UNL vs. KAUG
UNL (United States 12 Month Natural Gas Fund LP) and KAUG (Innovator U.S. Small Cap Power Buffer ETF) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while KAUG is a Defined Outcome fund actively managed by Innovator. UNL is passively managed, while KAUG is actively managed. Over the past year, UNL returned -25.86% vs 18.68% for KAUG. Their -0.13 correlation means they have often moved in opposite directions in the past. UNL charges 0.90%/yr vs 0.79%/yr for KAUG.
Performance
UNL vs. KAUG - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -18.43% return, which is significantly lower than KAUG's 9.46% return.
UNL
- 1D
- 0.11%
- 1M
- -5.05%
- 6M
- -17.42%
- YTD
- -18.43%
- 1Y
- -25.86%
- 3Y*
- -18.35%
- 5Y*
- -11.98%
- 10Y*
- -5.25%
- ALL TIME*
- -12.55%
KAUG
- 1D
- 0.80%
- 1M
- 1.36%
- 6M
- 6.88%
- YTD
- 9.46%
- 1Y
- 18.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $712.32K | $477.24K | $571.83K | |
| $201.90K | $282.26K | $431.49K |
UNL vs. KAUG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -18.43% | -9.67% | 10.41% |
KAUG Innovator U.S. Small Cap Power Buffer ETF | 9.46% | 5.52% | 0.81% |
Correlation
The correlation between UNL and KAUG is -0.29, 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. | -0.29 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024 | -0.13 |
The correlation between UNL and KAUG shifts across timeframes, from -0.29 (1 year) to -0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. KAUG — Risk / Return Rank
UNL
KAUG
UNL vs. KAUG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United States 12 Month Natural Gas Fund LP (UNL) and Innovator U.S. Small Cap Power Buffer ETF (KAUG). 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.
| UNL | KAUG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.26 | ||
| Sortino ratioReturn per unit of downside risk | -4.71 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.52 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 4.76 | -5.54 |
| Martin ratioReturn relative to average drawdown | -1.32 | 19.35 | -20.67 |
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Drawdowns
UNL vs. KAUG - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.48%, which is greater than KAUG's maximum drawdown of -15.66%. Use the drawdown chart below to compare losses from any high point for UNL and KAUG.
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Drawdown Indicators
| UNL | KAUG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.48% | -15.66% | -73.82% |
Max Drawdown (1Y)Largest decline over 1 year | -33.33% | -3.94% | -29.39% |
Max Drawdown (3Y)Largest decline over 3 years | -50.42% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -79.07% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -79.07% | — | — |
Current DrawdownCurrent decline from peak | -89.34% | 0.00% | -89.34% |
Average DrawdownAverage peak-to-trough decline | -73.49% | -2.69% | -70.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.64% | 0.97% | +18.67% |
Volatility
UNL vs. KAUG - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 5.26% compared to Innovator U.S. Small Cap Power Buffer ETF (KAUG) at 0.82%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than KAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | KAUG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 0.82% | +4.44% |
Volatility (6M)Calculated over the trailing 6-month period | 24.99% | 4.81% | +20.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.80% | 7.49% | +27.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 10.85% | +30.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.81% | 10.85% | +22.96% |
UNL vs. KAUG - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than KAUG's 0.79% expense ratio.
Dividends
UNL vs. KAUG - Dividend Comparison
Neither UNL nor KAUG has paid dividends to shareholders.
Frequently Asked Questions
UNL and KAUG have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UNL has higher volatility (5.26%) compared to KAUG (0.82%). In terms of maximum drawdown, UNL dropped -89.48% vs KAUG's -15.66%.
On 1-year performance, KAUG leads with 18.68% vs -25.86% for UNL. On fees, KAUG is cheaper at 0.79% per year. On volatility, KAUG has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KAUG has performed better with a 18.68% return vs -25.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KAUG is cheaper with a 0.79% expense ratio, compared with 0.90% for UNL.
UNL and KAUG have nearly identical dividend yields, around 0.00%.
UNL is categorized as Oil & Gas, while KAUG is Defined Outcome. They also come from different issuers: Concierge Technologies and Innovator. Their fees differ too: 0.90% for UNL and 0.79% for KAUG.
KAUG currently has the higher Sharpe Ratio (2.51 vs -0.75), 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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