KMAR vs. UGA
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 Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past year, KMAR returned 23.68% vs 71.86% for UGA. Their -0.10 correlation means they have often moved in opposite directions in the past. KMAR charges 0.79%/yr vs 1.02%/yr for UGA.
Performance
KMAR vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, KMAR achieves a 13.38% return, which is significantly lower than UGA's 73.74% return.
KMAR
- 1D
- 0.56%
- 1M
- 1.35%
- 6M
- 10.08%
- YTD
- 13.38%
- 1Y
- 23.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.90%
UGA
- 1D
- -4.00%
- 1M
- 4.18%
- 6M
- 57.40%
- YTD
- 73.74%
- 1Y
- 71.86%
- 3Y*
- 15.08%
- 5Y*
- 23.69%
- 10Y*
- 16.34%
- ALL TIME*
- 4.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $119.64K | $74.39K | $163.01K | |
| $8.76M | $6.07M | $5.03M |
KMAR vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
KMAR Innovator U.S. Small Cap Power Buffer ETF - March | 13.38% | 11.45% |
UGA United States Gasoline Fund, LP | 73.74% | -1.24% |
Correlation
The correlation between KMAR and UGA is -0.24, 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. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025 | -0.10 |
The correlation between KMAR and UGA shifts across timeframes, from -0.24 (1 year) to -0.10 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KMAR vs. UGA — Risk / Return Rank
KMAR
UGA
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 ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.32 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 4.86 | 3.56 | +1.31 |
| Martin ratioReturn relative to average drawdown | 20.55 | 9.88 | +10.67 |
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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.
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Drawdown Indicators
| KMAR | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | 0.00% | -14.19% | +14.19% |
Average DrawdownAverage peak-to-trough decline | -1.26% | -36.52% | +35.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 7.30% | -6.14% |
Volatility
KMAR vs. UGA - Volatility Comparison
The current volatility for Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) is 1.88%, while United States Gasoline Fund, LP (UGA) has a volatility of 13.00%. 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.
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Volatility by Period
| KMAR | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 13.00% | -11.12% |
Volatility (6M)Calculated over the trailing 6-month period | 6.81% | 32.31% | -25.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.16% | 36.60% | -27.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.77% | 34.73% | -22.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.77% | 37.32% | -25.55% |
KMAR vs. UGA - Expense Ratio Comparison
KMAR has a 0.79% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
KMAR vs. UGA - Dividend Comparison
Neither KMAR nor UGA has paid dividends to shareholders.
Frequently Asked Questions
KMAR and UGA have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (13.00%) compared to KMAR (1.88%). In terms of maximum drawdown, KMAR dropped -11.32% vs UGA's -86.59%.
On 1-year performance, UGA leads with 71.86% vs 23.68% for KMAR. On fees, KMAR is cheaper at 0.79% per year. On volatility, KMAR has been the lower-risk option at 1.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UGA has performed better with a 71.86% return vs 23.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KMAR is cheaper with a 0.79% expense ratio, compared with 1.02% for UGA.
KMAR and UGA have nearly identical dividend yields, around 0.00%.
KMAR is categorized as Defined Outcome, while UGA is Oil & Gas. KMAR tracks iShares Russell 2000 ETF (IWM) Price Return, while UGA tracks Near-Month NYMEX RBOB Gasoline Futures Contract. They also come from different issuers: Innovator and USCF. Their fees differ too: 0.79% for KMAR and 1.02% for UGA.
KMAR currently has the higher Sharpe Ratio (2.61 vs 1.97), 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.
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