HDLB vs. XTAP
HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. HDLB is passively managed, while XTAP is actively managed. Over the past 5 years, HDLB returned 11.24%/yr vs 10.99%/yr for XTAP. At a 0.45 correlation, their price movements are largely independent. HDLB charges 1.65%/yr vs 0.79%/yr for XTAP.
Performance
HDLB vs. XTAP - Performance Comparison
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Returns By Period
In the year-to-date period, HDLB achieves a 9.69% return, which is significantly lower than XTAP's 10.96% return.
HDLB
- 1D
- -1.72%
- 1M
- -4.18%
- YTD
- 9.69%
- 6M
- 8.78%
- 1Y
- 17.78%
- 3Y*
- 26.82%
- 5Y*
- 11.24%
- 10Y*
- —
XTAP
- 1D
- -0.21%
- 1M
- 2.32%
- YTD
- 10.96%
- 6M
- 12.10%
- 1Y
- 21.00%
- 3Y*
- 17.90%
- 5Y*
- 10.99%
- 10Y*
- —
HDLB vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 9.69% | 27.26% | 28.21% | -4.12% | -11.46% | 23.98% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 10.96% | 17.58% | 14.26% | 23.46% | -14.68% | 11.87% |
Correlation
The correlation between HDLB and XTAP is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | 0.45 |
Over the past year, the correlation between HDLB and XTAP has dropped to 0.16 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
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Return for Risk
HDLB vs. XTAP — Risk / Return Rank
HDLB
XTAP
HDLB vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) 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.
| HDLB | XTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.83 | ||
| Sortino ratioReturn per unit of downside risk | -6.67 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 2.22 | -1.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 14.82 | -13.59 |
| Martin ratioReturn relative to average drawdown | 2.69 | 78.70 | -76.01 |
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
| HDLB | XTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.68 | 4.50 | -3.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.76 | -0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.10 | 0.80 | -0.71 |
Drawdowns
HDLB vs. XTAP - Drawdown Comparison
The maximum HDLB drawdown since its inception was -78.70%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for HDLB and XTAP.
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Drawdown Indicators
| HDLB | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.70% | -22.13% | -56.57% |
Max Drawdown (1Y)Largest decline over 1 year | -14.50% | -1.42% | -13.08% |
Max Drawdown (3Y)Largest decline over 3 years | -22.46% | -11.83% | -10.63% |
Max Drawdown (5Y)Largest decline over 5 years | -43.81% | -22.13% | -21.68% |
Current DrawdownCurrent decline from peak | -14.15% | -0.21% | -13.94% |
Average DrawdownAverage peak-to-trough decline | -27.47% | -3.45% | -24.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.62% | 0.27% | +6.35% |
Volatility
HDLB vs. XTAP - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a higher volatility of 6.21% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.10%. This indicates that HDLB'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
| HDLB | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 1.10% | +5.11% |
Volatility (6M)Calculated over the trailing 6-month period | 18.14% | 3.16% | +14.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.46% | 4.70% | +21.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.55% | 14.54% | +16.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.58% | 14.41% | +29.17% |
HDLB vs. XTAP - Expense Ratio Comparison
HDLB has a 1.65% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Dividends
HDLB vs. XTAP - Dividend Comparison
HDLB's dividend yield for the trailing twelve months is around 12.13%, while XTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 12.13% | 12.20% | 10.09% | 12.36% | 10.86% | 8.07% | 16.23% | 0.97% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HDLB and XTAP have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDLB has higher volatility (6.21%) compared to XTAP (1.10%). In terms of maximum drawdown, HDLB dropped -78.70% vs XTAP's -22.13%.
On 5-year performance, HDLB leads with 11.24% vs 10.99% for XTAP. 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, HDLB has performed better with a 11.24% return vs 10.99%. 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 1.65% for HDLB.
HDLB has the higher dividend yield at 12.13%, compared with 0.00% for XTAP.
They also come from different issuers: UBS and Innovator. Their fees differ too: 1.65% for HDLB and 0.79% for XTAP.
XTAP currently has the higher Sharpe Ratio (4.50 vs 0.68), 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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