UVXY vs. KOLD
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and KOLD (ProShares UltraShort Bloomberg Natural Gas) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while KOLD is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. Both are passively managed. Over the past 10 years, UVXY returned -73.85%/yr vs -24.75%/yr for KOLD. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UVXY vs. KOLD - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -22.07% return, which is significantly higher than KOLD's -34.28% return. Over the past 10 years, UVXY has underperformed KOLD with an annualized return of -73.85%, while KOLD has yielded a comparatively higher -24.75% annualized return.
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
KOLD
- 1D
- 4.60%
- 1M
- -10.33%
- YTD
- -34.28%
- 6M
- -29.48%
- 1Y
- 4.46%
- 3Y*
- -5.14%
- 5Y*
- -37.54%
- 10Y*
- -24.75%
UVXY vs. KOLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -34.28% | -17.48% | -11.34% | 249.82% | -88.62% | -74.44% | 22.05% | 82.94% | -46.48% | 72.02% |
Correlation
The correlation between UVXY and KOLD is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2011 | 0.03 |
The correlation between UVXY and KOLD shifts across timeframes, from -0.20 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UVXY vs. KOLD — Risk / Return Rank
UVXY
KOLD
UVXY vs. KOLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) 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.
| UVXY | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -2.54 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.12 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 0.06 | -1.07 |
| Martin ratioReturn relative to average drawdown | -1.45 | 0.12 | -1.57 |
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Drawdowns
UVXY vs. KOLD - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, roughly equal to the maximum KOLD drawdown of -99.45%. Use the drawdown chart below to compare losses from any high point for UVXY and KOLD.
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Drawdown Indicators
| UVXY | KOLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.45% | -0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -73.51% | -72.50% | -1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -94.93% | -84.34% | -10.59% |
Max Drawdown (5Y)Largest decline over 5 years | -99.71% | -97.96% | -1.75% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.45% | -0.55% |
Current DrawdownCurrent decline from peak | -100.00% | -97.31% | -2.69% |
Average DrawdownAverage peak-to-trough decline | -98.75% | -69.57% | -29.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.34% | 37.96% | +17.38% |
Volatility
UVXY vs. KOLD - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 25.85% compared to ProShares UltraShort Bloomberg Natural Gas (KOLD) at 24.20%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier 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
| UVXY | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.85% | 24.20% | +1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 66.46% | 96.27% | -29.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.46% | 113.34% | -27.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.96% | 118.84% | -14.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.39% | 101.82% | +10.57% |
UVXY vs. KOLD - Expense Ratio Comparison
Both UVXY and KOLD have an expense ratio of 0.95%.
Dividends
UVXY vs. KOLD - Dividend Comparison
Neither UVXY nor KOLD has paid dividends to shareholders.
Frequently Asked Questions
UVXY and KOLD have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to KOLD (24.20%). In terms of maximum drawdown, UVXY dropped -100.00% vs KOLD's -99.45%.
On 10-year performance, KOLD leads with -24.75% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, KOLD has been the lower-risk option at 24.20%. 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 -24.75% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY and KOLD have the same expense ratio: 0.95% per year.
UVXY and KOLD have nearly identical dividend yields, around 0.00%.
UVXY is categorized as Volatility, while KOLD is Oil & Gas. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while KOLD tracks Bloomberg Natural Gas Subindex.
KOLD currently has the higher Sharpe Ratio (0.04 vs -0.87), 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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