BAPR vs. UGA
BAPR (Innovator U.S. Equity Buffer ETF - April) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - BAPR is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index April, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 5 years, BAPR returned 10.95%/yr vs 25.31%/yr for UGA. Their 0.15 correlation means their historical movements had little consistent relationship. BAPR charges 0.79%/yr vs 1.02%/yr for UGA.
Performance
BAPR vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, BAPR achieves a 12.27% return, which is significantly lower than UGA's 80.98% return.
BAPR
- 1D
- 0.32%
- 1M
- 1.22%
- 6M
- 11.30%
- YTD
- 12.27%
- 1Y
- 18.49%
- 3Y*
- 14.40%
- 5Y*
- 10.95%
- 10Y*
- —
- ALL TIME*
- 10.84%
UGA
- 1D
- -5.27%
- 1M
- 8.52%
- 6M
- 69.92%
- YTD
- 80.98%
- 1Y
- 78.20%
- 3Y*
- 16.66%
- 5Y*
- 25.31%
- 10Y*
- 16.82%
- ALL TIME*
- 4.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $301.62K | $564.24K | $486.34K | |
| $8.16M | $5.91M | $4.98M |
BAPR vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BAPR Innovator U.S. Equity Buffer ETF - April | 12.27% | 8.28% | 15.95% | 23.16% | -7.04% | 12.58% | 6.19% | 10.36% |
UGA United States Gasoline Fund, LP | 80.98% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 10.15% |
Correlation
The correlation between BAPR and UGA is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.24 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2019 | 0.15 |
The correlation between BAPR and UGA shifts across timeframes, from -0.24 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BAPR vs. UGA — Risk / Return Rank
BAPR
UGA
BAPR vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - April (BAPR) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BAPR | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.73 | 1.35 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 9.61 | 3.87 | +5.74 |
| Martin ratioReturn relative to average drawdown | 44.13 | 10.83 | +33.30 |
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Drawdowns
BAPR vs. UGA - Drawdown Comparison
The maximum BAPR drawdown since its inception was -23.91%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BAPR and UGA.
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Drawdown Indicators
| BAPR | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.91% | -86.59% | +62.68% |
Max Drawdown (1Y)Largest decline over 1 year | -1.93% | -20.32% | +18.39% |
Max Drawdown (3Y)Largest decline over 3 years | -15.58% | -26.68% | +11.10% |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | -38.11% | +22.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | 0.00% | -10.61% | +10.61% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -36.53% | +33.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.42% | 7.25% | -6.83% |
Volatility
BAPR vs. UGA - Volatility Comparison
The current volatility for Innovator U.S. Equity Buffer ETF - April (BAPR) is 1.73%, while United States Gasoline Fund, LP (UGA) has a volatility of 12.68%. This indicates that BAPR 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
| BAPR | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | 12.68% | -10.95% |
Volatility (6M)Calculated over the trailing 6-month period | 5.16% | 32.51% | -27.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.90% | 36.42% | -30.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.51% | 34.68% | -23.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.01% | 37.30% | -24.29% |
BAPR vs. UGA - Expense Ratio Comparison
BAPR has a 0.79% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
BAPR vs. UGA - Dividend Comparison
Neither BAPR nor UGA has paid dividends to shareholders.
Frequently Asked Questions
BAPR and UGA have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (12.68%) compared to BAPR (1.73%). In terms of maximum drawdown, BAPR dropped -23.91% vs UGA's -86.59%.
On 5-year performance, UGA leads with 25.31% vs 10.95% for BAPR. On fees, BAPR is cheaper at 0.79% per year. On volatility, BAPR has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 25.31% return vs 10.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BAPR is cheaper with a 0.79% expense ratio, compared with 1.02% for UGA.
BAPR and UGA have nearly identical dividend yields, around 0.00%.
BAPR is categorized as Defined Outcome, while UGA is Oil & Gas. BAPR tracks Cboe S&P 500 Buffer Protect Index April, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: Innovator and USCF. Their fees differ too: 0.79% for BAPR and 1.02% for UGA.
BAPR currently has the higher Sharpe Ratio (3.16 vs 2.16), 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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