UCO vs. KOLD

Last updated Jun 24, 2026

UCO (ProShares Ultra Bloomberg Crude Oil) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both Oil & Gas funds from ProShares - UCO 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, UCO returned 19.46%/yr vs -24.75%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Crude Oil (UCO) 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, UCO achieves a 81.88% return, which is significantly higher than KOLD's -34.28% return. Over the past 10 years, UCO has outperformed KOLD with an annualized return of 19.46%, while KOLD has yielded a comparatively lower -24.75% annualized return.

UCO

• 1D: -1.26%
• 1M: -25.61%
• YTD: 81.88%
• 6M: 76.32%
• 1Y: 42.04%
• 3Y*: 15.38%
• 5Y*: 12.42%
• 10Y*: 19.46%

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%

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

UCO vs. KOLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UCO ProShares Ultra Bloomberg Crude Oil	81.88%	-29.75%	5.36%	-13.89%	39.71%	139.26%	77.27%	53.83%	-43.26%	0.34%
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%

Correlation

The correlation between UCO and KOLD is -0.22, 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	-0.22
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

UCO vs. KOLD — Risk / Return Rank

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

UCO

UCO Risk / Return Rank: 24
UCO Sharpe Ratio Rank: 22
UCO Sortino Ratio Rank: 24
UCO Omega Ratio Rank: 24
UCO Calmar Ratio Rank: 27
UCO Martin Ratio Rank: 22

KOLD

KOLD Risk / Return Rank: 12
KOLD Sharpe Ratio Rank: 9
KOLD Sortino Ratio Rank: 17
KOLD Omega Ratio Rank: 18
KOLD Calmar Ratio Rank: 9
KOLD Martin Ratio Rank: 9

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.

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.

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.

	UCO	KOLD	Difference
Sharpe ratio: Return per unit of total volatility	0.75	0.04	+0.71
Sortino ratio: Return per unit of downside risk	1.30	0.90	+0.40
Omega ratio: Gain probability vs. loss probability	1.16	1.12	+0.04
Calmar ratio: Return relative to maximum drawdown	1.30	0.06	+1.24
Martin ratio: Return relative to average drawdown	2.61	0.12	+2.49

UCO vs. KOLD - Sharpe Ratio Comparison

The current UCO Sharpe Ratio is 0.75, which is higher than the KOLD Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of UCO 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

UCO vs. KOLD - Drawdown Comparison

The maximum UCO drawdown since its inception was -99.86%, 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.

Drawdown Indicators

	UCO	KOLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.86%	-99.45%	-0.41%
Max Drawdown (1Y) Largest decline over 1 year	-32.37%	-72.50%	+40.13%
Max Drawdown (3Y) Largest decline over 3 years	-50.38%	-84.34%	+33.96%
Max Drawdown (5Y) Largest decline over 5 years	-67.24%	-97.96%	+30.72%
Max Drawdown (10Y) Largest decline over 10 years	-96.50%	-99.45%	+2.95%
Current Drawdown Current decline from peak	-85.89%	-97.31%	+11.42%
Average Drawdown Average peak-to-trough decline	-82.11%	-69.57%	-12.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.23%	37.96%	-21.73%

Volatility

UCO vs. KOLD - Volatility Comparison

The current volatility for ProShares Ultra Bloomberg Crude Oil (UCO) is 16.11%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 24.20%. 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.

Volatility by Period

	UCO	KOLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.11%	24.20%	-8.09%
Volatility (6M) Calculated over the trailing 6-month period	48.06%	96.27%	-48.21%
Volatility (1Y) Calculated over the trailing 1-year period	57.57%	113.34%	-55.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.09%	118.84%	-58.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	317.77%	101.82%	+215.95%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UCO and KOLD in my portfolio?

UCO and KOLD have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCO or KOLD?

KOLD has higher volatility (24.20%) compared to UCO (16.11%). In terms of maximum drawdown, UCO dropped -99.86% vs KOLD's -99.45%.

Which ETF is better, UCO or KOLD?

On 10-year performance, UCO leads with 19.46% vs -24.75% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, UCO has been the lower-risk option at 16.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCO or KOLD?

Over the 10-year period, UCO has performed better with a 19.46% return vs -24.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCO or KOLD?

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

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

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

What is the main difference between UCO and KOLD?

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

Which has better risk-adjusted returns?

UCO currently has the higher Sharpe Ratio (0.75 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.