UCO vs. KOLD
UCO (ProShares Ultra Bloomberg Crude Oil) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both Leveraged Commodities funds from ProShares - UCO tracks the Dow Jones-UBS Crude Oil Sub-Index (200%) while KOLD tracks the Bloomberg Natural Gas Subindex (TR) (200%). Both are passively managed. Over the past 10 years, UCO returned -11.55%/yr vs -26.16%/yr for KOLD. At a correlation of -0.12, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UCO vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 142.55% return, which is significantly higher than KOLD's -34.34% return. Over the past 10 years, UCO has outperformed KOLD with an annualized return of -11.55%, while KOLD has yielded a comparatively lower -26.16% annualized return.
UCO
- 1D
- 2.52%
- 1M
- 0.21%
- YTD
- 142.55%
- 6M
- 133.13%
- 1Y
- 118.05%
- 3Y*
- 24.78%
- 5Y*
- 21.76%
- 10Y*
- -11.55%
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%
UCO vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 142.55% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
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% |
Correlation
The correlation between UCO and KOLD is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
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 7, 2011 | -0.12 |
The correlation between UCO and KOLD shifts across timeframes, from -0.24 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UCO vs. KOLD — Risk / Return Rank
UCO
KOLD
UCO vs. KOLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.
| UCO | KOLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.08 | 0.01 | +2.07 |
Sortino ratioReturn per unit of downside risk | 2.43 | 0.87 | +1.56 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.11 | +0.21 |
Calmar ratioReturn relative to maximum drawdown | 3.78 | -0.18 | +3.96 |
Martin ratioReturn relative to average drawdown | 7.17 | -0.37 | +7.54 |
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
| UCO | KOLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 0.01 | +2.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | -0.34 | +0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | -0.26 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | -0.14 | -0.20 |
Drawdowns
UCO vs. KOLD - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.95%, roughly equal to the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for UCO and KOLD.
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Drawdown Indicators
| UCO | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -99.45% | -0.50% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -72.50% | +37.73% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -84.34% | +33.96% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -98.45% | +31.21% |
Max Drawdown (10Y)Largest decline over 10 years | -98.75% | -99.45% | +0.70% |
Current DrawdownCurrent decline from peak | -99.25% | -97.32% | -1.93% |
Average DrawdownAverage peak-to-trough decline | -85.48% | -69.48% | -16.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.32% | 35.85% | -17.53% |
Volatility
UCO vs. KOLD - Volatility Comparison
The current volatility for ProShares Ultra Bloomberg Crude Oil (UCO) is 22.10%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 24.65%. This indicates that UCO experiences smaller price fluctuations and is considered to be less risky than KOLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UCO | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.10% | 24.65% | -2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 46.40% | 99.52% | -53.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.35% | 114.40% | -57.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.77% | 118.74% | -58.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.36% | 101.77% | -30.41% |
UCO vs. KOLD - Expense Ratio Comparison
Both UCO and KOLD have an expense ratio of 0.95%.
Dividends
UCO vs. KOLD - Dividend Comparison
Neither UCO nor KOLD has paid dividends to shareholders.
Frequently Asked Questions
UCO and KOLD have a correlation of -0.24, 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 UCO (22.10%). In terms of maximum drawdown, UCO dropped -99.95% vs KOLD's -99.45%.
On 10-year performance, UCO leads with -11.55% vs -26.16% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, UCO has been the lower-risk option at 22.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a -11.55% return vs -26.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO and KOLD have the same expense ratio: 0.95% per year.
UCO and KOLD have nearly identical dividend yields, around 0.00%.
UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%).
UCO currently has the higher Sharpe Ratio (2.08 vs 0.01), 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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