KOLD vs SPY
ProShares UltraShort Bloomberg Natural Gas vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | KOLD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $110M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 3 | 505 | |
| YTD Return | -22.37% | +13.39% | |
| 1Y Return | -12.25% | +22.52% | |
| 3Y Return (annualized) | +6.42% | +21.36% | |
| 5Y Return (annualized) | -29.52% | +13.19% | |
| Volatility (annualized) | 97.5% | 15.3% | |
| Max Drawdown | -99.5% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Oct 4, 2011 | Jan 22, 1993 |
KOLD vs SPY Performance
ProShares UltraShort Bloomberg Natural Gas (KOLD) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year KOLD returned -12.25% while SPY returned +22.52%. Year to date, KOLD is down 22.37% versus a gain of 13.39% for SPY.
Over three years, KOLD compounded at +6.42% per year against +21.36% for SPY; over five years the annualized figures are -29.52% and +13.19% respectively. Across the full 15-year window we track, SPY has the edge at +8.84% annualized vs -11.65%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
KOLD has been the more volatile fund, with annualized monthly volatility of 97.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -99.5% for KOLD and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.08. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.01% for SPY.
Holdings Overlap
KOLD and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $86 per year of difference.
Which performed better, KOLD or SPY?
Over the past year KOLD returned -12.25% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), KOLD annualized -11.65% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, KOLD or SPY?
KOLD has been the more volatile fund at 97.5% annualized versus 15.3% for SPY. Worst drawdown: KOLD -99.5% vs SPY -56.5%.
Should I hold both KOLD and SPY?
KOLD and SPY have a monthly-return correlation of -0.08, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between KOLD and SPY?
KOLD and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, KOLD or SPY?
KOLD yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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