BJAN vs. UNG
BJAN (Innovator U.S. Equity Buffer ETF - January) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - BJAN is a Defined Outcome fund tracking the S&P 500, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas. Both are passively managed. Over the past 5 years, BJAN returned 10.40%/yr vs -24.47%/yr for UNG. At a 0.08 correlation, their price movements are largely independent. BJAN charges 0.79%/yr vs 1.28%/yr for UNG.
Performance
BJAN vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, BJAN achieves a 6.13% return, which is significantly higher than UNG's -7.42% return.
BJAN
- 1D
- 0.35%
- 1M
- 0.00%
- YTD
- 6.13%
- 6M
- 7.42%
- 1Y
- 19.73%
- 3Y*
- 16.36%
- 5Y*
- 10.40%
- 10Y*
- —
UNG
- 1D
- 1.70%
- 1M
- 1.70%
- YTD
- -7.42%
- 6M
- -10.84%
- 1Y
- -30.62%
- 3Y*
- -23.83%
- 5Y*
- -24.47%
- 10Y*
- -21.38%
BJAN vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BJAN Innovator U.S. Equity Buffer ETF - January | 6.13% | 14.81% | 17.36% | 23.66% | -11.40% | 13.86% | 12.54% | 22.27% |
UNG United States Natural Gas Fund LP | -7.42% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -31.77% |
Correlation
The correlation between BJAN and UNG 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 (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | 0.08 |
The correlation between BJAN and UNG shifts across timeframes, from -0.22 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BJAN vs. UNG — Risk / Return Rank
BJAN
UNG
BJAN vs. UNG - 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 Natural Gas Fund LP (UNG). 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 | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.87 | ||
| Sortino ratioReturn per unit of downside risk | +3.69 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 0.95 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | -0.67 | +3.67 |
| Martin ratioReturn relative to average drawdown | 14.94 | -0.97 | +15.91 |
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Drawdowns
BJAN vs. UNG - Drawdown Comparison
The maximum BJAN drawdown since its inception was -26.86%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for BJAN and UNG.
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Drawdown Indicators
| BJAN | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.86% | -99.88% | +73.02% |
Max Drawdown (1Y)Largest decline over 1 year | -6.27% | -43.86% | +37.59% |
Max Drawdown (3Y)Largest decline over 3 years | -13.81% | -68.16% | +54.35% |
Max Drawdown (5Y)Largest decline over 5 years | -17.38% | -92.49% | +75.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.55% | — |
Current DrawdownCurrent decline from peak | -1.06% | -99.86% | +98.80% |
Average DrawdownAverage peak-to-trough decline | -2.90% | -89.96% | +87.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 30.28% | -29.02% |
Volatility
BJAN vs. UNG - Volatility Comparison
The current volatility for Innovator U.S. Equity Buffer ETF - January (BJAN) is 2.23%, while United States Natural Gas Fund LP (UNG) has a volatility of 12.64%. This indicates that BJAN experiences smaller price fluctuations and is considered to be less risky than UNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BJAN | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.23% | 12.64% | -10.41% |
Volatility (6M)Calculated over the trailing 6-month period | 6.34% | 52.01% | -45.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 60.61% | -52.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.99% | 64.11% | -52.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.06% | 54.77% | -40.71% |
BJAN vs. UNG - Expense Ratio Comparison
BJAN has a 0.79% expense ratio, which is lower than UNG's 1.28% expense ratio.
Dividends
BJAN vs. UNG - Dividend Comparison
Neither BJAN nor UNG 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% |
UNG United States Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BJAN and UNG 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.
UNG has higher volatility (12.64%) compared to BJAN (2.23%). In terms of maximum drawdown, BJAN dropped -26.86% vs UNG's -99.88%.
On 5-year performance, BJAN leads with 10.40% vs -24.47% for UNG. On fees, BJAN is cheaper at 0.79% per year. On volatility, BJAN has been the lower-risk option at 2.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BJAN has performed better with a 10.40% return vs -24.47%. 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 1.28% for UNG.
BJAN and UNG have nearly identical dividend yields, around 0.00%.
BJAN is categorized as Defined Outcome, while UNG is Oil & Gas. BJAN tracks S&P 500, while UNG tracks Front Month Natural Gas. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for BJAN and 1.28% for UNG.
BJAN currently has the higher Sharpe Ratio (2.39 vs -0.49), 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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