KOLD vs SPY
ProShares UltraShort Bloomberg Natural Gas vs State Street SPDR S&P 500 ETF Trust
Which is better, KOLD or SPY?
Trading-Inverse Commodities against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | KOLD | SPY |
|---|---|---|
| Expense Ratio | 0.95% | 0.09%Best |
| AUM | $119M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 3 | 505 |
| YTD Return | -22.56% | +12.09%Best |
| 1Y Return | -22.39% | +16.29%Best |
| 3Y Return (annualized) | -0.22% | +21.20%Best |
| 5Y Return (annualized) | -22.75% | +13.37%Best |
| Volatility (annualized) | 97.2% | 13.9%Best |
| Max Drawdown | - | -34.1% |
| $10,000 over 5 years | $2,751 | $18,728Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Inverse Commodities | Large Cap Blend |
| Inception | Oct 4, 2011 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Oct 6, 2011 to Sep 18, 2026 (15 years).
KOLD vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 15 years both funds cover.
KOLD vs SPY Performance
ProShares UltraShort Bloomberg Natural Gas (KOLD) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year KOLD returned -22.39% while SPY returned +16.29%. Year to date, KOLD is down 22.56% versus a gain of 12.09% for SPY.
Over three years, KOLD compounded at -0.22% per year against +21.20% for SPY; over five years the annualized figures are -22.75% and +13.37% respectively. Across the full 15-year window we track, SPY has the edge at +13.95% annualized vs -11.59%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
KOLD has been the more volatile fund, with annualized monthly volatility of 97.2% compared with 13.9% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at -0.08. They move largely independently of each other.
Fees and Cost Over Time
KOLD charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, KOLD currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in KOLD and 504 in SPY, totalling 34.4% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in KOLD and 504 in SPY, against full books of 3 and 505.
You are not choosing between two funds in isolation.
Whichever of KOLD and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, KOLD or SPY?
KOLD has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, KOLD or SPY?
Over the past year KOLD returned -22.39% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), KOLD annualized -11.59% vs +13.95% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, KOLD or SPY?
KOLD has been the more volatile fund at 97.2% annualized versus 13.9% for SPY.
Should I hold both KOLD and SPY?
KOLD and SPY have a monthly-return correlation of -0.08, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, KOLD or SPY?
KOLD yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than KOLD?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.