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 6.65%/yr vs -24.87%/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 10.07% return, which is significantly higher than UNG's -6.20% return.
KOCT
- 1D
- -0.19%
- 1M
- 1.71%
- YTD
- 10.07%
- 6M
- 9.29%
- 1Y
- 22.84%
- 3Y*
- 12.17%
- 5Y*
- 6.65%
- 10Y*
- —
UNG
- 1D
- -2.29%
- 1M
- 5.12%
- YTD
- -6.20%
- 6M
- -10.85%
- 1Y
- -31.71%
- 3Y*
- -27.52%
- 5Y*
- -24.87%
- 10Y*
- -21.37%
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 | 10.07% | 10.14% | 11.08% | 9.02% | -7.87% | 5.67% | 2.57% | 3.85% |
UNG United States Natural Gas Fund LP | -6.20% | -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 | +2.71 | ||
| Sortino ratioReturn per unit of downside risk | +3.74 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.94 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 4.63 | -0.80 | +5.43 |
| Martin ratioReturn relative to average drawdown | 16.63 | -1.25 | +17.88 |
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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 | -0.19% | -99.86% | +99.67% |
Average DrawdownAverage peak-to-trough decline | -4.21% | -89.97% | +85.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 26.12% | -24.74% |
Volatility
KOCT vs. UNG - Volatility Comparison
The current volatility for Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) is 2.11%, while United States Natural Gas Fund LP (UNG) has a volatility of 12.10%. 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 | 2.11% | 12.10% | -9.99% |
Volatility (6M)Calculated over the trailing 6-month period | 6.73% | 50.87% | -44.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.52% | 60.39% | -49.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.28% | 64.14% | -51.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.57% | 54.80% | -40.23% |
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 (12.10%) compared to KOCT (2.11%). In terms of maximum drawdown, KOCT dropped -28.22% vs UNG's -99.88%.
On 5-year performance, KOCT leads with 6.65% vs -24.87% for UNG. On fees, KOCT is cheaper at 0.79% per year. On volatility, KOCT has been the lower-risk option at 2.11%. 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 6.65% return vs -24.87%. 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 (2.18 vs -0.53), 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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