IBUF vs. UGA

Last updated Aug 6, 2026

IBUF (Innovator International Developed 10 Buffer ETF - Quarterly) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - IBUF is a Defined Outcome fund actively managed by Innovator, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. IBUF is actively managed, while UGA is passively managed. Over the past year, IBUF returned 15.18% vs 71.49% for UGA. Their -0.10 correlation means they have often moved in opposite directions in the past. IBUF charges 0.85%/yr vs 1.02%/yr for UGA.

Performance

IBUF vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed 10 Buffer ETF - Quarterly (IBUF) and United States Gasoline Fund, LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBUF achieves a 9.36% return, which is significantly lower than UGA's 72.77% return.

IBUF

• 1D: 0.12%
• 1M: 1.01%
• 6M: 8.08%
• YTD: 9.36%
• 1Y: 15.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.32%

UGA

• 1D: -0.56%
• 1M: 0.07%
• 6M: 54.03%
• YTD: 72.77%
• 1Y: 71.49%
• 3Y*: 14.87%
• 5Y*: 24.07%
• 10Y*: 16.28%
• ALL TIME*: 4.25%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IBUF Innovator International Developed 10 Buffer ETF - Quarterly	$490.69K	$445.52K	$569.25K
UGA United States Gasoline Fund, LP	$8.67M	$6.11M	$4.99M

IBUF vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBUF Innovator International Developed 10 Buffer ETF - Quarterly	9.36%	13.54%	2.73%
UGA United States Gasoline Fund, LP	72.77%	-2.00%	-6.82%

Correlation

The correlation between IBUF 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 (All Time) Calculated using the full available price history since Jul 1, 2024	-0.10

The correlation between IBUF and UGA shifts across timeframes, from -0.25 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IBUF vs. UGA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IBUF

IBUF Risk / Return Rank: 94
IBUF Sharpe Ratio Rank: 91
IBUF Sortino Ratio Rank: 94
IBUF Omega Ratio Rank: 93
IBUF Calmar Ratio Rank: 96
IBUF Martin Ratio Rank: 96

UGA

UGA Risk / Return Rank: 72
UGA Sharpe Ratio Rank: 76
UGA Sortino Ratio Rank: 66
UGA Omega Ratio Rank: 67
UGA Calmar Ratio Rank: 84
UGA Martin Ratio Rank: 70

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IBUF vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed 10 Buffer ETF - Quarterly (IBUF) 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.

	IBUF	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.96	+0.51
Sortino ratio: Return per unit of downside risk	3.87	2.47	+1.40
Omega ratio: Gain probability vs. loss probability	1.52	1.32	+0.20
Calmar ratio: Return relative to maximum drawdown	7.04	3.54	+3.50
Martin ratio: Return relative to average drawdown	24.49	9.75	+14.74

IBUF vs. UGA - Sharpe Ratio Comparison

The current IBUF Sharpe Ratio is 2.48, which is comparable to the UGA Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of IBUF and UGA, 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

IBUF vs. UGA - Drawdown Comparison

The maximum IBUF drawdown since its inception was -5.92%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for IBUF and UGA.

Drawdown Indicators

	IBUF	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-5.92%	-86.59%	+80.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.17%	-20.32%	+18.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	0.00%	-14.67%	+14.67%
Average Drawdown Average peak-to-trough decline	-0.46%	-36.52%	+36.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	7.36%	-6.74%

Volatility

IBUF vs. UGA - Volatility Comparison

The current volatility for Innovator International Developed 10 Buffer ETF - Quarterly (IBUF) is 1.24%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. This indicates that IBUF 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.

Volatility by Period

	IBUF	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	13.00%	-11.76%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	32.16%	-26.70%
Volatility (1Y) Calculated over the trailing 1-year period	6.15%	36.60%	-30.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.67%	34.71%	-28.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.67%	37.31%	-30.64%

IBUF vs. UGA - Expense Ratio Comparison

IBUF has a 0.85% expense ratio, which is lower than UGA's 1.02% expense ratio.

Dividends

IBUF vs. UGA - Dividend Comparison

Neither IBUF nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IBUF and UGA in my portfolio?

IBUF 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.

Which is riskier, IBUF or UGA?

UGA has higher volatility (13.00%) compared to IBUF (1.24%). In terms of maximum drawdown, IBUF dropped -5.92% vs UGA's -86.59%.

Which ETF is better, IBUF or UGA?

On 1-year performance, UGA leads with 71.49% vs 15.18% for IBUF. On fees, IBUF is cheaper at 0.85% per year. On volatility, IBUF has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBUF or UGA?

Over the 1-year period, UGA has performed better with a 71.49% return vs 15.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBUF or UGA?

IBUF is cheaper with a 0.85% expense ratio, compared with 1.02% for UGA.

Which ETF pays a higher dividend yield, IBUF or UGA?

IBUF and UGA have nearly identical dividend yields, around 0.00%.

What is the main difference between IBUF and UGA?

IBUF is categorized as Defined Outcome, while UGA is Oil & Gas. They also come from different issuers: Innovator and USCF. Their fees differ too: 0.85% for IBUF and 1.02% for UGA.

Which has better risk-adjusted returns?

IBUF currently has the higher Sharpe Ratio (2.48 vs 1.96), 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.