IFED vs. XTAP

Last updated Jun 4, 2026

IFED (ETRACS IFED Invest with the Fed TR Index ETN) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. IFED is passively managed, while XTAP is actively managed. Over the past 3 years, IFED returned 16.71%/yr vs 17.90%/yr for XTAP. A 0.77 correlation means they provide meaningful diversification when combined. IFED charges 0.45%/yr vs 0.79%/yr for XTAP.

Performance

IFED vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS IFED Invest with the Fed TR Index ETN (IFED) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IFED achieves a -3.52% return, which is significantly lower than XTAP's 10.96% return.

IFED

• 1D: -1.24%
• 1M: 4.85%
• YTD: -3.52%
• 6M: -3.51%
• 1Y: 1.97%
• 3Y*: 16.71%
• 5Y*: —
• 10Y*: —

XTAP

• 1D: -0.21%
• 1M: 2.32%
• YTD: 10.96%
• 6M: 12.10%
• 1Y: 21.00%
• 3Y*: 17.90%
• 5Y*: 10.99%
• 10Y*: —

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

IFED vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IFED ETRACS IFED Invest with the Fed TR Index ETN	-3.52%	15.02%	23.04%	20.78%	-1.46%	8.46%
XTAP Innovator U.S. Equity Accelerated Plus ETF	10.96%	17.58%	14.26%	23.46%	-14.68%	3.50%

Correlation

The correlation between IFED and XTAP is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021	0.77

Over the past year, the correlation between IFED and XTAP has dropped to 0.57 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

IFED vs. XTAP — Risk / Return Rank

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

IFED

IFED Risk / Return Rank: 10
IFED Sharpe Ratio Rank: 10
IFED Sortino Ratio Rank: 10
IFED Omega Ratio Rank: 10
IFED Calmar Ratio Rank: 10
IFED Martin Ratio Rank: 10

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 97
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP Martin Ratio Rank: 98

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.

IFED vs. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS IFED Invest with the Fed TR Index ETN (IFED) 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.

	IFED	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	0.12	4.50	-4.38
Sortino ratio: Return per unit of downside risk	0.29	7.78	-7.48
Omega ratio: Gain probability vs. loss probability	1.04	2.22	-1.18
Calmar ratio: Return relative to maximum drawdown	0.14	14.82	-14.69
Martin ratio: Return relative to average drawdown	0.34	78.70	-78.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IFED vs. XTAP - Sharpe Ratio Comparison

The current IFED Sharpe Ratio is 0.12, which is lower than the XTAP Sharpe Ratio of 4.50. The chart below compares the historical Sharpe Ratios of IFED and XTAP, 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

	IFED	XTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	4.50	-4.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.80	-0.16

Drawdowns

IFED vs. XTAP - Drawdown Comparison

The maximum IFED drawdown since its inception was -22.36%, roughly equal to the maximum XTAP drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for IFED and XTAP.

Drawdown Indicators

	IFED	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-22.36%	-22.13%	-0.23%
Max Drawdown (1Y) Largest decline over 1 year	-14.65%	-1.42%	-13.23%
Max Drawdown (3Y) Largest decline over 3 years	-22.36%	-11.83%	-10.53%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.13%	—
Current Drawdown Current decline from peak	-5.50%	-0.21%	-5.29%
Average Drawdown Average peak-to-trough decline	-5.84%	-3.45%	-2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.75%	0.27%	+5.48%

Volatility

IFED vs. XTAP - Volatility Comparison

ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a higher volatility of 4.50% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.10%. This indicates that IFED'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.

Volatility by Period

	IFED	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	1.10%	+3.40%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	3.16%	+9.70%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	4.70%	+11.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	14.54%	+5.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.88%	14.41%	+5.47%

IFED vs. XTAP - Expense Ratio Comparison

IFED has a 0.45% expense ratio, which is lower than XTAP's 0.79% expense ratio.

Dividends

IFED vs. XTAP - Dividend Comparison

Neither IFED nor XTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IFED and XTAP in my portfolio?

IFED and XTAP have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFED or XTAP?

IFED has higher volatility (4.50%) compared to XTAP (1.10%). In terms of maximum drawdown, IFED dropped -22.36% vs XTAP's -22.13%.

Which ETF is better, IFED or XTAP?

On 3-year performance, XTAP leads with 17.90% vs 16.71% for IFED. On fees, IFED is cheaper at 0.45% 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.

Which ETF has performed better, IFED or XTAP?

Over the 3-year period, XTAP has performed better with a 17.90% return vs 16.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFED or XTAP?

IFED is cheaper with a 0.45% expense ratio, compared with 0.79% for XTAP.

Which ETF pays a higher dividend yield, IFED or XTAP?

IFED and XTAP have nearly identical dividend yields, around 0.00%.

What is the main difference between IFED and XTAP?

They also come from different issuers: UBS and Innovator. Their fees differ too: 0.45% for IFED and 0.79% for XTAP.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (4.50 vs 0.12), 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.