawdown (5Y) Largest decline over 5 years	-94.80%	-97.82%	+3.02%
Max Drawdown (10Y) Largest decline over 10 years	-99.51%	-99.45%	-0.06%
Current Drawdown Current decline from peak	-99.75%	-96.76%	-2.99%
Average Drawdown Average peak-to-trough decline	-85.24%	-69.66%	-15.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.32%	39.68%	-0.36%

Volatility

SCO vs. KOLD - Volatility Comparison

ProShares UltraShort Bloomberg Crude Oil (SCO) has a higher volatility of 22.38% compared to ProShares UltraShort Bloomberg Natural Gas (KOLD) at 19.60%. This indicates that SCO'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

	SCO	KOLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.38%	19.60%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	49.39%	93.73%	-44.34%
Volatility (1Y) Calculated over the trailing 1-year period	58.01%	112.06%	-54.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.45%	118.90%	-58.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.82%	101.74%	-29.92%

SCO vs. KOLD - Expense Ratio Comparison

Both SCO and KOLD have an expense ratio of 0.95%.

Dividends

SCO vs. KOLD - Dividend Comparison

Neither SCO nor KOLD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SCO and KOLD in my portfolio?

SCO and KOLD have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCO or KOLD?

SCO has higher volatility (22.38%) compared to KOLD (19.60%). In terms of maximum drawdown, SCO dropped -99.80% vs KOLD's -99.45%.

Which ETF is better, SCO or KOLD?

On 10-year performance, KOLD leads with -23.00% vs -38.07% for SCO. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 19.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCO or KOLD?

Over the 10-year period, KOLD has performed better with a -23.00% return vs -38.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCO or KOLD?

SCO and KOLD have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, SCO or KOLD?

SCO and KOLD have nearly identical dividend yields, around 0.00%.

What is the main difference between SCO and KOLD?

SCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (-200%), while KOLD tracks Bloomberg Natural Gas Subindex.

Which has better risk-adjusted returns?

KOLD currently has the higher Sharpe Ratio (0.04 vs -0.97), 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.