EWV vs. XTAP
EWV (ProShares UltraShort MSCI Japan) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both exchange-traded funds - EWV is a Japan Equities fund tracking the MSCI Japan Index (-200%), while XTAP is a Leveraged Equities fund actively managed by Innovator. EWV is passively managed, while XTAP is actively managed. Over the past 5 years, EWV returned -18.78%/yr vs 10.90%/yr for XTAP. Their -0.61 correlation means they have often moved in opposite directions in the past. EWV charges 0.95%/yr vs 0.79%/yr for XTAP.
Performance
EWV vs. XTAP - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -31.51% return, which is significantly lower than XTAP's 13.51% return.
EWV
- 1D
- -3.83%
- 1M
- -4.44%
- 6M
- -21.69%
- YTD
- -31.51%
- 1Y
- -44.00%
- 3Y*
- -29.54%
- 5Y*
- -18.78%
- 10Y*
- -19.87%
- ALL TIME*
- -18.99%
XTAP
- 1D
- 0.53%
- 1M
- 1.95%
- 6M
- 12.96%
- YTD
- 13.51%
- 1Y
- 19.26%
- 3Y*
- 17.52%
- 5Y*
- 10.90%
- 10Y*
- —
- ALL TIME*
- 11.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.08K | $106.56K | $313.57K | |
| $42.75K | $26.77K | $27.98K |
EWV vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -31.51% | -37.70% | -11.06% | -28.34% | 34.35% | -5.58% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 13.51% | 17.58% | 14.26% | 23.46% | -14.68% | 12.26% |
Correlation
The correlation between EWV and XTAP is -0.59, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.59 |
Correlation (3Y) Balances recent behavior with more history. | -0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.61 |
The correlation between EWV and XTAP has been stable across timeframes, ranging from -0.61 to -0.56 - a consistent structural relationship.
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Return for Risk
EWV vs. XTAP — Risk / Return Rank
EWV
XTAP
EWV vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) 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.
| EWV | XTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.02 | ||
| Sortino ratioReturn per unit of downside risk | -8.05 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 2.00 | -1.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 11.27 | -12.23 |
| Martin ratioReturn relative to average drawdown | -1.53 | 57.69 | -59.22 |
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Drawdowns
EWV vs. XTAP - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for EWV and XTAP.
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Drawdown Indicators
| EWV | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.20% | -22.13% | -77.07% |
Max Drawdown (1Y)Largest decline over 1 year | -46.21% | -1.72% | -44.49% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -11.83% | -59.36% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -22.13% | -57.38% |
Max Drawdown (10Y)Largest decline over 10 years | -89.45% | — | — |
Current DrawdownCurrent decline from peak | -99.18% | 0.00% | -99.18% |
Average DrawdownAverage peak-to-trough decline | -84.39% | -3.36% | -81.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.72% | 0.33% | +28.39% |
Volatility
EWV vs. XTAP - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 15.68% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.65%. This indicates that EWV'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
| EWV | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.68% | 1.65% | +14.03% |
Volatility (6M)Calculated over the trailing 6-month period | 36.78% | 4.05% | +32.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.84% | 4.90% | +37.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.56% | 14.54% | +23.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.34% | 14.22% | +21.12% |
EWV vs. XTAP - Expense Ratio Comparison
EWV has a 0.95% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Dividends
EWV vs. XTAP - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.28%, while XTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.28% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% |
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
EWV and XTAP have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (15.68%) compared to XTAP (1.65%). In terms of maximum drawdown, EWV dropped -99.20% vs XTAP's -22.13%.
On 5-year performance, XTAP leads with 10.90% vs -18.78% for EWV. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 1.65%. 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 10.90% return vs -18.78%. 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 0.95% for EWV.
EWV has the higher dividend yield at 5.28%, compared with 0.00% for XTAP.
EWV is categorized as Japan Equities, while XTAP is Leveraged Equities. They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for EWV and 0.79% for XTAP.
XTAP currently has the higher Sharpe Ratio (3.99 vs -1.03), 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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