UNL vs. KOCT
UNL (United States 12 Month Natural Gas Fund LP) and KOCT (Innovator U.S. Small Cap Power Buffer ETF - October) are both exchange-traded funds - UNL is a Oil & Gas fund tracking the 12 Month Natural Gas, while KOCT is a Defined Outcome fund tracking the Russell 2000 Price Return Index. Both are passively managed. Over the past 5 years, UNL returned -7.73%/yr vs 6.65%/yr for KOCT. At a 0.02 correlation, their price movements are largely independent. UNL charges 0.90%/yr vs 0.79%/yr for KOCT.
Performance
UNL vs. KOCT - Performance Comparison
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Returns By Period
In the year-to-date period, UNL achieves a -13.41% return, which is significantly lower than KOCT's 10.07% return.
UNL
- 1D
- -1.92%
- 1M
- 1.75%
- YTD
- -13.41%
- 6M
- -15.14%
- 1Y
- -30.69%
- 3Y*
- -17.95%
- 5Y*
- -7.73%
- 10Y*
- -4.56%
KOCT
- 1D
- -0.19%
- 1M
- 1.71%
- YTD
- 10.07%
- 6M
- 9.29%
- 1Y
- 22.84%
- 3Y*
- 12.17%
- 5Y*
- 6.65%
- 10Y*
- —
UNL vs. KOCT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
UNL United States 12 Month Natural Gas Fund LP | -13.41% | -9.67% | -4.78% | -50.20% | 47.01% | 54.42% | -9.54% | -5.04% |
KOCT Innovator U.S. Small Cap Power Buffer ETF - October | 10.07% | 10.14% | 11.08% | 9.02% | -7.87% | 5.67% | 2.57% | 3.85% |
Correlation
The correlation between UNL and KOCT is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.02 |
The correlation between UNL and KOCT shifts across timeframes, from -0.29 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNL vs. KOCT — Risk / Return Rank
UNL
KOCT
UNL vs. KOCT - 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 - October (KOCT). 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 | KOCT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.05 | ||
| Sortino ratioReturn per unit of downside risk | -4.39 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.39 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 4.63 | -5.58 |
| Martin ratioReturn relative to average drawdown | -1.52 | 16.63 | -18.15 |
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Drawdowns
UNL vs. KOCT - Drawdown Comparison
The maximum UNL drawdown since its inception was -89.00%, which is greater than KOCT's maximum drawdown of -28.22%. Use the drawdown chart below to compare losses from any high point for UNL and KOCT.
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Drawdown Indicators
| UNL | KOCT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.00% | -28.22% | -60.78% |
Max Drawdown (1Y)Largest decline over 1 year | -32.43% | -4.95% | -27.48% |
Max Drawdown (3Y)Largest decline over 3 years | -48.16% | -15.03% | -33.13% |
Max Drawdown (5Y)Largest decline over 5 years | -78.12% | -16.63% | -61.49% |
Max Drawdown (10Y)Largest decline over 10 years | -78.12% | — | — |
Current DrawdownCurrent decline from peak | -88.68% | -0.19% | -88.49% |
Average DrawdownAverage peak-to-trough decline | -73.39% | -4.21% | -69.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.45% | 1.38% | +19.07% |
Volatility
UNL vs. KOCT - Volatility Comparison
United States 12 Month Natural Gas Fund LP (UNL) has a higher volatility of 7.26% compared to Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) at 2.11%. This indicates that UNL's price experiences larger fluctuations and is considered to be riskier than KOCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNL | KOCT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.26% | 2.11% | +5.15% |
Volatility (6M)Calculated over the trailing 6-month period | 30.37% | 6.73% | +23.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.76% | 10.52% | +25.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.76% | 12.28% | +29.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.86% | 14.57% | +19.29% |
UNL vs. KOCT - Expense Ratio Comparison
UNL has a 0.90% expense ratio, which is higher than KOCT's 0.79% expense ratio.
Dividends
UNL vs. KOCT - Dividend Comparison
Neither UNL nor KOCT has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
KOCT Innovator U.S. Small Cap Power Buffer ETF - October | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.79% |
UNL United States 12 Month Natural Gas Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UNL and KOCT 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 (7.26%) compared to KOCT (2.11%). In terms of maximum drawdown, UNL dropped -89.00% vs KOCT's -28.22%.
On 5-year performance, KOCT leads with 6.65% vs -7.73% for UNL. On fees, KOCT is cheaper at 0.79% per year. On volatility, KOCT has been the lower-risk option at 2.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, KOCT has performed better with a 6.65% return vs -7.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KOCT is cheaper with a 0.79% expense ratio, compared with 0.90% for UNL.
UNL and KOCT have nearly identical dividend yields, around 0.00%.
UNL is categorized as Oil & Gas, while KOCT is Defined Outcome. UNL tracks 12 Month Natural Gas, while KOCT tracks Russell 2000 Price Return Index. They also come from different issuers: Concierge Technologies and Innovator. Their fees differ too: 0.90% for UNL and 0.79% for KOCT.
KOCT currently has the higher Sharpe Ratio (2.18 vs -0.86), 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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