HDLB vs. XTJL

Last updated Jun 4, 2026

HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. HDLB is passively managed, while XTJL is actively managed. Over the past 3 years, HDLB returned 26.82%/yr vs 14.68%/yr for XTJL. At a 0.44 correlation, their price movements are largely independent. HDLB charges 1.65%/yr vs 0.79%/yr for XTJL.

Performance

HDLB vs. XTJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDLB achieves a 9.69% return, which is significantly higher than XTJL's 5.36% return.

HDLB

• 1D: -1.72%
• 1M: -4.18%
• YTD: 9.69%
• 6M: 8.78%
• 1Y: 17.78%
• 3Y*: 26.82%
• 5Y*: 11.24%
• 10Y*: —

XTJL

• 1D: 0.00%
• 1M: 1.16%
• YTD: 5.36%
• 6M: 6.38%
• 1Y: 15.64%
• 3Y*: 14.68%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HDLB vs. XTJL - 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%	14.79%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	5.36%	15.42%	14.43%	25.72%	-15.66%	7.28%

Correlation

The correlation between HDLB and XTJL is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.44

Over the past year, the correlation between HDLB and XTJL has dropped to 0.13 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

HDLB vs. XTJL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HDLB

HDLB Risk / Return Rank: 21
HDLB Sharpe Ratio Rank: 20
HDLB Sortino Ratio Rank: 20
HDLB Omega Ratio Rank: 20
HDLB Calmar Ratio Rank: 25
HDLB Martin Ratio Rank: 22

XTJL

XTJL Risk / Return Rank: 71
XTJL Sharpe Ratio Rank: 63
XTJL Sortino Ratio Rank: 68
XTJL Omega Ratio Rank: 77
XTJL Calmar Ratio Rank: 62
XTJL Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HDLB vs. XTJL - 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 - July (XTJL). 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	XTJL	Difference
Sharpe ratio: Return per unit of total volatility	0.68	2.12	-1.44
Sortino ratio: Return per unit of downside risk	1.11	3.14	-2.03
Omega ratio: Gain probability vs. loss probability	1.13	1.46	-0.33
Calmar ratio: Return relative to maximum drawdown	1.23	3.07	-1.84
Martin ratio: Return relative to average drawdown	2.69	17.37	-14.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDLB vs. XTJL - Sharpe Ratio Comparison

The current HDLB Sharpe Ratio is 0.68, which is lower than the XTJL Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of HDLB and XTJL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HDLB	XTJL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	2.12	-1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.65	-0.55

Drawdowns

HDLB vs. XTJL - Drawdown Comparison

The maximum HDLB drawdown since its inception was -78.70%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for HDLB and XTJL.

Drawdown Indicators

	HDLB	XTJL	Difference
Max Drawdown Largest peak-to-trough decline	-78.70%	-23.24%	-55.46%
Max Drawdown (1Y) Largest decline over 1 year	-14.50%	-5.12%	-9.38%
Max Drawdown (3Y) Largest decline over 3 years	-22.46%	-16.70%	-5.76%
Max Drawdown (5Y) Largest decline over 5 years	-43.81%	—	—
Current Drawdown Current decline from peak	-14.15%	0.00%	-14.15%
Average Drawdown Average peak-to-trough decline	-27.47%	-4.04%	-23.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.62%	0.90%	+5.72%

Volatility

HDLB vs. XTJL - 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 - July (XTJL) at 0.33%. This indicates that HDLB's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDLB	XTJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	0.33%	+5.88%
Volatility (6M) Calculated over the trailing 6-month period	18.14%	5.72%	+12.42%
Volatility (1Y) Calculated over the trailing 1-year period	26.46%	7.43%	+19.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.55%	15.22%	+15.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.58%	15.22%	+28.36%

HDLB vs. XTJL - Expense Ratio Comparison

HDLB has a 1.65% expense ratio, which is higher than XTJL's 0.79% expense ratio.

Dividends

HDLB vs. XTJL - Dividend Comparison

HDLB's dividend yield for the trailing twelve months is around 12.13%, while XTJL 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%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HDLB and XTJL in my portfolio?

HDLB and XTJL have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDLB or XTJL?

HDLB has higher volatility (6.21%) compared to XTJL (0.33%). In terms of maximum drawdown, HDLB dropped -78.70% vs XTJL's -23.24%.

Which ETF is better, HDLB or XTJL?

On 3-year performance, HDLB leads with 26.82% vs 14.68% for XTJL. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDLB or XTJL?

Over the 3-year period, HDLB has performed better with a 26.82% return vs 14.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDLB or XTJL?

XTJL is cheaper with a 0.79% expense ratio, compared with 1.65% for HDLB.

Which ETF pays a higher dividend yield, HDLB or XTJL?

HDLB has the higher dividend yield at 12.13%, compared with 0.00% for XTJL.

What is the main difference between HDLB and XTJL?

They also come from different issuers: UBS and Innovator. Their fees differ too: 1.65% for HDLB and 0.79% for XTJL.

Which has better risk-adjusted returns?

XTJL currently has the higher Sharpe Ratio (2.12 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.