CEFD vs. XTAP
Compare and contrast key facts about ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) and Innovator U.S. Equity Accelerated Plus ETF (XTAP).
CEFD and XTAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CEFD is a passively managed fund by UBS that tracks the performance of the S-Network Composite Closed-End Fund Index (150%). It was launched on Jun 2, 2020. XTAP is an actively managed fund by Innovator. It was launched on Apr 1, 2021.
Performance
CEFD vs. XTAP - Performance Comparison
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CEFD vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | -3.73% | 14.15% | 20.06% | 8.36% | -28.93% | 12.56% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 2.38% | 17.58% | 14.26% | 23.46% | -14.68% | 11.87% |
Returns By Period
In the year-to-date period, CEFD achieves a -3.73% return, which is significantly lower than XTAP's 2.38% return.
CEFD
- 1D
- 1.63%
- 1M
- -6.56%
- YTD
- -3.73%
- 6M
- -3.27%
- 1Y
- 9.83%
- 3Y*
- 11.64%
- 5Y*
- 2.72%
- 10Y*
- —
XTAP
- 1D
- 0.70%
- 1M
- 1.34%
- YTD
- 2.38%
- 6M
- 4.98%
- 1Y
- 16.56%
- 3Y*
- 16.49%
- 5Y*
- —
- 10Y*
- —
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CEFD vs. XTAP - Expense Ratio Comparison
CEFD has a 0.95% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Return for Risk
CEFD vs. XTAP — Risk / Return Rank
CEFD
XTAP
CEFD vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) 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.
| CEFD | XTAP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.48 | 1.16 | -0.68 |
Sortino ratioReturn per unit of downside risk | 0.77 | 1.79 | -1.02 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.45 | -0.31 |
Calmar ratioReturn relative to maximum drawdown | 0.62 | 1.45 | -0.82 |
Martin ratioReturn relative to average drawdown | 2.80 | 9.90 | -7.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CEFD | XTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.48 | 1.16 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.70 | -0.27 |
Correlation
The correlation between CEFD and XTAP is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CEFD vs. XTAP - Dividend Comparison
CEFD's dividend yield for the trailing twelve months is around 15.83%, while XTAP has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 15.83% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
CEFD vs. XTAP - Drawdown Comparison
The maximum CEFD drawdown since its inception was -36.95%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for CEFD and XTAP.
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Drawdown Indicators
| CEFD | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -22.13% | -14.82% |
Max Drawdown (1Y)Largest decline over 1 year | -16.13% | -11.83% | -4.30% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | — | — |
Current DrawdownCurrent decline from peak | -7.31% | 0.00% | -7.31% |
Average DrawdownAverage peak-to-trough decline | -12.01% | -3.57% | -8.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.59% | 1.73% | +1.86% |
Volatility
CEFD vs. XTAP - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) has a higher volatility of 8.79% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 0.99%. This indicates that CEFD's price experiences larger fluctuations and is considered to be riskier than XTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFD | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.79% | 0.99% | +7.80% |
Volatility (6M)Calculated over the trailing 6-month period | 10.94% | 2.61% | +8.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.68% | 14.34% | +6.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.84% | 14.60% | +3.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.41% | 14.60% | +2.81% |