LOUP vs. UGA

Last updated Jun 24, 2026

LOUP (Innovator Deepwater Frontier Tech ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, LOUP returned 11.19%/yr vs 22.69%/yr for UGA. At a 0.15 correlation, their price movements are largely independent. LOUP charges 0.70%/yr vs 0.75%/yr for UGA.

Performance

LOUP vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Deepwater Frontier Tech ETF (LOUP) 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, LOUP achieves a 21.99% return, which is significantly lower than UGA's 64.09% return.

LOUP

• 1D: -3.56%
• 1M: 4.72%
• YTD: 21.99%
• 6M: 19.67%
• 1Y: 61.21%
• 3Y*: 34.83%
• 5Y*: 11.19%
• 10Y*: —

UGA

• 1D: -1.12%
• 1M: -12.11%
• YTD: 64.09%
• 6M: 60.42%
• 1Y: 59.74%
• 3Y*: 18.95%
• 5Y*: 22.69%
• 10Y*: 14.31%

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

LOUP vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LOUP Innovator Deepwater Frontier Tech ETF	21.99%	43.24%	21.80%	51.31%	-46.00%	7.54%	86.25%	31.76%	-18.86%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	1.27%	46.34%	68.49%	-24.88%	41.25%	-31.84%

Correlation

The correlation between LOUP and UGA is -0.18, 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	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018	0.15

The correlation between LOUP and UGA shifts across timeframes, from -0.18 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LOUP vs. UGA — Risk / Return Rank

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

LOUP

LOUP Risk / Return Rank: 60
LOUP Sharpe Ratio Rank: 68
LOUP Sortino Ratio Rank: 58
LOUP Omega Ratio Rank: 56
LOUP Calmar Ratio Rank: 62
LOUP Martin Ratio Rank: 58

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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.

LOUP vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Deepwater Frontier Tech ETF (LOUP) 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.

	LOUP	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.73	+0.33
Sortino ratio: Return per unit of downside risk	2.58	2.25	+0.33
Omega ratio: Gain probability vs. loss probability	1.33	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	2.93	3.17	-0.24
Martin ratio: Return relative to average drawdown	9.65	9.39	+0.26

LOUP vs. UGA - Sharpe Ratio Comparison

The current LOUP Sharpe Ratio is 2.06, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of LOUP 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

LOUP vs. UGA - Drawdown Comparison

The maximum LOUP drawdown since its inception was -58.68%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for LOUP and UGA.

Drawdown Indicators

	LOUP	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-86.59%	+27.91%
Max Drawdown (1Y) Largest decline over 1 year	-21.00%	-18.96%	-2.04%
Max Drawdown (3Y) Largest decline over 3 years	-35.23%	-26.68%	-8.55%
Max Drawdown (5Y) Largest decline over 5 years	-55.63%	-38.11%	-17.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-6.64%	-18.05%	+11.41%
Average Drawdown Average peak-to-trough decline	-19.94%	-36.69%	+16.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.36%	6.43%	-0.07%

Volatility

LOUP vs. UGA - Volatility Comparison

Innovator Deepwater Frontier Tech ETF (LOUP) has a higher volatility of 12.01% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that LOUP's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LOUP	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.01%	9.24%	+2.77%
Volatility (6M) Calculated over the trailing 6-month period	23.40%	30.57%	-7.17%
Volatility (1Y) Calculated over the trailing 1-year period	29.92%	35.22%	-5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.66%	34.45%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.05%	37.22%	-5.17%

LOUP vs. UGA - Expense Ratio Comparison

LOUP has a 0.70% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

LOUP vs. UGA - Dividend Comparison

Neither LOUP nor UGA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both LOUP and UGA in my portfolio?

LOUP and UGA have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LOUP or UGA?

LOUP has higher volatility (12.01%) compared to UGA (9.24%). In terms of maximum drawdown, LOUP dropped -58.68% vs UGA's -86.59%.

Which ETF is better, LOUP or UGA?

On 5-year performance, UGA leads with 22.69% vs 11.19% for LOUP. On fees, LOUP is cheaper at 0.70% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LOUP or UGA?

Over the 5-year period, UGA has performed better with a 22.69% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LOUP or UGA?

LOUP is cheaper with a 0.70% expense ratio, compared with 0.75% for UGA.

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

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

What is the main difference between LOUP and UGA?

LOUP is categorized as Technology Equities, while UGA is Oil & Gas. LOUP tracks Deepwater Frontier Tech Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.70% for LOUP and 0.75% for UGA.

Which has better risk-adjusted returns?

LOUP currently has the higher Sharpe Ratio (2.06 vs 1.73), 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.