BJAN vs. UGA
BJAN (Innovator U.S. Equity Buffer ETF - January) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - BJAN is a Defined Outcome fund tracking the S&P 500, 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, BJAN returned 10.69%/yr vs 23.69%/yr for UGA. Their 0.15 correlation means their historical movements had little consistent relationship. BJAN charges 0.79%/yr vs 1.02%/yr for UGA.
Performance
BJAN vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, BJAN achieves a 9.23% return, which is significantly lower than UGA's 73.74% return.
BJAN
- 1D
- 0.77%
- 1M
- 2.23%
- 6M
- 8.43%
- YTD
- 9.23%
- 1Y
- 17.73%
- 3Y*
- 16.61%
- 5Y*
- 10.69%
- 10Y*
- —
- ALL TIME*
- 13.00%
UGA
- 1D
- -4.00%
- 1M
- 4.18%
- 6M
- 57.40%
- YTD
- 73.74%
- 1Y
- 71.86%
- 3Y*
- 15.08%
- 5Y*
- 23.69%
- 10Y*
- 16.34%
- ALL TIME*
- 4.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $329.35K | $3.03M | $1.68M | |
| $8.76M | $6.07M | $5.03M |
BJAN vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BJAN Innovator U.S. Equity Buffer ETF - January | 9.23% | 14.81% | 17.36% | 23.66% | -11.40% | 13.86% | 12.54% | 22.27% |
UGA United States Gasoline Fund, LP | 73.74% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% |
Correlation
The correlation between BJAN and UGA is -0.25, 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. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | 0.16 |
The correlation between BJAN and UGA shifts across timeframes, from -0.25 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BJAN vs. UGA — Risk / Return Rank
BJAN
UGA
BJAN vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - January (BJAN) 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.
| BJAN | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.32 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 3.56 | -0.71 |
| Martin ratioReturn relative to average drawdown | 13.87 | 9.88 | +3.99 |
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Drawdowns
BJAN vs. UGA - Drawdown Comparison
The maximum BJAN drawdown since its inception was -26.86%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BJAN and UGA.
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Drawdown Indicators
| BJAN | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.86% | -86.59% | +59.73% |
Max Drawdown (1Y)Largest decline over 1 year | -6.27% | -20.32% | +14.05% |
Max Drawdown (3Y)Largest decline over 3 years | -13.81% | -26.68% | +12.87% |
Max Drawdown (5Y)Largest decline over 5 years | -17.38% | -38.11% | +20.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | 0.00% | -14.19% | +14.19% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -36.52% | +33.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 7.30% | -6.02% |
Volatility
BJAN vs. UGA - Volatility Comparison
The current volatility for Innovator U.S. Equity Buffer ETF - January (BJAN) is 2.38%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. This indicates that BJAN 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
| BJAN | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 13.00% | -10.62% |
Volatility (6M)Calculated over the trailing 6-month period | 6.80% | 32.31% | -25.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.21% | 36.60% | -28.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.06% | 34.73% | -22.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.98% | 37.32% | -23.34% |
BJAN vs. UGA - Expense Ratio Comparison
BJAN has a 0.79% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
BJAN vs. UGA - Dividend Comparison
Neither BJAN nor UGA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BJAN Innovator U.S. Equity Buffer ETF - January | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 4.66% |
UGA United States Gasoline Fund, LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BJAN and UGA have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (13.00%) compared to BJAN (2.38%). In terms of maximum drawdown, BJAN dropped -26.86% vs UGA's -86.59%.
On 5-year performance, UGA leads with 23.69% vs 10.69% for BJAN. On fees, BJAN is cheaper at 0.79% per year. On volatility, BJAN has been the lower-risk option at 2.38%. 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 23.69% return vs 10.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BJAN is cheaper with a 0.79% expense ratio, compared with 1.02% for UGA.
BJAN and UGA have nearly identical dividend yields, around 0.00%.
BJAN is categorized as Defined Outcome, while UGA is Oil & Gas. BJAN tracks S&P 500, 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 BJAN and 1.02% for UGA.
BJAN currently has the higher Sharpe Ratio (2.19 vs 1.97), 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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