KAUG vs. BOIL

Last updated Aug 1, 2026

KAUG (Innovator U.S. Small Cap Power Buffer ETF) and BOIL (ProShares Ultra Bloomberg Natural Gas) are both exchange-traded funds - KAUG is a Defined Outcome fund actively managed by Innovator, while BOIL is a Oil & Gas fund tracking the Bloomberg Natural Gas Subindex. KAUG is actively managed, while BOIL is passively managed. Over the past year, KAUG returned 17.74% vs -71.40% for BOIL. Their -0.13 correlation means they have often moved in opposite directions in the past. KAUG charges 0.79%/yr vs 1.31%/yr for BOIL.

Performance

KAUG vs. BOIL - Performance Comparison

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

Returns By Period

In the year-to-date period, KAUG achieves a 8.59% return, which is significantly higher than BOIL's -55.20% return.

KAUG

• 1D: 0.10%
• 1M: 0.56%
• 6M: 6.47%
• YTD: 8.59%
• 1Y: 17.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.49%

BOIL

• 1D: 1.23%
• 1M: -22.39%
• 6M: -74.77%
• YTD: -55.20%
• 1Y: -71.40%
• 3Y*: -67.40%
• 5Y*: -69.84%
• 10Y*: -58.99%
• ALL TIME*: -57.95%

*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)
BOIL ProShares Ultra Bloomberg Natural Gas	$86.80M	$100.03M	$104.47M
KAUG Innovator U.S. Small Cap Power Buffer ETF	$320.24K	$293.83K	$502.19K

KAUG vs. BOIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KAUG Innovator U.S. Small Cap Power Buffer ETF	8.59%	5.52%	0.81%
BOIL ProShares Ultra Bloomberg Natural Gas	-55.20%	-58.98%	18.26%

Correlation

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

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

Return for Risk

KAUG vs. BOIL — Risk / Return Rank

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

KAUG

KAUG Risk / Return Rank: 92
KAUG Sharpe Ratio Rank: 89
KAUG Sortino Ratio Rank: 92
KAUG Omega Ratio Rank: 92
KAUG Calmar Ratio Rank: 92
KAUG Martin Ratio Rank: 93

BOIL

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

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.

KAUG vs. BOIL - Risk-Adjusted Trends Comparison

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

	KAUG	BOIL	Difference
Sharpe ratio: Return per unit of total volatility	2.20	-0.65	+2.85
Sortino ratio: Return per unit of downside risk	3.32	-0.72	+4.04
Omega ratio: Gain probability vs. loss probability	1.45	0.91	+0.54
Calmar ratio: Return relative to maximum drawdown	4.21	-0.92	+5.13
Martin ratio: Return relative to average drawdown	17.09	-1.40	+18.50

KAUG vs. BOIL - Sharpe Ratio Comparison

The current KAUG Sharpe Ratio is 2.20, which is higher than the BOIL Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of KAUG and BOIL, 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

KAUG vs. BOIL - Drawdown Comparison

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

Drawdown Indicators

	KAUG	BOIL	Difference
Max Drawdown Largest peak-to-trough decline	-15.66%	-100.00%	+84.34%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-77.68%	+73.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-97.48%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.99%	—
Current Drawdown Current decline from peak	0.00%	-100.00%	+100.00%
Average Drawdown Average peak-to-trough decline	-2.69%	-93.63%	+90.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	50.79%	-49.82%

Volatility

KAUG vs. BOIL - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF (KAUG) is 0.28%, while ProShares Ultra Bloomberg Natural Gas (BOIL) has a volatility of 18.90%. This indicates that KAUG experiences smaller price fluctuations and is considered to be less risky than BOIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KAUG	BOIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	18.90%	-18.62%
Volatility (6M) Calculated over the trailing 6-month period	4.77%	91.55%	-86.78%
Volatility (1Y) Calculated over the trailing 1-year period	7.53%	110.59%	-103.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.85%	118.92%	-108.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.85%	101.64%	-90.79%

KAUG vs. BOIL - Expense Ratio Comparison

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

Dividends

KAUG vs. BOIL - Dividend Comparison

Neither KAUG nor BOIL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KAUG and BOIL in my portfolio?

KAUG and BOIL 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, KAUG or BOIL?

BOIL has higher volatility (18.90%) compared to KAUG (0.28%). In terms of maximum drawdown, KAUG dropped -15.66% vs BOIL's -100.00%.

Which ETF is better, KAUG or BOIL?

On 1-year performance, KAUG leads with 17.74% vs -71.40% for BOIL. On fees, KAUG is cheaper at 0.79% per year. On volatility, KAUG has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KAUG or BOIL?

Over the 1-year period, KAUG has performed better with a 17.74% return vs -71.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KAUG or BOIL?

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

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

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

What is the main difference between KAUG and BOIL?

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

Which has better risk-adjusted returns?

KAUG currently has the higher Sharpe Ratio (2.20 vs -0.65), 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.