BOCT vs. UGA
BOCT (Innovator U.S. Equity Buffer ETF October) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - BOCT is a Defined Outcome fund tracking the S&P 500 Price Return Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, BOCT returned 10.27%/yr vs 22.69%/yr for UGA. At a 0.16 correlation, their price movements are largely independent. BOCT charges 0.79%/yr vs 0.75%/yr for UGA.
Performance
BOCT vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BOCT achieves a 6.25% return, which is significantly lower than UGA's 64.09% return.
BOCT
- 1D
- -0.71%
- 1M
- -0.03%
- YTD
- 6.25%
- 6M
- 5.87%
- 1Y
- 18.25%
- 3Y*
- 13.66%
- 5Y*
- 10.27%
- 10Y*
- —
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
BOCT vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BOCT Innovator U.S. Equity Buffer ETF October | 6.25% | 14.34% | 12.36% | 21.13% | -8.14% | 14.97% | 14.69% | 19.05% | -10.47% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -36.60% |
Correlation
The correlation between BOCT 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 (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018 | 0.16 |
The correlation between BOCT and UGA shifts across timeframes, from -0.22 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BOCT vs. UGA — Risk / Return Rank
BOCT
UGA
BOCT vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF October (BOCT) 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.
| BOCT | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.30 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | 3.17 | -0.16 |
| Martin ratioReturn relative to average drawdown | 14.26 | 9.39 | +4.87 |
Loading charts...
Drawdowns
BOCT vs. UGA - Drawdown Comparison
The maximum BOCT drawdown since its inception was -24.54%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BOCT and UGA.
Loading charts...
Drawdown Indicators
| BOCT | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.54% | -86.59% | +62.05% |
Max Drawdown (1Y)Largest decline over 1 year | -6.09% | -18.96% | +12.87% |
Max Drawdown (3Y)Largest decline over 3 years | -13.61% | -26.68% | +13.07% |
Max Drawdown (5Y)Largest decline over 5 years | -14.29% | -38.11% | +23.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -1.08% | -18.05% | +16.97% |
Average DrawdownAverage peak-to-trough decline | -2.59% | -36.69% | +34.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 6.43% | -5.15% |
Volatility
BOCT vs. UGA - Volatility Comparison
The current volatility for Innovator U.S. Equity Buffer ETF October (BOCT) is 2.64%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that BOCT 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.
Loading charts...
Volatility by Period
| BOCT | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.64% | 9.24% | -6.60% |
Volatility (6M)Calculated over the trailing 6-month period | 6.48% | 30.57% | -24.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.40% | 35.22% | -26.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.15% | 34.45% | -23.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.80% | 37.22% | -23.42% |
BOCT vs. UGA - Expense Ratio Comparison
BOCT has a 0.79% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
BOCT vs. UGA - Dividend Comparison
Neither BOCT nor UGA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BOCT Innovator U.S. Equity Buffer ETF October | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.20% |
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
BOCT 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 (9.24%) compared to BOCT (2.64%). In terms of maximum drawdown, BOCT dropped -24.54% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 10.27% for BOCT. On fees, UGA is cheaper at 0.75% per year. On volatility, BOCT has been the lower-risk option at 2.64%. 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 22.69% return vs 10.27%. 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 BOCT.
BOCT and UGA have nearly identical dividend yields, around 0.00%.
BOCT is categorized as Defined Outcome, while UGA is Oil & Gas. BOCT tracks S&P 500 Price Return Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for BOCT and 0.75% for UGA.
BOCT currently has the higher Sharpe Ratio (2.19 vs 1.73), 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.
Find the right allocation for BOCT and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer