KMAR vs. UGA

Last updated Jun 25, 2026

KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - KMAR is a Defined Outcome fund tracking the iShares Russell 2000 ETF (IWM) Price Return, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past year, KMAR returned 23.23% vs 62.68% for UGA. At a correlation of -0.08, they often move in opposite directions. KMAR charges 0.79%/yr vs 0.75%/yr for UGA.

Performance

KMAR vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) 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, KMAR achieves a 11.31% return, which is significantly lower than UGA's 59.54% return.

KMAR

• 1D: 0.23%
• 1M: 1.99%
• YTD: 11.31%
• 6M: 10.34%
• 1Y: 23.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UGA

• 1D: -2.77%
• 1M: -14.54%
• YTD: 59.54%
• 6M: 55.91%
• 1Y: 62.68%
• 3Y*: 17.85%
• 5Y*: 22.22%
• 10Y*: 13.99%

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

KMAR vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	11.31%	11.45%
UGA United States Gasoline Fund LP	59.54%	-1.24%

Correlation

The correlation between KMAR and UGA is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	-0.08

The correlation between KMAR and UGA shifts across timeframes, from -0.19 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KMAR vs. UGA — Risk / Return Rank

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

KMAR

KMAR Risk / Return Rank: 89
KMAR Sharpe Ratio Rank: 87
KMAR Sortino Ratio Rank: 90
KMAR Omega Ratio Rank: 87
KMAR Calmar Ratio Rank: 90
KMAR Martin Ratio Rank: 92

UGA

UGA Risk / Return Rank: 60
UGA Sharpe Ratio Rank: 62
UGA Sortino Ratio Rank: 54
UGA Omega Ratio Rank: 55
UGA Calmar Ratio Rank: 69
UGA Martin Ratio Rank: 60

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.

KMAR vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) 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.

	KMAR	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.83	+0.65
Sortino ratio: Return per unit of downside risk	3.61	2.35	+1.26
Omega ratio: Gain probability vs. loss probability	1.46	1.31	+0.15
Calmar ratio: Return relative to maximum drawdown	4.77	3.10	+1.67
Martin ratio: Return relative to average drawdown	19.52	9.66	+9.86

KMAR vs. UGA - Sharpe Ratio Comparison

The current KMAR Sharpe Ratio is 2.48, which is higher than the UGA Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of KMAR 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

KMAR vs. UGA - Drawdown Comparison

The maximum KMAR drawdown since its inception was -11.32%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for KMAR and UGA.

Drawdown Indicators

	KMAR	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-11.32%	-86.59%	+75.27%
Max Drawdown (1Y) Largest decline over 1 year	-4.89%	-20.32%	+15.43%
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	-0.30%	-20.32%	+20.02%
Average Drawdown Average peak-to-trough decline	-1.34%	-36.69%	+35.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	6.51%	-5.32%

Volatility

KMAR vs. UGA - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) is 2.99%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that KMAR 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

	KMAR	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	9.45%	-6.46%
Volatility (6M) Calculated over the trailing 6-month period	6.72%	30.74%	-24.02%
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	34.84%	-25.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.15%	34.47%	-22.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.15%	37.22%	-25.07%

KMAR vs. UGA - Expense Ratio Comparison

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

Dividends

KMAR vs. UGA - Dividend Comparison

Neither KMAR nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KMAR and UGA in my portfolio?

KMAR and UGA have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KMAR or UGA?

UGA has higher volatility (9.45%) compared to KMAR (2.99%). In terms of maximum drawdown, KMAR dropped -11.32% vs UGA's -86.59%.

Which ETF is better, KMAR or UGA?

On 1-year performance, UGA leads with 62.68% vs 23.23% for KMAR. On fees, UGA is cheaper at 0.75% per year. On volatility, KMAR has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMAR or UGA?

Over the 1-year period, UGA has performed better with a 62.68% return vs 23.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMAR or UGA?

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

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

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

What is the main difference between KMAR and UGA?

KMAR is categorized as Defined Outcome, while UGA is Oil & Gas. KMAR tracks iShares Russell 2000 ETF (IWM) Price Return, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for KMAR and 0.75% for UGA.

Which has better risk-adjusted returns?

KMAR currently has the higher Sharpe Ratio (2.48 vs 1.82), 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.