CARU vs. QTAP

Last updated Aug 4, 2026

CARU (Max Auto Industry 3X Leveraged ETN) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. CARU is passively managed, while QTAP is actively managed. Over the past 3 years, CARU returned -8.94%/yr vs 19.73%/yr for QTAP. Their 0.55 correlation means they have sometimes moved together and sometimes differently. CARU charges 0.95%/yr vs 0.79%/yr for QTAP.

Performance

CARU vs. QTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry 3X Leveraged ETN (CARU) and Innovator Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARU achieves a -24.98% return, which is significantly lower than QTAP's 14.58% return.

CARU

• 1D: 3.40%
• 1M: -4.68%
• 6M: -23.35%
• YTD: -24.98%
• 1Y: -12.14%
• 3Y*: -8.94%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -3.46%

QTAP

• 1D: 0.89%
• 1M: 1.04%
• 6M: 13.63%
• YTD: 14.58%
• 1Y: 21.37%
• 3Y*: 19.73%
• 5Y*: 12.44%
• 10Y*: —
• ALL TIME*: 13.62%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CARU Max Auto Industry 3X Leveraged ETN	$54.44K	$33.09K	$19.89K
QTAP Innovator Growth Accelerated Plus ETF - April	$233.87K	$224.64K	$223.31K

CARU vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARU Max Auto Industry 3X Leveraged ETN	-24.98%	7.29%	23.44%	-9.74%
QTAP Innovator Growth Accelerated Plus ETF - April	14.58%	19.36%	17.34%	8.38%

Correlation

The correlation between CARU and QTAP is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.55

The correlation between CARU and QTAP has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.

Return for Risk

CARU vs. QTAP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CARU

CARU Risk / Return Rank: 9
CARU Sharpe Ratio Rank: 8
CARU Sortino Ratio Rank: 12
CARU Omega Ratio Rank: 12
CARU Calmar Ratio Rank: 7
CARU Martin Ratio Rank: 8

QTAP

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CARU vs. QTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry 3X Leveraged ETN (CARU) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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.

	CARU	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	-0.17	3.25	-3.42
Sortino ratio: Return per unit of downside risk	0.25	5.27	-5.02
Omega ratio: Gain probability vs. loss probability	1.03	1.77	-0.74
Calmar ratio: Return relative to maximum drawdown	-0.24	7.63	-7.87
Martin ratio: Return relative to average drawdown	-0.43	36.59	-37.02

CARU vs. QTAP - Sharpe Ratio Comparison

The current CARU Sharpe Ratio is -0.17, which is lower than the QTAP Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of CARU and QTAP, 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

CARU vs. QTAP - Drawdown Comparison

The maximum CARU drawdown since its inception was -66.44%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for CARU and QTAP.

Drawdown Indicators

	CARU	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-29.44%	-37.00%
Max Drawdown (1Y) Largest decline over 1 year	-50.87%	-2.81%	-48.06%
Max Drawdown (3Y) Largest decline over 3 years	-59.03%	-13.03%	-46.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.44%	—
Current Drawdown Current decline from peak	-40.76%	-0.17%	-40.59%
Average Drawdown Average peak-to-trough decline	-36.15%	-4.91%	-31.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.31%	0.59%	+27.72%

Volatility

CARU vs. QTAP - Volatility Comparison

Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 23.85% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.84%. This indicates that CARU's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARU	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.85%	2.84%	+21.01%
Volatility (6M) Calculated over the trailing 6-month period	54.89%	5.74%	+49.15%
Volatility (1Y) Calculated over the trailing 1-year period	71.88%	6.61%	+65.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.17%	18.93%	+61.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.17%	18.57%	+61.60%

CARU vs. QTAP - Expense Ratio Comparison

CARU has a 0.95% expense ratio, which is higher than QTAP's 0.79% expense ratio.

Dividends

CARU vs. QTAP - Dividend Comparison

Neither CARU nor QTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CARU and QTAP in my portfolio?

CARU and QTAP have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CARU or QTAP?

CARU has higher volatility (23.85%) compared to QTAP (2.84%). In terms of maximum drawdown, CARU dropped -66.44% vs QTAP's -29.44%.

Which ETF is better, CARU or QTAP?

On 3-year performance, QTAP leads with 19.73% vs -8.94% for CARU. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARU or QTAP?

Over the 3-year period, QTAP has performed better with a 19.73% return vs -8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARU or QTAP?

QTAP is cheaper with a 0.79% expense ratio, compared with 0.95% for CARU.

Which ETF pays a higher dividend yield, CARU or QTAP?

CARU and QTAP have nearly identical dividend yields, around 0.00%.

What is the main difference between CARU and QTAP?

They also come from different issuers: Max and Innovator. Their fees differ too: 0.95% for CARU and 0.79% for QTAP.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (3.25 vs -0.17), 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.