ULE vs. KOLD
ULE (ProShares Ultra Euro) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, ULE returned -2.20%/yr vs -21.69%/yr for KOLD. Their -0.01 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
ULE vs. KOLD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ULE achieves a -4.15% return, which is significantly higher than KOLD's -11.45% return. Over the past 10 years, ULE has outperformed KOLD with an annualized return of -2.20%, while KOLD has yielded a comparatively lower -21.69% annualized return.
ULE
- 1D
- 0.26%
- 1M
- 1.73%
- 6M
- -4.80%
- YTD
- -4.15%
- 1Y
- -1.91%
- 3Y*
- 2.32%
- 5Y*
- -2.56%
- 10Y*
- -2.20%
- ALL TIME*
- -3.93%
KOLD
- 1D
- 0.42%
- 1M
- 34.09%
- 6M
- 76.14%
- YTD
- -11.45%
- 1Y
- -4.00%
- 3Y*
- 0.92%
- 5Y*
- -27.97%
- 10Y*
- -21.69%
- ALL TIME*
- -11.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $57.99M | $60.78M | $73.95M | |
| $32.09K | $33.34K | $49.04K |
ULE vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -4.15% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -11.45% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
Correlation
The correlation between ULE and KOLD is 0.02, 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. | 0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
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 | -0.01 |
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
ULE vs. KOLD — Risk / Return Rank
ULE
KOLD
ULE vs. KOLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) 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.
| ULE | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.10 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.16 | -0.06 | -0.11 |
| Martin ratioReturn relative to average drawdown | -0.31 | -0.10 | -0.21 |
Loading charts...
Drawdowns
ULE vs. KOLD - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for ULE and KOLD.
Loading charts...
Drawdown Indicators
| ULE | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -99.45% | +26.71% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -72.50% | +60.83% |
Max Drawdown (3Y)Largest decline over 3 years | -16.95% | -84.34% | +67.39% |
Max Drawdown (5Y)Largest decline over 5 years | -37.36% | -97.46% | +60.10% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -99.45% | +48.15% |
Current DrawdownCurrent decline from peak | -62.58% | -96.38% | +33.80% |
Average DrawdownAverage peak-to-trough decline | -46.21% | -69.79% | +23.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.23% | 41.13% | -34.90% |
Volatility
ULE vs. KOLD - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.40%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 18.35%. This indicates that ULE 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
| ULE | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.40% | 18.35% | -15.95% |
Volatility (6M)Calculated over the trailing 6-month period | 7.89% | 53.71% | -45.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.16% | 110.09% | -97.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 118.84% | -102.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 101.60% | -86.53% |
ULE vs. KOLD - Expense Ratio Comparison
Both ULE and KOLD have an expense ratio of 0.95%.
Dividends
ULE vs. KOLD - Dividend Comparison
Neither ULE nor KOLD has paid dividends to shareholders.
Frequently Asked Questions
ULE and KOLD have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (18.35%) compared to ULE (2.40%). In terms of maximum drawdown, ULE dropped -72.74% vs KOLD's -99.45%.
On 10-year performance, ULE leads with -2.20% vs -21.69% for KOLD. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ULE has performed better with a -2.20% return vs -21.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and KOLD have the same expense ratio: 0.95% per year.
ULE and KOLD have nearly identical dividend yields, around 0.00%.
ULE is categorized as Leveraged Currency, while KOLD is Oil & Gas. ULE tracks USD/EUR Exchange Rate (-200%), while KOLD tracks Bloomberg Natural Gas Subindex.
KOLD currently has the higher Sharpe Ratio (-0.04 vs -0.16), 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 ULE 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