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 -22.36%/yr vs -23.00%/yr for KOLD. At a correlation of -0.99, they often move in opposite directions. 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 -15.42% return, which is significantly higher than KOLD's -20.67% return. Both investments have delivered pretty close results over the past 10 years, with UNG having a -22.36% annualized return and KOLD not far behind at -23.00%.
UNG
- 1D
- -2.17%
- 1M
- -8.63%
- 6M
- -7.25%
- YTD
- -15.42%
- 1Y
- -30.50%
- 3Y*
- -27.45%
- 5Y*
- -27.34%
- 10Y*
- -22.36%
KOLD
- 1D
- 3.78%
- 1M
- 18.31%
- 6M
- -33.22%
- YTD
- -20.67%
- 1Y
- 4.87%
- 3Y*
- -5.01%
- 5Y*
- -33.28%
- 10Y*
- -23.00%
UNG vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNG United States Natural Gas Fund LP | -15.42% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% | 5.96% | -37.58% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -20.67% | -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 tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.12 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 0.07 | -0.83 |
| Martin ratioReturn relative to average drawdown | -1.20 | 0.12 | -1.32 |
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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 | -39.94% | -72.50% | +32.56% |
Max Drawdown (3Y)Largest decline over 3 years | -68.16% | -84.34% | +16.18% |
Max Drawdown (5Y)Largest decline over 5 years | -92.49% | -97.82% | +5.33% |
Max Drawdown (10Y)Largest decline over 10 years | -93.55% | -99.45% | +5.90% |
Current DrawdownCurrent decline from peak | -99.87% | -96.76% | -3.11% |
Average DrawdownAverage peak-to-trough decline | -90.00% | -69.66% | -20.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.43% | 39.68% | -14.25% |
Volatility
UNG vs. KOLD - Volatility Comparison
The current volatility for United States Natural Gas Fund LP (UNG) is 11.04%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 19.60%. 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 | 11.04% | 19.60% | -8.56% |
Volatility (6M)Calculated over the trailing 6-month period | 49.52% | 93.73% | -44.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.76% | 112.06% | -52.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 64.19% | 118.90% | -54.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.76% | 101.74% | -46.98% |
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 (19.60%) compared to UNG (11.04%). In terms of maximum drawdown, UNG dropped -99.88% vs KOLD's -99.45%.
On 10-year performance, UNG leads with -22.36% vs -23.00% for KOLD. On fees, KOLD is cheaper at 0.95% per year. On volatility, UNG has been the lower-risk option at 11.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UNG has performed better with a -22.36% return vs -23.00%. 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 Investments and ProShares. Their fees differ too: 1.17% for UNG and 0.95% for KOLD.
KOLD currently has the higher Sharpe Ratio (0.04 vs -0.51), 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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