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KOLD vs SCO

ProShares UltraShort Bloomberg Natural Gas

KOLDBNYSE Arca

ProShares UltraShort Bloomberg Crude Oil

SCOBNYSE Arca

Overlap

Expense ratio

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

KOLD0.95%SCO0.95%

Avg volume · 30D

SCO 1.8×the volume

KOLD2.89MSCO5.23M

10Y return · a year

KOLD +20.6pt

KOLD−21.0%SCO−41.6%

KOLD vs SCO Performance

Oct 29, 2021 – Oct 30, 2026

−52.8%KOLD−94.0%SCO

Oct 29, 2021 to Oct 30, 2026. KOLD −52.8%. SCO −94.0%. Use the arrow keys to read each point.0%50%Oct 2021Apr 2024Oct 2026
Expense ratio
KOLD 0.95%
SCO 0.95%
Fund size
KOLD $55M
SCO $841M
1Y total return
KOLD +3.9%, better
SCO −78.3%
Holdings
KOLD 1
SCO 1
Avg volume (30D)
KOLD 2.89M sh
SCO 5.23M sh, better
NAV per share
KOLD $33.50
SCO $15.46
52W range

ETF.net Grade

KOLD: Cost 65, Risk 40, Mission not scored, Tradability 52, Holdings not scored, Durability 54. SCO: Cost 65, Risk 34, Mission not scored, Tradability 72, Holdings not scored, Durability 67.
Pillar letters and Scores for KOLD, SCO, with each pillar’s weight
PillarKOLDSCO
Cost30% weightB65B65
Mission25% weightNot scoredNot scored
Risk15% weightC40HigherD34
Tradability15% weightC52A72Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC54B67Higher

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. KOLD and SCO 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 ›

SCO ranks 1st 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

KOLDBProShares UltraShort Bloomberg Natural Gas

SCOBProShares UltraShort Bloomberg Crude Oil

In short

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.

SCO A 2008-vintage double-short on crude: built to deliver -2x the daily move of a balanced WTI crude oil index. Cheaper than most bear-energy rivals, heavily traded, and it resets every day.

Stated mandate

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

SCO SCO seeks daily pre-fee results corresponding to negative two times the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index.

Why people hold it

  • 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.
  • SCO Targets -2x the daily move of the Bloomberg Commodity Balanced WTI Crude Oil Index, a specific daily mandate rather than a vague short-oil pitch.
  • 0.95% expense ratio sits under the 1.03% cohort median and undercuts bear-energy peers DRIP, ERY and DUG.
  • Trading since 2008 and among the most actively traded funds in its niche, which usually shows up as easier entries and exits.
  • Stands among the stronger implementations in its small bear-energy peer group.

Worth knowing

  • 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
  • SCO The leverage resets daily. Hold past a day and compounding can pull results away from -2x the period's oil move, especially in choppy markets.
  • Structured as a commodity pool, not a standard registered fund, so reporting and tax paperwork differ from an equity ETF.proshares.com
  • Doubled-up exposure to one of the market's most volatile commodities means outsized swings in both directions.

Full KOLD profile⁠

Full SCO profile⁠

KOLD vs SCO 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.

KOLD vs SCO Cost

Same expense ratio

$17,869

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

  • KOLD 0.95%

    $17,869

  • SCO 0.95%

    $17,869

$10,000
30 years

Cost over time

  • KOLD 0.95%
  • SCO 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KOLD $17,869SCO $17,869

Year by year

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

Expense ratio

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

KOLD cheapest of 5 funds

SCO cheapest of 5 funds

KOLD vs SCO Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
KOLD None
SCO None

Distribution history

KOLDAll KOLD payments⁠

No distribution history available.

SCOAll SCO payments⁠

No distribution history available.

KOLD vs SCO Risk

Fall from peak · 5 years

  • KOLD
  • SCO
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
KOLD 103.3%SCO 49.5%, better
Return per unit of riskSharpe ratio, 3 years
KOLD 0.58, betterSCO −0.84
Worst fallMax drawdown, 5 years
KOLD −96.4%SCO −95.5%, better
Market sensitivityBeta, 5 years
KOLD −3.29SCO −2.47

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