PJAN vs. UGA
PJAN (Innovator U.S. Equity Power Buffer ETF - January) and UGA (United States Gasoline Fund, LP) are both exchange-traded funds - PJAN is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index, while UGA is a Oil & Gas fund tracking the Near-Month NYMEX RBOB Gasoline Futures Contract. Both are passively managed. Over the past 5 years, PJAN returned 8.97%/yr vs 25.31%/yr for UGA. Their 0.15 correlation means their historical movements had little consistent relationship. PJAN charges 0.79%/yr vs 1.02%/yr for UGA.
Performance
PJAN vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, PJAN achieves a 6.55% return, which is significantly lower than UGA's 80.98% return.
PJAN
- 1D
- 0.50%
- 1M
- 1.09%
- 6M
- 5.43%
- YTD
- 6.55%
- 1Y
- 13.35%
- 3Y*
- 12.42%
- 5Y*
- 8.97%
- 10Y*
- —
- ALL TIME*
- 9.52%
UGA
- 1D
- -5.27%
- 1M
- 8.52%
- 6M
- 69.92%
- YTD
- 80.98%
- 1Y
- 78.20%
- 3Y*
- 16.66%
- 5Y*
- 25.31%
- 10Y*
- 16.82%
- ALL TIME*
- 4.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.99M | $3.42M | $3.75M | |
| $8.16M | $5.91M | $4.98M |
PJAN vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PJAN Innovator U.S. Equity Power Buffer ETF - January | 6.55% | 11.29% | 13.45% | 18.18% | -5.29% | 8.80% | 7.68% | 12.97% |
UGA United States Gasoline Fund, LP | 80.98% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% |
Correlation
The correlation between PJAN and UGA is -0.25, 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. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019 | 0.15 |
The correlation between PJAN and UGA shifts across timeframes, from -0.25 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PJAN vs. UGA — Risk / Return Rank
PJAN
UGA
PJAN vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - January (PJAN) 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.
| PJAN | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.35 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 3.87 | -0.97 |
| Martin ratioReturn relative to average drawdown | 15.07 | 10.83 | +4.23 |
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Drawdowns
PJAN vs. UGA - Drawdown Comparison
The maximum PJAN drawdown since its inception was -21.25%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for PJAN and UGA.
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Drawdown Indicators
| PJAN | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.25% | -86.59% | +65.34% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -20.32% | +15.69% |
Max Drawdown (3Y)Largest decline over 3 years | -10.49% | -26.68% | +16.19% |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | -38.11% | +26.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | 0.00% | -10.61% | +10.61% |
Average DrawdownAverage peak-to-trough decline | -1.70% | -36.53% | +34.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 7.25% | -6.36% |
Volatility
PJAN vs. UGA - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - January (PJAN) is 1.63%, while United States Gasoline Fund, LP (UGA) has a volatility of 12.68%. This indicates that PJAN 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
| PJAN | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.63% | 12.68% | -11.05% |
Volatility (6M)Calculated over the trailing 6-month period | 5.02% | 32.51% | -27.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.95% | 36.42% | -30.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.97% | 34.68% | -25.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.52% | 37.30% | -26.78% |
PJAN vs. UGA - Expense Ratio Comparison
PJAN has a 0.79% expense ratio, which is lower than UGA's 1.02% expense ratio.
Dividends
PJAN vs. UGA - Dividend Comparison
Neither PJAN nor UGA has paid dividends to shareholders.
Frequently Asked Questions
PJAN and UGA have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (12.68%) compared to PJAN (1.63%). In terms of maximum drawdown, PJAN dropped -21.25% vs UGA's -86.59%.
On 5-year performance, UGA leads with 25.31% vs 8.97% for PJAN. On fees, PJAN is cheaper at 0.79% per year. On volatility, PJAN has been the lower-risk option at 1.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 25.31% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PJAN is cheaper with a 0.79% expense ratio, compared with 1.02% for UGA.
PJAN and UGA have nearly identical dividend yields, around 0.00%.
PJAN is categorized as Defined Outcome, while UGA is Oil & Gas. PJAN tracks Cboe S&P 500 15% Buffer Protect January Series Index, 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 PJAN and 1.02% for UGA.
PJAN currently has the higher Sharpe Ratio (2.26 vs 2.16), 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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