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DUG vs KOLD

ProShares UltraShort Energy

DUGBNYSE Arca

ProShares UltraShort Bloomberg Natural Gas

KOLDBNYSE Arca

Overlap

0.0%by weight

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

DUG0.95%KOLD0.95%

Avg volume · 30D

KOLD 15.9×the volume

DUG182KKOLD2.89M

10Y return · a year

KOLD +13.4pt

DUG−34.4%KOLD−21.0%

DUG vs KOLD Performance

Oct 29, 2021 – Oct 30, 2026

−92.3%DUG−52.8%KOLD

Oct 29, 2021 to Oct 30, 2026. DUG −92.3%. KOLD −52.8%. Use the arrow keys to read each point.0%50%Oct 2021Apr 2024Oct 2026
Expense ratio
DUG 0.95%
KOLD 0.95%
Fund size
DUG $31M
KOLD $55M
1Y total return
DUG −64.4%
KOLD +3.9%, better
Yield (12M)
DUG 5.10%
KOLD No data
Holdings
DUG 1
KOLD 1
Avg volume (30D)
DUG 182K sh
KOLD 2.89M sh, better
NAV per share
DUG $11.94
KOLD $33.50
52W range

ETF.net Grade

DUG: Cost 65, Risk 53, Mission not scored, Tradability 48, Holdings 0, Durability 43. KOLD: Cost 65, Risk 40, Mission not scored, Tradability 52, Holdings not scored, Durability 54.
Pillar letters and Scores for DUG, KOLD, with each pillar’s weight
PillarDUGKOLD
Cost30% weightB65B65
Mission25% weightNot scoredNot scored
Risk15% weightC53HigherC40
Tradability15% weightC48C52Higher
Holdings10% weightF0Not scored
Durability5% weightC43C54Higher

Rank among Inverse Energy funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DUG and KOLD are both graded against the same 5 Inverse Energy funds, so their Grades compare head to head.

Inverse Energy⁠

Category · 5 funds
See all 5 ›

DUG ranks 2nd and KOLD 3rd of 5 funds in the Inverse Energy Category.

  1. Rank 1BSCOProShares UltraShort Bloomberg Crude OilScore 59
  2. Rank 2BDUGProShares UltraShort EnergyScore 56
  3. Rank 3BKOLDProShares UltraShort Bloomberg Natural GasScore 55
  4. Rank 4CERYDirexion Daily Energy Bear 2X ETFScore 41

Our read on each fund

ETF.net Research

DUGBProShares UltraShort Energy

KOLDBProShares UltraShort Bloomberg Natural Gas

In short

DUG The inverse energy trade in stock form: DUG targets -2x the daily move of the S&P 500's energy sector, not barrels of crude. Trading since 2007, it is one of the old hands in a small corner of the market.

KOLD Natural gas is the most temperamental commodity on the board, and KOLD is the instrument built to lean against it: two times the inverse of the Bloomberg Natural Gas Subindex, reset every single day.

Stated mandate

DUG The fund seeks daily results, before fees and expenses, equal to two times the inverse of the daily performance of the S&P Energy Select Sector SM Index.

KOLD The fund seeks daily results equal to two times the inverse performance of the Bloomberg Natural Gas Subindex.

Why people hold it

  • DUG Shorts stocks, not barrels: the stated target is -2x the daily move of the S&P Energy Select Sector Index, the energy names inside the S&P 500.spglobal.com
  • Costs 0.95% net of a waiver through September 30, 2027, near the category median and below Direxion's ERY (0.99%) and DRIP (1.01%), each waived through September 1, 2027.
  • Running since 2007, which makes it one of the longest-lived inverse energy funds, and one of the stronger implementations in a five-fund peer group.
  • ProShares frames it two ways: a short-horizon play on an energy slide, or a hedge against energy exposure held elsewhere.proshares.comproshares.com 2
  • KOLD Targets two times the inverse of the daily move in the Bloomberg Natural Gas Subindex: a direct short on gas futures, not on energy stocks the way DRIP and ERY are.proshares.com
  • A 0.95% expense ratio sits at the low end of the leveraged bear energy shelf, matching ProShares stablemate SCO and undercutting DRIP, ERY and DUG.
  • Trading since 2011, it is an established and actively traded name in a corner of the market where thin volume is the norm.
  • Sits in the upper half of its small peer group of leveraged bear energy funds on cost and structure.

Worth knowing

  • DUG The -2x target applies to one day. Hold longer and compounding takes over, so multi-week results can differ significantly from -2x the index move.proshares.com
  • Without the waiver, the stated gross expense is 1.43%, the level the fee schedule reverts to if the waiver lapses after September 30, 2027.
  • Small by ETF standards and only moderately traded, so trading costs weigh more here than in the category's biggest names.
  • KOLD The exposure resets daily. Hold it past a day and compounding takes over, so results over a week or a month can differ sharply from twice the inverse of the index move.proshares.com
  • Natural gas swings hard on weather and storage news. Doubling the inverse of that means outsized moves in both directions, which is why the risk profile screens high.
  • It is a commodity pool rather than a standard 1940 Act fund, and it makes no regular distributions, so tax paperwork differs from a stock ETF. The prospectus spells it out.proshares.com

Full DUG profile⁠

Full KOLD profile⁠

DUG vs KOLD Holdings

How DUG and KOLD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of DUG and 0.0% of KOLD.

Level by level

  • Asset classEquity, Commodities0.0%
  • Holdings0 in both0.0%

Sector

No Sector split for KOLD.

Country, concentration and asset class

Country by domicile

No country split for KOLD.

Concentration

Weight in the 10 largest Holdings

  • DUG102.7%
  • KOLD100.0%

Securities held

  • DUG1
  • KOLD0

Asset class

DUG
Equity
KOLD
Commodities

Holdings

  • Only in DUG1
  • In both0
  • Only in KOLD0

Only in DUG

1 security, 100% of DUG by weight

  • Proshares Genius Mny Mkt Etf102.70%

Only in KOLD

0 securities, 0.0% of KOLD by weight

Weight gaps

DUG and KOLD share no securities.

All 8 DUG holdings⁠All 2 KOLD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DUG vs KOLD Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DUG 0.95%

    $17,869

  • KOLD 0.95%

    $17,869

$10,000
30 years

Cost over time

  • DUG 0.95%
  • KOLD 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DUG $17,869KOLD $17,869

Year by year

YearDUGKOLD
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%DUG
  • 0.95%KOLD
  • Middle half of Inverse Energy funds
  • Median 0.95%

DUG cheapest of 5 funds

KOLD cheapest of 5 funds

DUG vs KOLD Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DUG 5.10%
KOLD No data
Payout (12M)
DUG $0.61
KOLD None
Last payment
DUG $0.08
KOLD No data
Ex-dividend
DUG Sep 23, 2026
KOLD No data
Paid on
DUG Sep 29, 2026
KOLD No data
Frequency
DUG Quarterly
KOLD No data

Distribution history

Per share, 2017 to 2026, same scale for both

DUGQuarterly · 23 paymentsAll DUG payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Sep 26, 2018 $0.37; Dec 26, 2018 $2.59; Mar 20, 2019 $0.86; Jun 25, 2019 $0.98; Sep 25, 2019 $1.29; Dec 24, 2019 $1.11; Mar 25, 2020 $0.04; Dec 22, 2022 $0.14; Mar 22, 2023 $0.51; Jun 21, 2023 $0.45; Sep 20, 2023 $0.32; Dec 20, 2023 $0.66; Mar 20, 2024 $0.28; Jun 26, 2024 $0.84; Sep 25, 2024 $0.60; Dec 23, 2024 $0.61; Mar 26, 2025 $0.24; Jun 25, 2025 $0.25; Sep 24, 2025 $0.24; Dec 24, 2025 $0.32; Mar 25, 2026 $0.08; Jun 24, 2026 $0.12; Sep 23, 2026 $0.08. Use the arrow keys to read each point.$0$2.502017202020232026YTD
KOLDAll KOLD payments⁠

No distribution history available.

DUG vs KOLD Risk

Fall from peak · 5 years

  • DUG
  • KOLD
Oct 29, 2021 to Oct 30, 2026. Worst fall: KOLD −96.4% · Aug 2022. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
DUG 38.9%, betterKOLD 103.3%
Return per unit of riskSharpe ratio, 3 years
DUG −0.97KOLD 0.58, better
Worst fallMax drawdown, 5 years
DUG −93.2%, betterKOLD −96.4%
Market sensitivityBeta, 5 years
DUG −0.03KOLD −3.29

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