UGL vs. KOLD
UGL (ProShares Ultra Gold) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both Leveraged Commodities funds from ProShares - UGL tracks the Bloomberg Gold Subindex (200%) while KOLD tracks the Bloomberg Natural Gas Subindex (TR) (200%). Both are passively managed. Over the past 10 years, UGL returned 18.45%/yr vs -26.46%/yr for KOLD. At a 0.00 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UGL vs. KOLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UGL achieves a -2.16% return, which is significantly higher than KOLD's -37.03% return. Over the past 10 years, UGL has outperformed KOLD with an annualized return of 18.45%, while KOLD has yielded a comparatively lower -26.46% annualized return.
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
KOLD
- 1D
- -4.10%
- 1M
- -9.53%
- YTD
- -37.03%
- 6M
- -5.09%
- 1Y
- -1.55%
- 3Y*
- -20.65%
- 5Y*
- -40.59%
- 10Y*
- -26.46%
UGL vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.03% | -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 -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2011 | 0.00 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| UGL | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.11 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | -0.02 | +1.40 |
| Martin ratioReturn relative to average drawdown | 3.17 | -0.04 | +3.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UGL | KOLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | -0.01 | +1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | -0.34 | +1.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | -0.26 | +0.83 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | -0.14 | +0.53 |
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.
Loading charts...
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 | -37.56% | -72.50% | +34.94% |
Max Drawdown (3Y)Largest decline over 3 years | -37.56% | -84.34% | +46.78% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -98.45% | +58.22% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -99.45% | +53.22% |
Current DrawdownCurrent decline from peak | -36.56% | -97.43% | +60.87% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -69.49% | +25.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.35% | 36.01% | -19.66% |
Volatility
UGL vs. KOLD - Volatility Comparison
The current volatility for ProShares Ultra Gold (UGL) is 11.03%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 24.65%. 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.
Loading charts...
Volatility by Period
| UGL | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 24.65% | -13.62% |
Volatility (6M)Calculated over the trailing 6-month period | 46.81% | 99.37% | -52.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.91% | 113.51% | -60.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.18% | 118.76% | -82.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.34% | 101.76% | -69.42% |
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 -0.04, 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 UGL (11.03%). In terms of maximum drawdown, UGL dropped -75.93% vs KOLD's -99.45%.
On 10-year performance, UGL leads with 18.45% vs -26.46% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, UGL has been the lower-risk option at 11.03%. 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 18.45% return vs -26.46%. 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 tracks Bloomberg Gold Subindex (200%), while KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%).
UGL currently has the higher Sharpe Ratio (0.98 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.
Find the right allocation for UGL and KOLD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer