IONL vs. QTAP

Last updated Jul 14, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. IONL is passively managed, while QTAP is actively managed. Over the past year, IONL returned -68.93% vs 20.85% for QTAP. At a 0.43 correlation, their price movements are largely independent. IONL charges 1.50%/yr vs 0.79%/yr for QTAP.

Performance

IONL vs. QTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) and Innovator Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IONL achieves a -57.45% return, which is significantly lower than QTAP's 13.88% return.

IONL

• 1D: -18.63%
• 1M: -57.95%
• 6M: -66.54%
• YTD: -57.45%
• 1Y: -68.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QTAP

• 1D: -0.59%
• 1M: 0.26%
• 6M: 13.25%
• YTD: 13.88%
• 1Y: 20.85%
• 3Y*: 19.25%
• 5Y*: 12.42%
• 10Y*: —

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

IONL vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	-57.45%	38.57%
QTAP Innovator Growth Accelerated Plus ETF - April	13.88%	15.76%

Correlation

The correlation between IONL and QTAP is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025	0.43

IONL vs. QTAP - Sectors Allocation Comparison

Sectors	IONL	QTAP
Technology	66.7%	50.7%
Basic Materials	-	1.3%
Communication Services	-	15.8%
Consumer Cyclical	-	12.5%
Consumer Defensive	-	8.7%
Energy	-	0.7%
Financial Services	-	0.2%
Healthcare	-	5.1%
Industrials	-	3.3%
Real Estate	-	0.1%
Utilities	-	1.6%

Return for Risk

IONL vs. QTAP — Risk / Return Rank

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

IONL

IONL Risk / Return Rank: 7
IONL Sharpe Ratio Rank: 6
IONL Sortino Ratio Rank: 12
IONL Omega Ratio Rank: 12
IONL Calmar Ratio Rank: 3
IONL Martin Ratio Rank: 4

QTAP

QTAP Risk / Return Rank: 97
QTAP Sharpe Ratio Rank: 96
QTAP Sortino Ratio Rank: 97
QTAP Omega Ratio Rank: 97
QTAP Calmar Ratio Rank: 97
QTAP 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.

IONL vs. QTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IONL	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	3.38	-3.75
Sortino ratio: Return per unit of downside risk	0.42	5.45	-5.03
Omega ratio: Gain probability vs. loss probability	1.05	1.83	-0.78
Calmar ratio: Return relative to maximum drawdown	-0.74	8.41	-9.15
Martin ratio: Return relative to average drawdown	-1.03	43.30	-44.33

IONL vs. QTAP - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is -0.37, which is lower than the QTAP Sharpe Ratio of 3.38. The chart below compares the historical Sharpe Ratios of IONL and QTAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IONL vs. QTAP - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for IONL and QTAP.

Drawdown Indicators

	IONL	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-29.44%	-63.97%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-2.49%	-90.92%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.44%	—
Current Drawdown Current decline from peak	-90.04%	-0.78%	-89.26%
Average Drawdown Average peak-to-trough decline	-52.34%	-4.95%	-47.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.07%	0.48%	+66.59%

Volatility

IONL vs. QTAP - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 44.47% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.82%. This indicates that IONL's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.47%	2.82%	+41.65%
Volatility (6M) Calculated over the trailing 6-month period	135.57%	5.21%	+130.36%
Volatility (1Y) Calculated over the trailing 1-year period	186.29%	6.21%	+180.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	194.97%	18.92%	+176.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	194.97%	18.64%	+176.33%

IONL vs. QTAP - Expense Ratio Comparison

IONL has a 1.50% expense ratio, which is higher than QTAP's 0.79% expense ratio.

Dividends

IONL vs. QTAP - Dividend Comparison

Neither IONL nor QTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IONL and QTAP in my portfolio?

IONL and QTAP 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.

Which is riskier, IONL or QTAP?

IONL has higher volatility (44.47%) compared to QTAP (2.82%). In terms of maximum drawdown, IONL dropped -93.41% vs QTAP's -29.44%.

Which ETF is better, IONL or QTAP?

On 1-year performance, QTAP leads with 20.85% vs -68.93% for IONL. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or QTAP?

Over the 1-year period, QTAP has performed better with a 20.85% return vs -68.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or QTAP?

QTAP is cheaper with a 0.79% expense ratio, compared with 1.50% for IONL.

Which ETF pays a higher dividend yield, IONL or QTAP?

IONL and QTAP have nearly identical dividend yields, around 0.00%.

What is the main difference between IONL and QTAP?

They also come from different issuers: GraniteShares and Innovator. Their fees differ too: 1.50% for IONL and 0.79% for QTAP.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (3.38 vs -0.37), 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.