BUFF vs. UGA
BUFF (Innovator Laddered Allocation Power Buffer ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - BUFF is a Defined Outcome fund tracking the Refinitiv Laddered Power Buffer Strategy Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, BUFF returned 8.71%/yr vs 25.10%/yr for UGA. At a 0.14 correlation, their price movements are largely independent. BUFF charges 0.89%/yr vs 0.75%/yr for UGA.
Performance
BUFF vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, BUFF achieves a 5.42% return, which is significantly lower than UGA's 75.49% return.
BUFF
- 1D
- -0.27%
- 1M
- 1.68%
- YTD
- 5.42%
- 6M
- 5.90%
- 1Y
- 14.36%
- 3Y*
- 12.47%
- 5Y*
- 8.71%
- 10Y*
- —
UGA
- 1D
- -0.19%
- 1M
- -12.35%
- YTD
- 75.49%
- 6M
- 64.35%
- 1Y
- 80.94%
- 3Y*
- 22.21%
- 5Y*
- 25.10%
- 10Y*
- 14.43%
BUFF vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BUFF Innovator Laddered Allocation Power Buffer ETF | 5.42% | 11.02% | 12.05% | 16.51% | -4.44% | 8.37% | -12.08% | 32.32% | -7.04% | 15.63% |
UGA United States Gasoline Fund LP | 75.49% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between BUFF and UGA 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 (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 21, 2016 | 0.14 |
The correlation between BUFF and UGA shifts across timeframes, from -0.28 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BUFF vs. UGA — Risk / Return Rank
BUFF
UGA
BUFF vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Laddered Allocation Power Buffer ETF (BUFF) 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.
| BUFF | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.37 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 4.02 | 5.47 | -1.44 |
| Martin ratioReturn relative to average drawdown | 21.50 | 13.25 | +8.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BUFF | UGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 2.32 | +0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.04 | 0.73 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.12 | +0.37 |
Drawdowns
BUFF vs. UGA - Drawdown Comparison
The maximum BUFF drawdown since its inception was -46.23%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BUFF and UGA.
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Drawdown Indicators
| BUFF | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.23% | -86.59% | +40.36% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -14.88% | +11.30% |
Max Drawdown (3Y)Largest decline over 3 years | -10.24% | -26.68% | +16.44% |
Max Drawdown (5Y)Largest decline over 5 years | -10.24% | -38.11% | +27.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -0.27% | -12.35% | +12.08% |
Average DrawdownAverage peak-to-trough decline | -6.18% | -36.76% | +30.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 6.13% | -5.46% |
Volatility
BUFF vs. UGA - Volatility Comparison
The current volatility for Innovator Laddered Allocation Power Buffer ETF (BUFF) is 1.02%, while United States Gasoline Fund LP (UGA) has a volatility of 11.66%. This indicates that BUFF 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
| BUFF | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 11.66% | -10.64% |
Volatility (6M)Calculated over the trailing 6-month period | 3.83% | 30.41% | -26.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.15% | 35.14% | -29.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.41% | 34.38% | -25.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.67% | 37.27% | -19.60% |
BUFF vs. UGA - Expense Ratio Comparison
BUFF has a 0.89% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
BUFF vs. UGA - Dividend Comparison
Neither BUFF nor UGA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BUFF Innovator Laddered Allocation Power Buffer ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.78% | 1.26% | 1.74% | 1.55% | 0.18% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BUFF and UGA 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.
UGA has higher volatility (11.66%) compared to BUFF (1.02%). In terms of maximum drawdown, BUFF dropped -46.23% vs UGA's -86.59%.
On 5-year performance, UGA leads with 25.10% vs 8.71% for BUFF. On fees, UGA is cheaper at 0.75% per year. On volatility, BUFF has been the lower-risk option at 1.02%. 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 25.10% return vs 8.71%. 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 0.89% for BUFF.
BUFF and UGA have nearly identical dividend yields, around 0.00%.
BUFF is categorized as Defined Outcome, while UGA is Oil & Gas. BUFF tracks Refinitiv Laddered Power Buffer Strategy Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.89% for BUFF and 0.75% for UGA.
BUFF currently has the higher Sharpe Ratio (2.80 vs 2.32), 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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