UPLT vs. KOLD

Last updated Jul 21, 2026

UPLT (ProShares Ultra Platinum K-1 Free ETF) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both exchange-traded funds - UPLT is a Leveraged Commodities fund actively managed by ProShares, while KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. UPLT is actively managed, while KOLD is passively managed. At a correlation of -0.02, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

UPLT vs. KOLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Platinum K-1 Free ETF (UPLT) and ProShares UltraShort Bloomberg Natural Gas (KOLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UPLT

• 1D: -0.82%
• 1M: -14.41%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KOLD

• 1D: 4.01%
• 1M: 27.25%
• 6M: -37.56%
• YTD: -19.90%
• 1Y: 20.88%
• 3Y*: 0.17%
• 5Y*: -31.25%
• 10Y*: -22.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UPLT vs. KOLD - Yearly Performance Comparison

	2026 (YTD)
UPLT ProShares Ultra Platinum K-1 Free ETF	-46.83%
KOLD ProShares UltraShort Bloomberg Natural Gas	11.35%

Correlation

The correlation between UPLT and KOLD is -0.02, 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 (All Time) Calculated using the full available price history since Apr 21, 2026	-0.02

Return for Risk

UPLT vs. KOLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UPLT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

KOLD

KOLD Risk / Return Rank: 19
KOLD Sharpe Ratio Rank: 14
KOLD Sortino Ratio Rank: 25
KOLD Omega Ratio Rank: 27
KOLD Calmar Ratio Rank: 14
KOLD Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UPLT vs. KOLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Platinum K-1 Free ETF (UPLT) 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.

	UPLT	KOLD	Difference
Sharpe ratio: Return per unit of total volatility	—	0.19	—
Sortino ratio: Return per unit of downside risk	—	1.09	—
Omega ratio: Gain probability vs. loss probability	—	1.14	—
Calmar ratio: Return relative to maximum drawdown	—	0.29	—
Martin ratio: Return relative to average drawdown	—	0.52	—

Drawdowns

UPLT vs. KOLD - Drawdown Comparison

The maximum UPLT drawdown since its inception was -49.98%, smaller than the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for UPLT and KOLD.

Drawdown Indicators

	UPLT	KOLD	Difference
Max Drawdown Largest peak-to-trough decline	-49.98%	-99.45%	+49.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-72.50%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-84.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.45%	—
Current Drawdown Current decline from peak	-48.80%	-96.73%	+47.93%
Average Drawdown Average peak-to-trough decline	-27.83%	-69.70%	+41.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	40.14%	—

Volatility

Volatility by Period

	UPLT	KOLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	90.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	78.62%	111.90%	-33.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.62%	118.86%	-40.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.62%	101.74%	-23.12%

UPLT vs. KOLD - Expense Ratio Comparison

Both UPLT and KOLD have an expense ratio of 0.95%.

Dividends

UPLT vs. KOLD - Dividend Comparison

UPLT's dividend yield for the trailing twelve months is around 0.29%, while KOLD has not paid dividends to shareholders.

Position	TTM
KOLD ProShares UltraShort Bloomberg Natural Gas	0.00%
UPLT ProShares Ultra Platinum K-1 Free ETF	0.29%

Frequently Asked Questions

Can I hold both UPLT and KOLD in my portfolio?

UPLT 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.

Which ETF is better, UPLT or KOLD?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UPLT or KOLD?

UPLT and KOLD have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UPLT or KOLD?

UPLT has the higher dividend yield at 0.29%, compared with 0.00% for KOLD.

What is the main difference between UPLT and KOLD?

UPLT is categorized as Leveraged Commodities, while KOLD is Oil & Gas.