UGA vs. KMAY

Last updated Jun 5, 2026

UGA (United States Gasoline Fund LP) and KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) are both exchange-traded funds - UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline, while KMAY is a Defined Outcome fund actively managed by Innovator. UGA is passively managed, while KMAY is actively managed. Over the past year, UGA returned 79.48% vs 16.32% for KMAY. At a correlation of -0.23, they often move in opposite directions. UGA charges 0.75%/yr vs 0.79%/yr for KMAY.

Performance

UGA vs. KMAY - Performance Comparison

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

Returns By Period

In the year-to-date period, UGA achieves a 70.69% return, which is significantly higher than KMAY's 5.79% return.

UGA

• 1D: -2.73%
• 1M: -12.25%
• YTD: 70.69%
• 6M: 59.72%
• 1Y: 79.48%
• 3Y*: 20.80%
• 5Y*: 24.41%
• 10Y*: 14.27%

KMAY

• 1D: 0.88%
• 1M: 1.87%
• YTD: 5.79%
• 6M: 6.44%
• 1Y: 16.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UGA vs. KMAY - Yearly Performance Comparison

	2026 (YTD)	2025
UGA United States Gasoline Fund LP	70.69%	6.80%
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	5.79%	13.83%

Correlation

The correlation between UGA and KMAY is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since May 2, 2025	-0.23

Return for Risk

UGA vs. KMAY — Risk / Return Rank

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

UGA

UGA Risk / Return Rank: 70
UGA Sharpe Ratio Rank: 71
UGA Sortino Ratio Rank: 58
UGA Omega Ratio Rank: 62
UGA Calmar Ratio Rank: 89
UGA Martin Ratio Rank: 70

KMAY

KMAY Risk / Return Rank: 90
KMAY Sharpe Ratio Rank: 83
KMAY Sortino Ratio Rank: 90
KMAY Omega Ratio Rank: 88
KMAY Calmar Ratio Rank: 94
KMAY Martin Ratio Rank: 95

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. KMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for United States Gasoline Fund LP (UGA) and Innovator U.S. Small Cap Power Buffer ETF - May (KMAY). 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.

	UGA	KMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.65	-0.38
Sortino ratio: Return per unit of downside risk	2.71	4.06	-1.35
Omega ratio: Gain probability vs. loss probability	1.37	1.54	-0.17
Calmar ratio: Return relative to maximum drawdown	5.37	6.90	-1.53
Martin ratio: Return relative to average drawdown	12.86	29.09	-16.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGA vs. KMAY - Sharpe Ratio Comparison

The current UGA Sharpe Ratio is 2.27, which is comparable to the KMAY Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of UGA and KMAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UGA	KMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.65	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	2.79	-2.68

Drawdowns

UGA vs. KMAY - Drawdown Comparison

The maximum UGA drawdown since its inception was -86.59%, which is greater than KMAY's maximum drawdown of -2.38%. Use the drawdown chart below to compare losses from any high point for UGA and KMAY.

Drawdown Indicators

	UGA	KMAY	Difference
Max Drawdown Largest peak-to-trough decline	-86.59%	-2.38%	-84.21%
Max Drawdown (1Y) Largest decline over 1 year	-14.88%	-2.38%	-12.50%
Max Drawdown (3Y) Largest decline over 3 years	-26.68%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.89%	—	—
Current Drawdown Current decline from peak	-14.75%	0.00%	-14.75%
Average Drawdown Average peak-to-trough decline	-36.76%	-0.35%	-36.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.20%	0.56%	+5.64%

Volatility

UGA vs. KMAY - Volatility Comparison

United States Gasoline Fund LP (UGA) has a higher volatility of 11.64% compared to Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) at 2.91%. This indicates that UGA's price experiences larger fluctuations and is considered to be riskier than KMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGA	KMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.64%	2.91%	+8.73%
Volatility (6M) Calculated over the trailing 6-month period	30.48%	4.07%	+26.41%
Volatility (1Y) Calculated over the trailing 1-year period	35.27%	6.18%	+29.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.40%	6.68%	+27.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.27%	6.68%	+30.59%

UGA vs. KMAY - Expense Ratio Comparison

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

Dividends

UGA vs. KMAY - Dividend Comparison

Neither UGA nor KMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UGA and KMAY in my portfolio?

UGA and KMAY have a correlation of -0.26, 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 KMAY?

UGA has higher volatility (11.64%) compared to KMAY (2.91%). In terms of maximum drawdown, UGA dropped -86.59% vs KMAY's -2.38%.

Which ETF is better, UGA or KMAY?

On 1-year performance, UGA leads with 79.48% vs 16.32% for KMAY. On fees, UGA is cheaper at 0.75% per year. On volatility, KMAY has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGA or KMAY?

Over the 1-year period, UGA has performed better with a 79.48% return vs 16.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGA or KMAY?

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

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

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

What is the main difference between UGA and KMAY?

UGA is categorized as Oil & Gas, while KMAY is Defined Outcome. They also come from different issuers: Concierge Technologies and Innovator. Their fees differ too: 0.75% for UGA and 0.79% for KMAY.

Which has better risk-adjusted returns?

KMAY currently has the higher Sharpe Ratio (2.65 vs 2.27), 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.