FAS vs. XTAP
Compare and contrast key facts about Direxion Daily Financial Bull 3X Shares (FAS) and Innovator U.S. Equity Accelerated Plus ETF (XTAP).
FAS and XTAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FAS is a passively managed fund by Direxion that tracks the performance of the Russell 1000 Financial Services Index (300%). It was launched on Nov 6, 2008. XTAP is an actively managed fund by Innovator. It was launched on Apr 1, 2021.
Performance
FAS vs. XTAP - Performance Comparison
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FAS vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | -29.25% | 21.48% | 84.47% | 14.92% | -43.19% | 39.90% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 1.66% | 17.58% | 14.26% | 23.46% | -14.68% | 11.87% |
Returns By Period
In the year-to-date period, FAS achieves a -29.25% return, which is significantly lower than XTAP's 1.66% return.
FAS
- 1D
- 6.35%
- 1M
- -11.64%
- YTD
- -29.25%
- 6M
- -27.65%
- 1Y
- -18.17%
- 3Y*
- 32.31%
- 5Y*
- 7.69%
- 10Y*
- 18.68%
XTAP
- 1D
- 0.08%
- 1M
- 0.65%
- YTD
- 1.66%
- 6M
- 4.34%
- 1Y
- 16.29%
- 3Y*
- 16.22%
- 5Y*
- —
- 10Y*
- —
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FAS vs. XTAP - Expense Ratio Comparison
FAS has a 1.00% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Return for Risk
FAS vs. XTAP — Risk / Return Rank
FAS
XTAP
FAS vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) 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.
| FAS | XTAP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.32 | 1.14 | -1.46 |
Sortino ratioReturn per unit of downside risk | -0.08 | 1.76 | -1.84 |
Omega ratioGain probability vs. loss probability | 0.99 | 1.44 | -0.46 |
Calmar ratioReturn relative to maximum drawdown | -0.37 | 1.43 | -1.80 |
Martin ratioReturn relative to average drawdown | -1.01 | 9.78 | -10.79 |
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
| FAS | XTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.32 | 1.14 | -1.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.69 | -0.50 |
Correlation
The correlation between FAS and XTAP is 0.72, 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
FAS vs. XTAP - Dividend Comparison
FAS's dividend yield for the trailing twelve months is around 11.79%, while XTAP has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | 11.79% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
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% | 0.00% |
Drawdowns
FAS vs. XTAP - Drawdown Comparison
The maximum FAS drawdown since its inception was -91.61%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for FAS and XTAP.
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Drawdown Indicators
| FAS | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -22.13% | -69.48% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -11.83% | -29.05% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -85.99% | — | — |
Current DrawdownCurrent decline from peak | -35.08% | 0.00% | -35.08% |
Average DrawdownAverage peak-to-trough decline | -31.15% | -3.57% | -27.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.87% | 1.73% | +13.14% |
Volatility
FAS vs. XTAP - Volatility Comparison
Direxion Daily Financial Bull 3X Shares (FAS) has a higher volatility of 14.32% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 0.77%. This indicates that FAS'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
| FAS | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.32% | 0.77% | +13.55% |
Volatility (6M)Calculated over the trailing 6-month period | 34.33% | 2.52% | +31.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.51% | 14.33% | +43.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.69% | 14.60% | +41.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.35% | 14.60% | +46.75% |