UNL vs. KOLD
UNL (United States 12 Month Natural Gas Fund LP) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both Oil & Gas funds - UNL tracks the 12 Month Natural Gas while KOLD tracks the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, UNL returned -5.16%/yr vs -23.00%/yr for KOLD. At a correlation of -0.94, they often move in opposite directions. UNL charges 0.90%/yr vs 0.95%/yr for KOLD.
Performance
UNL vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -17.95% return, which is significantly higher than KOLD's -20.67% return. Over the past 10 years, UNL has outperformed KOLD with an annualized return of -5.16%, while KOLD has yielded a comparatively lower -23.00% annualized return.
UNL
- 1D
- -1.35%
- 1M
- -5.54%
- 6M
- -6.56%
- YTD
- -17.95%
- 1Y
- -30.40%
- 3Y*
- -19.15%
- 5Y*
- -9.80%
- 10Y*
- -5.16%
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%
UNL vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -17.95% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -18.78% | 12.53% | -21.47% |
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 UNL and KOLD is -0.94, 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 | -0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.94 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | -0.94 |
The correlation between UNL and KOLD has been stable across timeframes, ranging from -0.97 to -0.94 - a consistent structural relationship.
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Return for Risk
UNL vs. KOLD — Risk / Return Rank
UNL
KOLD
UNL vs. KOLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Natural Gas Fund LP (UNL) 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.
| UNL | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.89 | ||
| Sortino ratioReturn per unit of downside risk | -1.96 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.12 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 0.07 | -0.98 |
| Martin ratioReturn relative to average drawdown | -1.51 | 0.12 | -1.64 |
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Drawdowns
UNL vs. KOLD - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.28%, smaller than the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for UNL and KOLD.
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Drawdown Indicators
| UNL | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.28% | -99.45% | +10.17% |
Max Drawdown (1Y)Largest decline over 1 year | -32.50% | -72.50% | +40.00% |
Max Drawdown (3Y)Largest decline over 3 years | -49.46% | -84.34% | +34.88% |
Max Drawdown (5Y)Largest decline over 5 years | -78.66% | -97.82% | +19.16% |
Max Drawdown (10Y)Largest decline over 10 years | -78.66% | -99.45% | +20.79% |
Current DrawdownCurrent decline from peak | -89.28% | -96.76% | +7.48% |
Average DrawdownAverage peak-to-trough decline | -73.43% | -69.66% | -3.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.54% | 39.68% | -20.14% |
Volatility
UNL vs. KOLD - Volatility Comparison
The current volatility for United States 12 Month Natural Gas Fund LP (UNL) is 5.84%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 19.60%. This indicates that UNL 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
| UNL | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 19.60% | -13.76% |
Volatility (6M)Calculated over the trailing 6-month period | 29.45% | 93.73% | -64.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.23% | 112.06% | -76.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.74% | 118.90% | -77.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.82% | 101.74% | -67.92% |
UNL vs. KOLD - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is lower than KOLD's 0.95% expense ratio.
Dividends
UNL vs. KOLD - Dividend Comparison
Neither UNL nor KOLD has paid dividends to shareholders.
Frequently Asked Questions
UNL and KOLD have a correlation of -0.94, 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 UNL (5.84%). In terms of maximum drawdown, UNL dropped -89.28% vs KOLD's -99.45%.
On 10-year performance, UNL leads with -5.16% vs -23.00% for KOLD. On fees, UNL is cheaper at 0.90% per year. On volatility, UNL has been the lower-risk option at 5.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UNL has performed better with a -5.16% return vs -23.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNL is cheaper with a 0.90% expense ratio, compared with 0.95% for KOLD.
UNL and KOLD have nearly identical dividend yields, around 0.00%.
UNL tracks 12 Month Natural Gas, while KOLD tracks Bloomberg Natural Gas Subindex. They also come from different issuers: Concierge Technologies and ProShares. Their fees differ too: 0.90% for UNL and 0.95% for KOLD.
KOLD currently has the higher Sharpe Ratio (0.04 vs -0.84), 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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