KAUG vs. USL

Last updated Jun 5, 2026

KAUG (Innovator U.S. Small Cap Power Buffer ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - KAUG is a Defined Outcome fund actively managed by Innovator, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. KAUG is actively managed, while USL is passively managed. Over the past year, KAUG returned 16.01% vs 56.55% for USL. At a correlation of -0.04, they often move in opposite directions. KAUG charges 0.79%/yr vs 0.88%/yr for USL.

Performance

KAUG vs. USL - 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 United States 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KAUG achieves a 7.32% return, which is significantly lower than USL's 60.58% return.

KAUG

• 1D: 0.23%
• 1M: 1.19%
• YTD: 7.32%
• 6M: 7.40%
• 1Y: 16.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USL

• 1D: -1.53%
• 1M: -1.98%
• YTD: 60.58%
• 6M: 56.11%
• 1Y: 56.55%
• 3Y*: 17.93%
• 5Y*: 17.05%
• 10Y*: 10.57%

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

KAUG vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KAUG Innovator U.S. Small Cap Power Buffer ETF	7.32%	5.52%	2.80%
USL United States 12 Month Oil Fund LP	60.58%	-12.37%	-2.44%

Correlation

The correlation between KAUG and USL is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Aug 2, 2024	-0.04

The correlation between KAUG and USL shifts across timeframes, from -0.22 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KAUG vs. USL — Risk / Return Rank

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

KAUG

KAUG Risk / Return Rank: 70
KAUG Sharpe Ratio Rank: 61
KAUG Sortino Ratio Rank: 65
KAUG Omega Ratio Rank: 64
KAUG Calmar Ratio Rank: 80
KAUG Martin Ratio Rank: 78

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 60
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

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.

KAUG vs. USL - 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 United States 12 Month Oil Fund LP (USL). 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.

	KAUG	USL	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.99	+0.02
Sortino ratio: Return per unit of downside risk	2.96	2.53	+0.43
Omega ratio: Gain probability vs. loss probability	1.38	1.33	+0.05
Calmar ratio: Return relative to maximum drawdown	4.08	3.39	+0.69
Martin ratio: Return relative to average drawdown	14.77	6.85	+7.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KAUG vs. USL - Sharpe Ratio Comparison

The current KAUG Sharpe Ratio is 2.01, which is comparable to the USL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of KAUG and USL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KAUG	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.99	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.01	+0.77

Drawdowns

KAUG vs. USL - Drawdown Comparison

The maximum KAUG drawdown since its inception was -15.66%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for KAUG and USL.

Drawdown Indicators

	KAUG	USL	Difference
Max Drawdown Largest peak-to-trough decline	-15.66%	-89.06%	+73.40%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-16.76%	+12.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	0.00%	-39.10%	+39.10%
Average Drawdown Average peak-to-trough decline	-2.84%	-61.45%	+58.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	8.27%	-7.18%

Volatility

KAUG vs. USL - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF (KAUG) is 0.95%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.57%. This indicates that KAUG experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KAUG	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	10.57%	-9.62%
Volatility (6M) Calculated over the trailing 6-month period	5.15%	23.34%	-18.19%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	28.59%	-20.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.20%	30.09%	-18.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.20%	32.34%	-21.14%

KAUG vs. USL - Expense Ratio Comparison

KAUG has a 0.79% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

KAUG vs. USL - Dividend Comparison

Neither KAUG nor USL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KAUG and USL in my portfolio?

KAUG and USL have a correlation of -0.22, 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 USL?

USL has higher volatility (10.57%) compared to KAUG (0.95%). In terms of maximum drawdown, KAUG dropped -15.66% vs USL's -89.06%.

Which ETF is better, KAUG or USL?

On 1-year performance, USL leads with 56.55% vs 16.01% for KAUG. On fees, KAUG is cheaper at 0.79% per year. On volatility, KAUG has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KAUG or USL?

Over the 1-year period, USL has performed better with a 56.55% return vs 16.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KAUG or USL?

KAUG is cheaper with a 0.79% expense ratio, compared with 0.88% for USL.

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

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

What is the main difference between KAUG and USL?

KAUG is categorized as Defined Outcome, while USL is Oil & Gas. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for KAUG and 0.88% for USL.

Which has better risk-adjusted returns?

KAUG currently has the higher Sharpe Ratio (2.01 vs 1.99), 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.