APOC vs. XTAP

Last updated Jul 11, 2026

APOC (Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both exchange-traded funds - APOC is a Defined Outcome fund actively managed by Innovator, while XTAP is a Leveraged Equities fund actively managed by Innovator. Both are actively managed. Over the past year, APOC returned 2.89% vs 18.78% for XTAP. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

APOC vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APOC achieves a 0.54% return, which is significantly lower than XTAP's 12.07% return.

APOC

• 1D: 0.17%
• 1M: 0.52%
• 6M: 0.22%
• YTD: 0.54%
• 1Y: 2.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XTAP

• 1D: 0.13%
• 1M: 1.48%
• 6M: 11.70%
• YTD: 12.07%
• 1Y: 18.78%
• 3Y*: 17.17%
• 5Y*: 10.75%
• 10Y*: —

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

APOC vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct	0.54%	2.90%	1.01%
XTAP Innovator U.S. Equity Accelerated Plus ETF	12.07%	17.58%	2.78%

Correlation

The correlation between APOC and XTAP is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.60

The correlation between APOC and XTAP shifts across timeframes, from 0.49 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APOC vs. XTAP — Risk / Return Rank

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

APOC

APOC Risk / Return Rank: 36
APOC Sharpe Ratio Rank: 38
APOC Sortino Ratio Rank: 38
APOC Omega Ratio Rank: 51
APOC Calmar Ratio Rank: 22
APOC Martin Ratio Rank: 31

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 97
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP Martin Ratio Rank: 98

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.

APOC vs. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). 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.

	APOC	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	1.10	3.90	-2.80
Sortino ratio: Return per unit of downside risk	1.61	6.49	-4.88
Omega ratio: Gain probability vs. loss probability	1.26	2.00	-0.74
Calmar ratio: Return relative to maximum drawdown	0.86	10.81	-9.96
Martin ratio: Return relative to average drawdown	3.58	57.45	-53.87

APOC vs. XTAP - Sharpe Ratio Comparison

The current APOC Sharpe Ratio is 1.10, which is lower than the XTAP Sharpe Ratio of 3.90. The chart below compares the historical Sharpe Ratios of APOC and XTAP, 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

APOC vs. XTAP - Drawdown Comparison

The maximum APOC drawdown since its inception was -4.17%, smaller than the maximum XTAP drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for APOC and XTAP.

Drawdown Indicators

	APOC	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-4.17%	-22.13%	+17.96%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-1.72%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.13%	—
Current Drawdown Current decline from peak	-0.36%	0.00%	-0.36%
Average Drawdown Average peak-to-trough decline	-0.83%	-3.40%	+2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.32%	+0.49%

Volatility

APOC vs. XTAP - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) is 0.43%, while Innovator U.S. Equity Accelerated Plus ETF (XTAP) has a volatility of 1.87%. This indicates that APOC experiences smaller price fluctuations and is considered to be less risky than XTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APOC	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	1.87%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	3.80%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	4.76%	-2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	14.54%	-11.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	14.30%	-11.34%

APOC vs. XTAP - Expense Ratio Comparison

Both APOC and XTAP have an expense ratio of 0.79%.

Dividends

APOC vs. XTAP - Dividend Comparison

Neither APOC nor XTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both APOC and XTAP in my portfolio?

APOC and XTAP have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APOC or XTAP?

XTAP has higher volatility (1.87%) compared to APOC (0.43%). In terms of maximum drawdown, APOC dropped -4.17% vs XTAP's -22.13%.

Which ETF is better, APOC or XTAP?

On 1-year performance, XTAP leads with 18.78% vs 2.89% for APOC. Both ETFs have the same 0.79% expense ratio. On volatility, APOC has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APOC or XTAP?

Over the 1-year period, XTAP has performed better with a 18.78% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APOC or XTAP?

APOC and XTAP have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, APOC or XTAP?

APOC and XTAP have nearly identical dividend yields, around 0.00%.

What is the main difference between APOC and XTAP?

APOC is categorized as Defined Outcome, while XTAP is Leveraged Equities.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (3.90 vs 1.10), 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.