BOIL vs. KAUG

Last updated Jun 24, 2026

BOIL (ProShares Ultra Bloomberg Natural Gas) and KAUG (Innovator U.S. Small Cap Power Buffer ETF) are both exchange-traded funds - BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex, while KAUG is a Defined Outcome fund actively managed by Innovator. BOIL is passively managed, while KAUG is actively managed. Over the past year, BOIL returned -75.60% vs 15.78% for KAUG. At a correlation of -0.13, they often move in opposite directions. BOIL charges 1.31%/yr vs 0.79%/yr for KAUG.

Performance

BOIL vs. KAUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Bloomberg Natural Gas (BOIL) and Innovator U.S. Small Cap Power Buffer ETF (KAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOIL achieves a -41.05% return, which is significantly lower than KAUG's 7.75% return.

BOIL

• 1D: -4.80%
• 1M: 5.97%
• YTD: -41.05%
• 6M: -46.24%
• 1Y: -75.60%
• 3Y*: -66.48%
• 5Y*: -66.38%
• 10Y*: -57.84%

KAUG

• 1D: -0.05%
• 1M: 0.99%
• YTD: 7.75%
• 6M: 7.02%
• 1Y: 15.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BOIL vs. KAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BOIL ProShares Ultra Bloomberg Natural Gas	-41.05%	-58.98%	18.26%
KAUG Innovator U.S. Small Cap Power Buffer ETF	7.75%	5.52%	0.81%

Correlation

The correlation between BOIL and KAUG is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	-0.13

The correlation between BOIL and KAUG shifts across timeframes, from -0.28 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BOIL vs. KAUG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BOIL

BOIL Risk / Return Rank: 3
BOIL Sharpe Ratio Rank: 4
BOIL Sortino Ratio Rank: 4
BOIL Omega Ratio Rank: 3
BOIL Calmar Ratio Rank: 1
BOIL Martin Ratio Rank: 2

KAUG

KAUG Risk / Return Rank: 74
KAUG Sharpe Ratio Rank: 67
KAUG Sortino Ratio Rank: 72
KAUG Omega Ratio Rank: 70
KAUG Calmar Ratio Rank: 82
KAUG Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BOIL vs. KAUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Natural Gas (BOIL) and Innovator U.S. Small Cap Power Buffer ETF (KAUG). 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.

	BOIL	KAUG	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	1.99	-2.66
Sortino ratio: Return per unit of downside risk	-0.85	2.94	-3.79
Omega ratio: Gain probability vs. loss probability	0.89	1.38	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.98	4.02	-5.00
Martin ratio: Return relative to average drawdown	-1.36	14.64	-16.00

BOIL vs. KAUG - Sharpe Ratio Comparison

The current BOIL Sharpe Ratio is -0.67, which is lower than the KAUG Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of BOIL and KAUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BOIL vs. KAUG - Drawdown Comparison

The maximum BOIL drawdown since its inception was -100.00%, which is greater than KAUG's maximum drawdown of -15.66%. Use the drawdown chart below to compare losses from any high point for BOIL and KAUG.

Drawdown Indicators

	BOIL	KAUG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-15.66%	-84.34%
Max Drawdown (1Y) Largest decline over 1 year	-77.43%	-3.94%	-73.49%
Max Drawdown (3Y) Largest decline over 3 years	-96.86%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	—	—
Current Drawdown Current decline from peak	-100.00%	-0.05%	-99.95%
Average Drawdown Average peak-to-trough decline	-93.59%	-2.84%	-90.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.83%	1.08%	+55.75%

Volatility

BOIL vs. KAUG - Volatility Comparison

ProShares Ultra Bloomberg Natural Gas (BOIL) has a higher volatility of 23.63% compared to Innovator U.S. Small Cap Power Buffer ETF (KAUG) at 1.06%. This indicates that BOIL's price experiences larger fluctuations and is considered to be riskier than KAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOIL	KAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.63%	1.06%	+22.57%
Volatility (6M) Calculated over the trailing 6-month period	104.46%	5.07%	+99.39%
Volatility (1Y) Calculated over the trailing 1-year period	113.44%	7.97%	+105.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.97%	11.15%	+107.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.84%	11.15%	+90.69%

BOIL vs. KAUG - Expense Ratio Comparison

BOIL has a 1.31% expense ratio, which is higher than KAUG's 0.79% expense ratio.

Dividends

BOIL vs. KAUG - Dividend Comparison

Neither BOIL nor KAUG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BOIL and KAUG in my portfolio?

BOIL and KAUG have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOIL or KAUG?

BOIL has higher volatility (23.63%) compared to KAUG (1.06%). In terms of maximum drawdown, BOIL dropped -100.00% vs KAUG's -15.66%.

Which ETF is better, BOIL or KAUG?

On 1-year performance, KAUG leads with 15.78% vs -75.60% for BOIL. On fees, KAUG is cheaper at 0.79% per year. On volatility, KAUG has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOIL or KAUG?

Over the 1-year period, KAUG has performed better with a 15.78% return vs -75.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOIL or KAUG?

KAUG is cheaper with a 0.79% expense ratio, compared with 1.31% for BOIL.

Which ETF pays a higher dividend yield, BOIL or KAUG?

BOIL and KAUG have nearly identical dividend yields, around 0.00%.

What is the main difference between BOIL and KAUG?

BOIL is categorized as Oil & Gas, while KAUG is Defined Outcome. They also come from different issuers: ProShares and Innovator. Their fees differ too: 1.31% for BOIL and 0.79% for KAUG.

Which has better risk-adjusted returns?

KAUG currently has the higher Sharpe Ratio (1.99 vs -0.67), 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.