UGA vs. KAPR

Last updated Jun 23, 2026

UGA (United States Gasoline Fund LP) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while KAPR is a Defined Outcome fund tracking the Russell 2000 Index. Both are passively managed. Over the past 5 years, UGA returned 23.05%/yr vs 7.40%/yr for KAPR. At a 0.15 correlation, their price movements are largely independent. UGA charges 0.75%/yr vs 0.79%/yr for KAPR.

Performance

UGA vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in United States Gasoline Fund LP (UGA) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGA achieves a 65.95% return, which is significantly higher than KAPR's 12.76% return.

UGA

• 1D: 0.15%
• 1M: -11.11%
• YTD: 65.95%
• 6M: 62.61%
• 1Y: 52.27%
• 3Y*: 19.40%
• 5Y*: 23.05%
• 10Y*: 14.44%

KAPR

• 1D: 0.33%
• 1M: 2.10%
• YTD: 12.76%
• 6M: 12.47%
• 1Y: 24.25%
• 3Y*: 13.70%
• 5Y*: 7.40%
• 10Y*: —

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

UGA vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UGA United States Gasoline Fund LP	65.95%	-2.00%	3.77%	1.27%	46.34%	68.49%	140.22%
KAPR Innovator Russell 2000 Power Buffer ETF - April	12.76%	7.42%	12.10%	15.36%	-8.14%	2.48%	18.61%

Correlation

The correlation between UGA and KAPR is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Apr 1, 2020	0.15

The correlation between UGA and KAPR shifts across timeframes, from -0.23 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UGA vs. KAPR — Risk / Return Rank

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

UGA

UGA Risk / Return Rank: 46
UGA Sharpe Ratio Rank: 44
UGA Sortino Ratio Rank: 40
UGA Omega Ratio Rank: 41
UGA Calmar Ratio Rank: 58
UGA Martin Ratio Rank: 50

KAPR

KAPR Risk / Return Rank: 96
KAPR Sharpe Ratio Rank: 95
KAPR Sortino Ratio Rank: 96
KAPR Omega Ratio Rank: 96
KAPR Calmar Ratio Rank: 97
KAPR Martin Ratio Rank: 97

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.

UGA vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). 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.

	UGA	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.49	3.65	-2.15
Sortino ratio: Return per unit of downside risk	2.00	5.66	-3.66
Omega ratio: Gain probability vs. loss probability	1.26	1.77	-0.50
Calmar ratio: Return relative to maximum drawdown	2.77	9.68	-6.91
Martin ratio: Return relative to average drawdown	8.29	45.44	-37.15

UGA vs. KAPR - Sharpe Ratio Comparison

The current UGA Sharpe Ratio is 1.49, which is lower than the KAPR Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of UGA and KAPR, 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

UGA vs. KAPR - Drawdown Comparison

The maximum UGA drawdown since its inception was -86.59%, which is greater than KAPR's maximum drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for UGA and KAPR.

Drawdown Indicators

	UGA	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-86.59%	-16.91%	-69.68%
Max Drawdown (1Y) Largest decline over 1 year	-18.96%	-2.52%	-16.44%
Max Drawdown (3Y) Largest decline over 3 years	-26.68%	-16.84%	-9.84%
Max Drawdown (5Y) Largest decline over 5 years	-38.11%	-16.91%	-21.20%
Max Drawdown (10Y) Largest decline over 10 years	-75.89%	—	—
Current Drawdown Current decline from peak	-17.12%	0.00%	-17.12%
Average Drawdown Average peak-to-trough decline	-36.70%	-3.89%	-32.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.05%	0.54%	+6.51%

Volatility

UGA vs. KAPR - Volatility Comparison

United States Gasoline Fund LP (UGA) has a higher volatility of 9.26% compared to Innovator Russell 2000 Power Buffer ETF - April (KAPR) at 2.50%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than KAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGA	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.26%	2.50%	+6.76%
Volatility (6M) Calculated over the trailing 6-month period	30.54%	4.56%	+25.98%
Volatility (1Y) Calculated over the trailing 1-year period	35.27%	6.70%	+28.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.45%	11.76%	+22.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.25%	11.65%	+25.60%

UGA vs. KAPR - Expense Ratio Comparison

UGA has a 0.75% expense ratio, which is lower than KAPR's 0.79% expense ratio.

Dividends

UGA vs. KAPR - Dividend Comparison

Neither UGA nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UGA and KAPR in my portfolio?

UGA and KAPR have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGA or KAPR?

UGA has higher volatility (9.26%) compared to KAPR (2.50%). In terms of maximum drawdown, UGA dropped -86.59% vs KAPR's -16.91%.

Which ETF is better, UGA or KAPR?

On 5-year performance, UGA leads with 23.05% vs 7.40% for KAPR. On fees, UGA is cheaper at 0.75% per year. On volatility, KAPR has been the lower-risk option at 2.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGA or KAPR?

Over the 5-year period, UGA has performed better with a 23.05% return vs 7.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGA or KAPR?

UGA is cheaper with a 0.75% expense ratio, compared with 0.79% for KAPR.

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

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

What is the main difference between UGA and KAPR?

UGA is categorized as Oil & Gas, while KAPR is Defined Outcome. UGA tracks Front Month Unleaded Gasoline, while KAPR tracks Russell 2000 Index. They also come from different issuers: Concierge Technologies and Innovator. Their fees differ too: 0.75% for UGA and 0.79% for KAPR.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.65 vs 1.49), 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.