EWV vs. XTAP
EWV (ProShares UltraShort MSCI Japan) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. EWV is passively managed, while XTAP is actively managed. Over the past 5 years, EWV returned -17.58%/yr vs 10.99%/yr for XTAP. At a correlation of -0.60, 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 -27.97% return, which is significantly lower than XTAP's 10.96% return.
EWV
- 1D
- -0.28%
- 1M
- -12.11%
- YTD
- -27.97%
- 6M
- -29.61%
- 1Y
- -43.86%
- 3Y*
- -28.45%
- 5Y*
- -17.58%
- 10Y*
- -20.24%
XTAP
- 1D
- -0.21%
- 1M
- 2.32%
- YTD
- 10.96%
- 6M
- 12.10%
- 1Y
- 21.00%
- 3Y*
- 17.90%
- 5Y*
- 10.99%
- 10Y*
- —
EWV vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -27.97% | -37.70% | -11.06% | -28.34% | 34.35% | -3.91% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 10.96% | 17.58% | 14.26% | 23.46% | -14.68% | 11.87% |
Correlation
The correlation between EWV and XTAP is -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.60 |
The correlation between EWV and XTAP has been stable across timeframes, ranging from -0.60 to -0.54 - 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.
| EWV | XTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.61 | ||
| Sortino ratioReturn per unit of downside risk | -9.40 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 2.22 | -1.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 14.82 | -15.76 |
| Martin ratioReturn relative to average drawdown | -1.51 | 78.70 | -80.21 |
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
| EWV | XTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.11 | 4.50 | -5.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.76 | -1.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.47 | 0.80 | -1.27 |
Drawdowns
EWV vs. XTAP - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.13%, 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 | -99.13% | -22.13% | -77.00% |
Max Drawdown (1Y)Largest decline over 1 year | -46.88% | -1.42% | -45.46% |
Max Drawdown (3Y)Largest decline over 3 years | -68.67% | -11.83% | -56.84% |
Max Drawdown (5Y)Largest decline over 5 years | -77.72% | -22.13% | -55.59% |
Max Drawdown (10Y)Largest decline over 10 years | -90.10% | — | — |
Current DrawdownCurrent decline from peak | -99.13% | -0.21% | -98.92% |
Average DrawdownAverage peak-to-trough decline | -84.28% | -3.45% | -80.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.05% | 0.27% | +28.78% |
Volatility
EWV vs. XTAP - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) has a higher volatility of 9.11% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.10%. 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 | 9.11% | 1.10% | +8.01% |
Volatility (6M)Calculated over the trailing 6-month period | 31.22% | 3.16% | +28.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.88% | 4.70% | +35.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.62% | 14.54% | +22.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.95% | 14.41% | +20.54% |
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 4.98%, while XTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.98% | 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 -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWV has higher volatility (9.11%) compared to XTAP (1.10%). In terms of maximum drawdown, EWV dropped -99.13% vs XTAP's -22.13%.
On 5-year performance, XTAP leads with 10.99% vs -17.58% for EWV. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 1.10%. 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 10.99% return vs -17.58%. 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 4.98%, compared with 0.00% for XTAP.
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 (4.50 vs -1.11), 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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