UCO vs. KOLD
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 26.28%/yr vs -22.29%/yr for KOLD. Their -0.12 correlation means they have often moved in opposite directions in the past. 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 109.21% return, which is significantly higher than KOLD's -16.81% return. Over the past 10 years, UCO has outperformed KOLD with an annualized return of 26.28%, while KOLD has yielded a comparatively lower -22.29% annualized return.
UCO
- 1D
- 1.00%
- 1M
- 24.87%
- 6M
- 67.72%
- YTD
- 109.21%
- 1Y
- 66.00%
- 3Y*
- 9.81%
- 5Y*
- 15.14%
- 10Y*
- 26.28%
- ALL TIME*
- -9.20%
KOLD
- 1D
- -1.11%
- 1M
- 25.17%
- 6M
- 116.05%
- YTD
- -16.81%
- 1Y
- -4.80%
- 3Y*
- -1.53%
- 5Y*
- -30.36%
- 10Y*
- -22.29%
- ALL TIME*
- -11.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.12M | $61.92M | $74.91M | |
| $134.26M | $138.13M | $153.19M |
UCO vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 109.21% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -16.81% | -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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 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.
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 ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.10 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | -0.07 | +1.53 |
| Martin ratioReturn relative to average drawdown | 3.75 | -0.12 | +3.87 |
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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.
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Drawdown Indicators
| UCO | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.86% | -99.45% | -0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -38.55% | -72.50% | +33.95% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -84.34% | +33.96% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -97.46% | +30.22% |
Max Drawdown (10Y)Largest decline over 10 years | -96.50% | -99.45% | +2.95% |
Current DrawdownCurrent decline from peak | -83.77% | -96.60% | +12.83% |
Average DrawdownAverage peak-to-trough decline | -82.13% | -69.77% | -12.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.30% | 40.92% | -23.62% |
Volatility
UCO vs. KOLD - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.33% compared to ProShares UltraShort Bloomberg Natural Gas (KOLD) at 17.96%. This indicates that UCO'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.
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Volatility by Period
| UCO | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.33% | 17.96% | +4.37% |
Volatility (6M)Calculated over the trailing 6-month period | 51.79% | 71.96% | -20.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.01% | 110.38% | -50.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.46% | 118.81% | -58.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 317.65% | 101.60% | +216.05% |
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.
UCO has higher volatility (22.33%) compared to KOLD (17.96%). In terms of maximum drawdown, UCO dropped -99.86% vs KOLD's -99.45%.
On 10-year performance, UCO leads with 26.28% vs -22.29% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 17.96%. 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 26.28% return vs -22.29%. 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 Bloomberg Commodity Balanced WTI Crude Oil Index (200%), while KOLD tracks Bloomberg Natural Gas Subindex.
UCO currently has the higher Sharpe Ratio (0.94 vs -0.05), 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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