UNG vs. KOLD
UNG (United States Natural Gas Fund LP) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both Oil & Gas funds - UNG tracks the Front Month Natural Gas Futures while KOLD tracks the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, UNG returned -22.61%/yr vs -22.29%/yr for KOLD. Their -0.99 correlation means they have often moved in opposite directions in the past. UNG charges 1.17%/yr vs 0.95%/yr for KOLD.
Performance
UNG vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, UNG achieves a -17.94% return, which is significantly lower than KOLD's -16.81% return. Both investments have delivered pretty close results over the past 10 years, with UNG having a -22.61% annualized return and KOLD not far ahead at -22.29%.
UNG
- 1D
- 0.50%
- 1M
- -13.13%
- 6M
- -40.47%
- YTD
- -17.94%
- 1Y
- -26.14%
- 3Y*
- -28.64%
- 5Y*
- -28.82%
- 10Y*
- -22.61%
- ALL TIME*
- -28.48%
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 | |
| $82.18M | $81.43M | $85.25M |
UNG vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -17.94% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
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 UNG and KOLD is -0.99, 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.99 |
The correlation between UNG and KOLD has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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Return for Risk
UNG vs. KOLD — Risk / Return Rank
UNG
KOLD
UNG vs. KOLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States Natural Gas Fund LP (UNG) 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.
| UNG | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.10 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -0.07 | -0.55 |
| Martin ratioReturn relative to average drawdown | -1.04 | -0.12 | -0.91 |
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Drawdowns
UNG vs. KOLD - Drawdown Comparison
The maximum UNG drawdown since its inception was -99.88%, roughly equal to the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for UNG and KOLD.
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Drawdown Indicators
| UNG | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -99.45% | -0.43% |
Max Drawdown (1Y)Largest decline over 1 year | -42.01% | -72.50% | +30.49% |
Max Drawdown (3Y)Largest decline over 3 years | -69.26% | -84.34% | +15.08% |
Max Drawdown (5Y)Largest decline over 5 years | -92.75% | -97.46% | +4.71% |
Max Drawdown (10Y)Largest decline over 10 years | -93.77% | -99.45% | +5.68% |
Current DrawdownCurrent decline from peak | -99.88% | -96.60% | -3.28% |
Average DrawdownAverage peak-to-trough decline | -90.02% | -69.77% | -20.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.13% | 40.92% | -15.79% |
Volatility
UNG vs. KOLD - Volatility Comparison
The current volatility for United States Natural Gas Fund LP (UNG) is 10.03%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 17.96%. This indicates that UNG 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
| UNG | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.03% | 17.96% | -7.93% |
Volatility (6M)Calculated over the trailing 6-month period | 42.08% | 71.96% | -29.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.01% | 110.38% | -51.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.14% | 118.81% | -54.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.70% | 101.60% | -46.90% |
UNG vs. KOLD - Expense Ratio Comparison
UNG has a 1.17% expense ratio, which is higher than KOLD's 0.95% expense ratio.
Dividends
UNG vs. KOLD - Dividend Comparison
Neither UNG nor KOLD has paid dividends to shareholders.
Frequently Asked Questions
UNG and KOLD have a correlation of -0.99, 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 UNG (10.03%). In terms of maximum drawdown, UNG dropped -99.88% vs KOLD's -99.45%.
On 10-year performance, KOLD leads with -22.29% vs -22.61% for UNG. On fees, KOLD is cheaper at 0.95% per year. On volatility, UNG has been the lower-risk option at 10.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KOLD has performed better with a -22.29% return vs -22.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOLD is cheaper with a 0.95% expense ratio, compared with 1.17% for UNG.
UNG and KOLD have nearly identical dividend yields, around 0.00%.
UNG tracks Front Month Natural Gas Futures, while KOLD tracks Bloomberg Natural Gas Subindex. They also come from different issuers: USCF and ProShares. Their fees differ too: 1.17% for UNG and 0.95% for KOLD.
KOLD currently has the higher Sharpe Ratio (-0.05 vs -0.44), 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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