CO2 air guns are most susceptible to a decline in performance in the cold. PCP air guns are much less prone to a decline in performance, but there is a caveat. The qualifier is that any air gun that uses lubrication for parts that must move such as hammer assemblies and pistons is going to be affected by the cold because the lubricants are affected by the cold. The hammer assembly on a PCP will move more slowly in the cold unless something is done to the factory lubrication. Often the factory lube is on very thick and it needs to be thinned and/or removed and replaced by a lubricant less responsive to the cold yet still provides sufficient lubrication. This problem is more pronounced in spring piston air rifles. The usual lubricants such as molybdenum disulfide can "slow down" in the cold and there's not much that can be done about that as the piston needs lubrication and lube like moly (used very sparingly) or Krytox must be used.