INOV vs. UGA

Last updated Jun 24, 2026

INOV (Innovator International Developed Power Buffer ETF - November) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - INOV is a Options Trading fund actively managed by Innovator, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. INOV is actively managed, while UGA is passively managed. Over the past year, INOV returned 14.67% vs 59.74% for UGA. At a correlation of -0.10, they often move in opposite directions. INOV charges 0.85%/yr vs 0.75%/yr for UGA.

Performance

INOV vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - November (INOV) 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, INOV achieves a 5.50% return, which is significantly lower than UGA's 64.09% return.

INOV

• 1D: -1.26%
• 1M: 0.27%
• YTD: 5.50%
• 6M: 5.64%
• 1Y: 14.67%
• 3Y*: —
• 5Y*: —
• 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%

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

INOV vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INOV Innovator International Developed Power Buffer ETF - November	5.50%	20.64%	5.90%	7.75%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	-3.76%

Correlation

The correlation between INOV and UGA is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	-0.10

Over the past year, the inverse relationship between INOV and UGA has strengthened: their correlation has moved from -0.10 to -0.30, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

INOV vs. UGA — Risk / Return Rank

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

INOV

INOV Risk / Return Rank: 51
INOV Sharpe Ratio Rank: 50
INOV Sortino Ratio Rank: 51
INOV Omega Ratio Rank: 58
INOV Calmar Ratio Rank: 44
INOV Martin Ratio Rank: 51

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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.

INOV vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - November (INOV) 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.

	INOV	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.73	-0.12
Sortino ratio: Return per unit of downside risk	2.32	2.25	+0.07
Omega ratio: Gain probability vs. loss probability	1.33	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	2.03	3.17	-1.13
Martin ratio: Return relative to average drawdown	8.11	9.39	-1.28

INOV vs. UGA - Sharpe Ratio Comparison

The current INOV Sharpe Ratio is 1.61, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of INOV 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

INOV vs. UGA - Drawdown Comparison

The maximum INOV drawdown since its inception was -8.01%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for INOV and UGA.

Drawdown Indicators

	INOV	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-8.01%	-86.59%	+78.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-18.96%	+11.72%
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	-1.26%	-18.05%	+16.79%
Average Drawdown Average peak-to-trough decline	-0.89%	-36.69%	+35.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	6.43%	-4.62%

Volatility

INOV vs. UGA - Volatility Comparison

The current volatility for Innovator International Developed Power Buffer ETF - November (INOV) is 3.38%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that INOV 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

	INOV	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	9.24%	-5.86%
Volatility (6M) Calculated over the trailing 6-month period	8.23%	30.57%	-22.34%
Volatility (1Y) Calculated over the trailing 1-year period	9.17%	35.22%	-26.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.70%	34.45%	-25.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.70%	37.22%	-28.52%

INOV vs. UGA - Expense Ratio Comparison

INOV has a 0.85% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

INOV vs. UGA - Dividend Comparison

Neither INOV nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both INOV and UGA in my portfolio?

INOV and UGA have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INOV or UGA?

UGA has higher volatility (9.24%) compared to INOV (3.38%). In terms of maximum drawdown, INOV dropped -8.01% vs UGA's -86.59%.

Which ETF is better, INOV or UGA?

On 1-year performance, UGA leads with 59.74% vs 14.67% for INOV. On fees, UGA is cheaper at 0.75% per year. On volatility, INOV has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INOV or UGA?

Over the 1-year period, UGA has performed better with a 59.74% return vs 14.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INOV or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.85% for INOV.

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

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

What is the main difference between INOV and UGA?

INOV is categorized as Options Trading, while UGA is Oil & Gas. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.85% for INOV and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.73 vs 1.61), 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.