UGL vs. KOLD
UGL (ProShares Ultra Gold) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, UGL returned 14.00%/yr vs -22.29%/yr for KOLD. Their -0.00 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UGL vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -20.41% return, which is significantly lower than KOLD's -16.81% return. Over the past 10 years, UGL has outperformed KOLD with an annualized return of 14.00%, while KOLD has yielded a comparatively lower -22.29% annualized return.
UGL
- 1D
- -2.99%
- 1M
- -4.25%
- 6M
- -34.89%
- YTD
- -20.41%
- 1Y
- 24.87%
- 3Y*
- 43.93%
- 5Y*
- 24.15%
- 10Y*
- 14.00%
- ALL TIME*
- 11.85%
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 | |
| $72.32M | $67.11M | $108.24M |
UGL vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -20.41% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
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 UGL and KOLD is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.08 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.00 |
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Return for Risk
UGL vs. KOLD — Risk / Return Rank
UGL
KOLD
UGL vs. KOLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) 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.
| UGL | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.10 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | -0.07 | +0.67 |
| Martin ratioReturn relative to average drawdown | 1.22 | -0.12 | +1.34 |
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Drawdowns
UGL vs. KOLD - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, smaller than the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for UGL and KOLD.
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Drawdown Indicators
| UGL | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -99.45% | +23.52% |
Max Drawdown (1Y)Largest decline over 1 year | -50.02% | -72.50% | +22.48% |
Max Drawdown (3Y)Largest decline over 3 years | -50.02% | -84.34% | +34.32% |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | -97.46% | +47.44% |
Max Drawdown (10Y)Largest decline over 10 years | -50.02% | -99.45% | +49.43% |
Current DrawdownCurrent decline from peak | -48.39% | -96.60% | +48.21% |
Average DrawdownAverage peak-to-trough decline | -43.64% | -69.77% | +26.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.47% | 40.92% | -16.45% |
Volatility
UGL vs. KOLD - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 12.79%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 17.96%. This indicates that UGL 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
| UGL | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.79% | 17.96% | -5.17% |
Volatility (6M)Calculated over the trailing 6-month period | 47.42% | 71.96% | -24.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.84% | 110.38% | -54.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.12% | 118.81% | -81.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.70% | 101.60% | -68.90% |
UGL vs. KOLD - Expense Ratio Comparison
Both UGL and KOLD have an expense ratio of 0.95%.
Dividends
UGL vs. KOLD - Dividend Comparison
Neither UGL nor KOLD has paid dividends to shareholders.
Frequently Asked Questions
UGL and KOLD have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (17.96%) compared to UGL (12.79%). In terms of maximum drawdown, UGL dropped -75.93% vs KOLD's -99.45%.
On 10-year performance, UGL leads with 14.00% vs -22.29% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 12.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 14.00% return vs -22.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL and KOLD have the same expense ratio: 0.95% per year.
UGL and KOLD have nearly identical dividend yields, around 0.00%.
UGL is categorized as Leveraged Commodities, while KOLD is Oil & Gas. UGL tracks Bloomberg Gold Subindex (200%), while KOLD tracks Bloomberg Natural Gas Subindex.
UGL currently has the higher Sharpe Ratio (0.54 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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