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 -18.46%/yr vs 10.83%/yr for XTAP. At a correlation of -0.61, they often move in opposite directions. 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 -29.93% return, which is significantly lower than XTAP's 12.05% return.
EWV
- 1D
- -2.78%
- 1M
- -4.20%
- 6M
- -23.47%
- YTD
- -29.93%
- 1Y
- -47.17%
- 3Y*
- -28.49%
- 5Y*
- -18.46%
- 10Y*
- -20.00%
XTAP
- 1D
- 0.25%
- 1M
- 1.46%
- 6M
- 11.75%
- YTD
- 12.05%
- 1Y
- 18.71%
- 3Y*
- 16.85%
- 5Y*
- 10.83%
- 10Y*
- —
EWV vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -29.93% | -37.70% | -11.06% | -28.34% | 34.35% | -5.58% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 12.05% | 17.58% | 14.26% | 23.46% | -14.68% | 12.26% |
Correlation
The correlation between EWV and XTAP is -0.58, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.55 |
Correlation (5Y) Calculated over the trailing 5-year 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 -0.55 - 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 | -5.06 | ||
| Sortino ratioReturn per unit of downside risk | -8.29 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 2.01 | -1.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 10.95 | -11.87 |
| Martin ratioReturn relative to average drawdown | -1.44 | 58.10 | -59.54 |
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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 | -51.16% | -1.72% | -49.44% |
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 | -89.92% | — | — |
Current DrawdownCurrent decline from peak | -99.16% | -0.02% | -99.14% |
Average DrawdownAverage peak-to-trough decline | -84.34% | -3.39% | -80.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.87% | 0.32% | +32.55% |
Volatility
EWV vs. XTAP - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 14.40% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.63%. 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 | 14.40% | 1.63% | +12.77% |
Volatility (6M)Calculated over the trailing 6-month period | 34.86% | 3.81% | +31.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 4.76% | +37.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.25% | 14.55% | +22.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.15% | 14.29% | +20.86% |
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 5.16%, while XTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.16% | 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 -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (14.40%) compared to XTAP (1.63%). In terms of maximum drawdown, EWV dropped -99.20% vs XTAP's -22.13%.
On 5-year performance, XTAP leads with 10.83% vs -18.46% for EWV. 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 10.83% return vs -18.46%. 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 5.16%, 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 (3.95 vs -1.12), 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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