KOCT vs. UNG
KOCT (Innovator U.S. Small Cap Power Buffer ETF - October) and UNG (United States Natural Gas Fund LP) are both exchange-traded funds - KOCT is a Defined Outcome fund tracking the Russell 2000 Price Return Index, while UNG is a Oil & Gas fund tracking the Front Month Natural Gas Futures. Both are passively managed. Over the past 5 years, KOCT returned 6.84%/yr vs -27.34%/yr for UNG. At a 0.03 correlation, their price movements are largely independent. KOCT charges 0.79%/yr vs 1.17%/yr for UNG.
Performance
KOCT vs. UNG - Performance Comparison
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Returns By Period
In the year-to-date period, KOCT achieves a 10.78% return, which is significantly higher than UNG's -15.42% return.
KOCT
- 1D
- -0.24%
- 1M
- 1.15%
- 6M
- 7.80%
- YTD
- 10.78%
- 1Y
- 20.40%
- 3Y*
- 10.60%
- 5Y*
- 6.84%
- 10Y*
- —
UNG
- 1D
- -2.17%
- 1M
- -8.63%
- 6M
- -7.25%
- YTD
- -15.42%
- 1Y
- -30.50%
- 3Y*
- -27.45%
- 5Y*
- -27.34%
- 10Y*
- -22.36%
KOCT vs. UNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
KOCT Innovator U.S. Small Cap Power Buffer ETF - October | 10.78% | 10.14% | 11.08% | 9.02% | -7.87% | 5.67% | 2.57% | 3.85% |
UNG United States Natural Gas Fund LP | -15.42% | -27.07% | -17.11% | -64.04% | 12.89% | 35.76% | -45.43% | -15.40% |
Correlation
The correlation between KOCT and UNG is -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.03 |
The correlation between KOCT and UNG shifts across timeframes, from -0.27 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KOCT vs. UNG — Risk / Return Rank
KOCT
UNG
KOCT vs. UNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) and United States Natural Gas Fund LP (UNG). 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.
| KOCT | UNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.50 | ||
| Sortino ratioReturn per unit of downside risk | +3.45 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.95 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 4.14 | -0.77 | +4.90 |
| Martin ratioReturn relative to average drawdown | 14.92 | -1.20 | +16.12 |
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Drawdowns
KOCT vs. UNG - Drawdown Comparison
The maximum KOCT drawdown since its inception was -28.22%, smaller than the maximum UNG drawdown of -99.88%. Use the drawdown chart below to compare losses from any high point for KOCT and UNG.
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Drawdown Indicators
| KOCT | UNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.22% | -99.88% | +71.66% |
Max Drawdown (1Y)Largest decline over 1 year | -4.95% | -39.94% | +34.99% |
Max Drawdown (3Y)Largest decline over 3 years | -15.03% | -68.16% | +53.13% |
Max Drawdown (5Y)Largest decline over 5 years | -16.63% | -92.49% | +75.86% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.55% | — |
Current DrawdownCurrent decline from peak | -0.30% | -99.87% | +99.57% |
Average DrawdownAverage peak-to-trough decline | -4.18% | -90.00% | +85.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 25.43% | -24.06% |
Volatility
KOCT vs. UNG - Volatility Comparison
The current volatility for Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) is 1.57%, while United States Natural Gas Fund LP (UNG) has a volatility of 11.04%. This indicates that KOCT experiences smaller price fluctuations and is considered to be less risky than UNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KOCT | UNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 11.04% | -9.47% |
Volatility (6M)Calculated over the trailing 6-month period | 6.59% | 49.52% | -42.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.34% | 59.76% | -49.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.29% | 64.19% | -51.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.52% | 54.76% | -40.24% |
KOCT vs. UNG - Expense Ratio Comparison
KOCT has a 0.79% expense ratio, which is lower than UNG's 1.17% expense ratio.
Dividends
KOCT vs. UNG - Dividend Comparison
Neither KOCT nor UNG has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
KOCT Innovator U.S. Small Cap Power Buffer ETF - October | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.79% |
UNG United States Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KOCT and UNG have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNG has higher volatility (11.04%) compared to KOCT (1.57%). In terms of maximum drawdown, KOCT dropped -28.22% vs UNG's -99.88%.
On 5-year performance, KOCT leads with 6.84% vs -27.34% for UNG. On fees, KOCT is cheaper at 0.79% per year. On volatility, KOCT has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KOCT has performed better with a 6.84% return vs -27.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOCT is cheaper with a 0.79% expense ratio, compared with 1.17% for UNG.
KOCT and UNG have nearly identical dividend yields, around 0.00%.
KOCT is categorized as Defined Outcome, while UNG is Oil & Gas. KOCT tracks Russell 2000 Price Return Index, while UNG tracks Front Month Natural Gas Futures. They also come from different issuers: Innovator and USCF Investments. Their fees differ too: 0.79% for KOCT and 1.17% for UNG.
KOCT currently has the higher Sharpe Ratio (1.98 vs -0.51), 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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