FXP vs. XTAP
FXP (ProShares UltraShort FTSE China 50) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. FXP is passively managed, while XTAP is actively managed. Over the past 5 years, FXP returned -16.52%/yr vs 10.99%/yr for XTAP. At a correlation of -0.37, they often move in opposite directions. FXP charges 0.95%/yr vs 0.79%/yr for XTAP.
Performance
FXP vs. XTAP - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 13.64% return, which is significantly higher than XTAP's 10.96% return.
FXP
- 1D
- 4.65%
- 1M
- 5.53%
- YTD
- 13.64%
- 6M
- 16.82%
- 1Y
- -6.43%
- 3Y*
- -30.22%
- 5Y*
- -16.52%
- 10Y*
- -23.04%
XTAP
- 1D
- -0.21%
- 1M
- 2.32%
- YTD
- 10.96%
- 6M
- 12.10%
- 1Y
- 21.00%
- 3Y*
- 17.90%
- 5Y*
- 10.99%
- 10Y*
- —
FXP vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 13.64% | -45.32% | -52.46% | 12.74% | -11.73% | 38.50% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 10.96% | 17.58% | 14.26% | 23.46% | -14.68% | 11.87% |
Correlation
The correlation between FXP and XTAP is -0.36, 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 | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.38 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.37 |
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Return for Risk
FXP vs. XTAP — Risk / Return Rank
FXP
XTAP
FXP vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) 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.
| FXP | XTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.67 | ||
| Sortino ratioReturn per unit of downside risk | -7.74 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 2.22 | -1.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 14.82 | -15.06 |
| Martin ratioReturn relative to average drawdown | -0.40 | 78.70 | -79.10 |
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
| FXP | XTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.16 | 4.50 | -4.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | 0.76 | -1.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 0.80 | -1.24 |
Drawdowns
FXP vs. XTAP - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for FXP and XTAP.
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Drawdown Indicators
| FXP | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -22.13% | -77.81% |
Max Drawdown (1Y)Largest decline over 1 year | -27.21% | -1.42% | -25.79% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -11.83% | -70.51% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -22.13% | -65.72% |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -0.21% | -99.71% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -3.45% | -90.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.66% | 0.27% | +17.39% |
Volatility
FXP vs. XTAP - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 15.06% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.10%. This indicates that FXP'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
| FXP | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.06% | 1.10% | +13.96% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 3.16% | +25.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.29% | 4.70% | +34.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.12% | 14.54% | +48.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.91% | 14.41% | +40.50% |
FXP vs. XTAP - Expense Ratio Comparison
FXP has a 0.95% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Dividends
FXP vs. XTAP - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 4.12%, while XTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 4.12% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% |
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
FXP and XTAP have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (15.06%) compared to XTAP (1.10%). In terms of maximum drawdown, FXP dropped -99.94% vs XTAP's -22.13%.
On 5-year performance, XTAP leads with 10.99% vs -16.52% for FXP. 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 -16.52%. 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 FXP.
FXP has the higher dividend yield at 4.12%, compared with 0.00% for XTAP.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for FXP and 0.79% for XTAP.
XTAP currently has the higher Sharpe Ratio (4.50 vs -0.16), 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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