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 Leveraged Commodities fund tracking the Bloomberg Natural Gas Subindex (TR) (200%). Both are passively managed. Over the past 10 years, UVXY returned -72.67%/yr vs -26.46%/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 -19.06% return, which is significantly higher than KOLD's -37.03% return. Over the past 10 years, UVXY has underperformed KOLD with an annualized return of -72.67%, while KOLD has yielded a comparatively higher -26.46% annualized return.
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
KOLD
- 1D
- -4.10%
- 1M
- -9.53%
- YTD
- -37.03%
- 6M
- -5.09%
- 1Y
- -1.55%
- 3Y*
- -20.65%
- 5Y*
- -40.59%
- 10Y*
- -26.46%
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 | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
KOLD ProShares UltraShort Bloomberg Natural Gas | -37.03% | -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 -0.21, 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 | -0.21 |
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 7, 2011 | 0.03 |
The correlation between UVXY and KOLD shifts across timeframes, from -0.21 (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.
| UVXY | KOLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.11 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.02 | -0.95 |
| Martin ratioReturn relative to average drawdown | -1.31 | -0.04 | -1.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UVXY | KOLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | -0.01 | -0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.34 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.26 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.14 | -0.53 |
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 | -75.22% | -72.50% | -2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -95.45% | -84.34% | -11.11% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -98.45% | -1.23% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.45% | -0.55% |
Current DrawdownCurrent decline from peak | -100.00% | -97.43% | -2.57% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -69.49% | -29.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.63% | 36.01% | +19.62% |
Volatility
UVXY vs. KOLD - Volatility Comparison
The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 11.77%, while ProShares UltraShort Bloomberg Natural Gas (KOLD) has a volatility of 24.65%. This indicates that UVXY 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
| UVXY | KOLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.77% | 24.65% | -12.88% |
Volatility (6M)Calculated over the trailing 6-month period | 62.64% | 99.37% | -36.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.42% | 113.51% | -29.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.85% | 118.76% | -14.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.82% | 101.76% | +12.06% |
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 -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KOLD has higher volatility (24.65%) compared to UVXY (11.77%). In terms of maximum drawdown, UVXY dropped -100.00% vs KOLD's -99.45%.
On 10-year performance, KOLD leads with -26.46% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.77%. 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 -26.46% return vs -72.67%. 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 Leveraged Commodities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while KOLD tracks Bloomberg Natural Gas Subindex (TR) (200%).
KOLD currently has the higher Sharpe Ratio (-0.01 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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