JANJ vs. UGA

Last updated Jul 1, 2026

JANJ (Innovator Premium Income 30 Barrier ETF - January) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - JANJ is a Options Trading fund actively managed by Innovator, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. JANJ is actively managed, while UGA is passively managed. Over the past year, JANJ returned 5.43% vs 70.11% for UGA. At a correlation of -0.06, they often move in opposite directions. JANJ charges 0.79%/yr vs 0.75%/yr for UGA.

Performance

JANJ vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 30 Barrier ETF - January (JANJ) 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, JANJ achieves a 2.71% return, which is significantly lower than UGA's 68.82% return.

JANJ

• 1D: 0.12%
• 1M: 0.26%
• YTD: 2.71%
• 6M: 2.72%
• 1Y: 5.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: 1.20%
• 1M: -2.32%
• YTD: 68.82%
• 6M: 68.82%
• 1Y: 70.11%
• 3Y*: 18.48%
• 5Y*: 23.10%
• 10Y*: 14.75%

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

JANJ vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANJ Innovator Premium Income 30 Barrier ETF - January	2.71%	5.22%	5.92%
UGA United States Gasoline Fund LP	68.82%	-2.00%	3.77%

Correlation

The correlation between JANJ and UGA is -0.23, 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	-0.23
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	-0.06

The correlation between JANJ and UGA shifts across timeframes, from -0.23 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JANJ vs. UGA — Risk / Return Rank

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

JANJ

JANJ Risk / Return Rank: 84
JANJ Sharpe Ratio Rank: 78
JANJ Sortino Ratio Rank: 88
JANJ Omega Ratio Rank: 94
JANJ Calmar Ratio Rank: 68
JANJ Martin Ratio Rank: 91

UGA

UGA Risk / Return Rank: 70
UGA Sharpe Ratio Rank: 74
UGA Sortino Ratio Rank: 65
UGA Omega Ratio Rank: 65
UGA Calmar Ratio Rank: 79
UGA Martin Ratio Rank: 66

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.

JANJ vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 30 Barrier ETF - January (JANJ) 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.

	JANJ	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.02	+0.12
Sortino ratio: Return per unit of downside risk	3.42	2.54	+0.88
Omega ratio: Gain probability vs. loss probability	1.58	1.33	+0.25
Calmar ratio: Return relative to maximum drawdown	2.91	3.47	-0.56
Martin ratio: Return relative to average drawdown	18.31	10.14	+8.17

JANJ vs. UGA - Sharpe Ratio Comparison

The current JANJ Sharpe Ratio is 2.15, which is comparable to the UGA Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of JANJ 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

JANJ vs. UGA - Drawdown Comparison

The maximum JANJ drawdown since its inception was -5.75%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for JANJ and UGA.

Drawdown Indicators

	JANJ	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-5.75%	-86.59%	+80.84%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	-20.32%	+18.44%
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%	-15.69%	+15.69%
Average Drawdown Average peak-to-trough decline	-0.18%	-36.67%	+36.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	6.94%	-6.64%

Volatility

JANJ vs. UGA - Volatility Comparison

The current volatility for Innovator Premium Income 30 Barrier ETF - January (JANJ) is 0.62%, while United States Gasoline Fund LP (UGA) has a volatility of 8.72%. This indicates that JANJ 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

	JANJ	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	8.72%	-8.10%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	30.92%	-28.42%
Volatility (1Y) Calculated over the trailing 1-year period	2.54%	34.85%	-32.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	34.53%	-30.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	37.24%	-32.74%

JANJ vs. UGA - Expense Ratio Comparison

JANJ has a 0.79% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

JANJ vs. UGA - Dividend Comparison

JANJ's dividend yield for the trailing twelve months is around 5.04%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024
JANJ Innovator Premium Income 30 Barrier ETF - January	5.04%	5.07%	5.59%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JANJ and UGA in my portfolio?

JANJ and UGA have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JANJ or UGA?

UGA has higher volatility (8.72%) compared to JANJ (0.62%). In terms of maximum drawdown, JANJ dropped -5.75% vs UGA's -86.59%.

Which ETF is better, JANJ or UGA?

On 1-year performance, UGA leads with 70.11% vs 5.43% for JANJ. On fees, UGA is cheaper at 0.75% per year. On volatility, JANJ has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANJ or UGA?

Over the 1-year period, UGA has performed better with a 70.11% return vs 5.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANJ or UGA?

UGA is cheaper with a 0.75% expense ratio, compared with 0.79% for JANJ.

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

JANJ has the higher dividend yield at 5.04%, compared with 0.00% for UGA.

What is the main difference between JANJ and UGA?

JANJ is categorized as Options Trading, while UGA is Oil & Gas. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for JANJ and 0.75% for UGA.

Which has better risk-adjusted returns?

JANJ currently has the higher Sharpe Ratio (2.15 vs 2.02), 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.