ProShares UltraShort Bloomberg Natural Gas (KOLD) Performance
KOLD total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −12.3% since Dec 31, 2025
- 1 year
- −7.6% total return
- 5 years
- −16.6% a year
- 10 years
- −20.3% a year
- Since first price
- −11.1% a year since 2011
KOLD trailing returns vs SPY, QQQ, AGG
| Period | KOLD total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +16.9% | +16.9% | −1.0% | −5.0% | +0.9% |
| 3 months | +16.8% | +16.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +16.4% | +16.4% | +7.8% | +8.4% | −1.5% |
| YTD | −12.3% | −12.3% | +12.3% | +15.1% | −1.0% |
| 1 year | −7.6% | −7.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +13.9%+4.4%/yr | +13.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −59.6%−16.6%/yr | −59.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −89.6%−20.3%/yr | −89.6% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −83.6%−11.3%/yr | −83.6% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionOct 6, 2011 | −83.0%−11.1%/yr | −83.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: KOLD vs SPY
From Oct 6, 2011: KOLD grew to $1,700, SPY to $84,714.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
KOLD returns by calendar year
7 of 14 full years positive. Best 2023 (+249.8%), worst 2022 (−88.6%). 2026 is year to date.
KOLD annual returns table
| Year | KOLD | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −12.3% | −72.5% | +12.3% | +15.1% | −1.0% |
| 2025 | −17.5% | −64.4% | +17.7% | +20.8% | +7.2% |
| 2024 | −11.3% | −60.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +249.8% | −50.9% | +26.2% | +54.9% | +5.7% |
| 2022 | −88.6% | −96.1% | −18.2% | −32.6% | −13.0% |
| 2021 | −74.4% | −88.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +22.1% | −66.4% | +18.3% | +48.6% | +7.5% |
| 2019 | +82.9% | −38.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −46.5% | −76.6% | −4.6% | −0.1% | +0.1% |
| 2017 | +72.0% | −34.2% | +21.7% | +32.7% | +3.6% |
| 2016 | −50.5% | −74.2% | +12.0% | +7.1% | +2.4% |
| 2015 | +70.3% | −36.2% | +1.2% | +9.4% | +0.5% |
| 2014 | +18.3% | −52.5% | +13.5% | +19.2% | +6.0% |
| 2013 | −31.8% | −49.1% | +32.3% | +36.6% | −2.0% |
| 2012 | +6.1% | −70.5% | +16.0% | +18.1% | +3.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
KOLD largest drawdowns
Now 96.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 25, 2020 | −99.5% | Aug 22, 2022 | not yet | 2.2 years | 6.3 years so far |
| Mar 3, 2016 | −87.0% | Nov 28, 2018 | Jun 25, 2020 | 2.7 years | 4.3 years |
| Apr 19, 2012 | −85.5% | Apr 29, 2014 | Mar 3, 2016 | 2.0 years | 3.9 years |
| Jan 19, 2012 | −30.6% | Jan 25, 2012 | Mar 6, 2012 | 6 days | 47 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
KOLD risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2011 |
|---|---|---|---|---|
| Annualized return | −2.6% | −16.9% | −22.5% | −11.7% |
| Volatility (annualized) | 104.6% | 124.4% | 104.7% | 97.2% |
| Sharpe ratio | 0.43 | 0.42 | 0.26 | 0.33 |
| Sortino ratio | 0.76 | 0.74 | 0.42 | 0.56 |
| Best month | +80.4% | +96.9% | +96.9% | +96.9% |
| Worst month | −61.5% | −64.2% | −64.2% | −64.2% |
| Best 12 months | +260.2% | +478.1% | +478.1% | +478.1% |
| Worst 12 months | −75.0% | −92.2% | −96.3% | −96.3% |
| Positive months | 47% | 47% | 48% | 49% |
| Beta vs S&P 500 | 1.57 | -0.36 | -0.65 | — |
| Correlation with S&P 500 | 0.19 | -0.05 | -0.09 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
KOLD rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 169 | −96.3% | −7.1% | +478.1% | 46% |
| 3-year (a year) | 145 | −74.1% | −5.1% | +87.3% | 43% |
| 5-year (a year) | 121 | −56.2% | −16.8% | +21.8% | 31% |
| 10-year (a year) | 61 | −34.9% | −21.0% | −5.0% | 0% |
Every holding period starting at a month-end since 2011. Returns for 3 years and longer are annualized.
KOLD performance overview
ProShares UltraShort Bloomberg Natural Gas (KOLD) returned −7.6% over the past year and −20.3% a year over ten years, with distributions reinvested. Since its first recorded price in 2011 it has returned −11.1% a year, turning $10,000 into about $1,700. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.5%, from Jun 25, 2020 to Aug 22, 2022; the fund has not yet regained that high. KOLD finished 7 of its 14 full calendar years with a gain; the best year was 2023 (+249.8%) and the worst 2022 (−88.6%). Volatility has been 97.2% a year.
Related: KOLD chart. See the KOLD overview for the latest quote and fund facts.
KOLD performance FAQ
What is the KOLD return over the past year?
KOLD returned −7.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 7.6%.
What is the average annual return of KOLD?
KOLD has returned −16.6% a year over 5 years, −20.3% a year over 10 years, −11.1% a year since October 6, 2011 (total return, distributions reinvested).
How much would $10,000 invested in KOLD be worth?
$10,000 invested in KOLD at its first recorded close on October 6, 2011 would be worth about $1,700 on October 23, 2026 with distributions reinvested.
What was the worst year for KOLD?
The worst calendar year was 2022, with a total return of −88.6%. The best was 2023 at +249.8%.
What is the biggest drawdown of KOLD?
The largest peak-to-trough decline was −99.5% between June 25, 2020 and August 22, 2022. It has not yet recovered to that high; it is 96.4% below its peak.
How volatile is KOLD?
Over the past 3 years KOLD had an annualized volatility of 104.6% and a Sharpe ratio of 0.43 (excess return over 1–3 month T-bills per unit of risk).