DRIP vs. XTAP
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. DRIP is passively managed, while XTAP is actively managed. Over the past 5 years, DRIP returned -45.76%/yr vs 10.84%/yr for XTAP. Their -0.34 correlation means they have often moved in opposite directions in the past. DRIP charges 1.07%/yr vs 0.79%/yr for XTAP.
Performance
DRIP vs. XTAP - Performance Comparison
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Returns By Period
In the year-to-date period, DRIP achieves a -53.72% return, which is significantly lower than XTAP's 12.91% return.
DRIP
- 1D
- 3.59%
- 1M
- -22.42%
- 6M
- -46.02%
- YTD
- -53.72%
- 1Y
- -57.86%
- 3Y*
- -24.65%
- 5Y*
- -45.76%
- 10Y*
- -42.61%
- ALL TIME*
- -41.99%
XTAP
- 1D
- 0.39%
- 1M
- 1.42%
- 6M
- 12.17%
- YTD
- 12.91%
- 1Y
- 19.58%
- 3Y*
- 17.31%
- 5Y*
- 10.84%
- 10Y*
- —
- ALL TIME*
- 11.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.92M | $63.12M | $132.02M | |
| $37.97K | $25.72K | $30.55K |
DRIP vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -53.72% | -14.81% | 1.27% | -17.24% | -73.57% | -53.42% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 12.91% | 17.58% | 14.26% | 23.46% | -14.68% | 12.26% |
Correlation
The correlation between DRIP and XTAP is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | -0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.33 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.34 |
The correlation between DRIP and XTAP shifts across timeframes, from -0.34 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DRIP vs. XTAP — Risk / Return Rank
DRIP
XTAP
DRIP vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) 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.
| DRIP | XTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.05 | ||
| Sortino ratioReturn per unit of downside risk | -8.36 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 2.02 | -1.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 11.46 | -12.39 |
| Martin ratioReturn relative to average drawdown | -1.52 | 58.60 | -60.12 |
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Drawdowns
DRIP vs. XTAP - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for DRIP and XTAP.
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Drawdown Indicators
| DRIP | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -22.13% | -77.82% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -1.72% | -60.46% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -11.83% | -64.19% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -22.13% | -74.11% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | — | — |
Current DrawdownCurrent decline from peak | -99.94% | 0.00% | -99.94% |
Average DrawdownAverage peak-to-trough decline | -90.56% | -3.36% | -87.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.17% | 0.33% | +37.84% |
Volatility
DRIP vs. XTAP - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 17.47% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.63%. This indicates that DRIP'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
| DRIP | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.47% | 1.63% | +15.84% |
Volatility (6M)Calculated over the trailing 6-month period | 44.98% | 4.03% | +40.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 4.89% | +51.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.64% | 14.53% | +53.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.72% | 14.23% | +81.49% |
DRIP vs. XTAP - Expense Ratio Comparison
DRIP has a 1.07% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Dividends
DRIP vs. XTAP - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.84%, while XTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.84% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DRIP and XTAP have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (17.47%) compared to XTAP (1.63%). In terms of maximum drawdown, DRIP dropped -99.95% vs XTAP's -22.13%.
On 5-year performance, XTAP leads with 10.84% vs -45.76% for DRIP. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 1.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XTAP has performed better with a 10.84% return vs -45.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTAP is cheaper with a 0.79% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.84%, compared with 0.00% for XTAP.
They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.07% for DRIP and 0.79% for XTAP.
XTAP currently has the higher Sharpe Ratio (4.03 vs -1.02), 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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