AOCT vs. UGA
AOCT (Innovator Equity Defined Protection ETF - 2 Yr to October 2026) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - AOCT is a Defined Outcome fund actively managed by Innovator, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. AOCT is actively managed, while UGA is passively managed. Over the past year, AOCT returned 7.29% vs 80.94% for UGA. At a correlation of -0.07, they often move in opposite directions. AOCT charges 0.79%/yr vs 0.75%/yr for UGA.
Performance
AOCT vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, AOCT achieves a 2.49% return, which is significantly lower than UGA's 75.49% return.
AOCT
- 1D
- -0.07%
- 1M
- 0.72%
- YTD
- 2.49%
- 6M
- 2.99%
- 1Y
- 7.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
AOCT vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2026 | 2.49% | 6.88% | -0.04% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 5.23% |
Correlation
The correlation between AOCT and UGA is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024 | -0.07 |
The correlation between AOCT and UGA shifts across timeframes, from -0.22 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AOCT vs. UGA — Risk / Return Rank
AOCT
UGA
AOCT vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (AOCT) and United States Gasoline Fund LP (UGA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| AOCT | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.37 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 4.42 | 5.47 | -1.04 |
| Martin ratioReturn relative to average drawdown | 24.23 | 13.25 | +10.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AOCT | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.84 | 2.32 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.73 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.45 | 0.12 | +1.32 |
Drawdowns
AOCT vs. UGA - Drawdown Comparison
The maximum AOCT drawdown since its inception was -3.71%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for AOCT and UGA.
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Drawdown Indicators
| AOCT | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.71% | -86.59% | +82.88% |
Max Drawdown (1Y)Largest decline over 1 year | -1.65% | -14.88% | +13.23% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.68% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.07% | -12.35% | +12.28% |
Average DrawdownAverage peak-to-trough decline | -0.37% | -36.76% | +36.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 6.13% | -5.83% |
Volatility
AOCT vs. UGA - Volatility Comparison
The current volatility for Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (AOCT) is 0.38%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that AOCT experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOCT | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.38% | 11.66% | -11.28% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 30.41% | -28.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.58% | 35.14% | -32.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.89% | 34.38% | -30.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.89% | 37.27% | -33.38% |
AOCT vs. UGA - Expense Ratio Comparison
AOCT has a 0.79% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
AOCT vs. UGA - Dividend Comparison
Neither AOCT nor UGA has paid dividends to shareholders.
Frequently Asked Questions
AOCT and UGA have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (11.66%) compared to AOCT (0.38%). In terms of maximum drawdown, AOCT dropped -3.71% vs UGA's -86.59%.
On 1-year performance, UGA leads with 80.94% vs 7.29% for AOCT. On fees, UGA is cheaper at 0.75% per year. On volatility, AOCT has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGA has performed better with a 80.94% return vs 7.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.79% for AOCT.
AOCT and UGA have nearly identical dividend yields, around 0.00%.
AOCT is categorized as Defined Outcome, while UGA is Oil & Gas. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for AOCT and 0.75% for UGA.
AOCT currently has the higher Sharpe Ratio (2.84 vs 2.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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