LABD vs. QTAP
LABD (Direxion Daily S&P Biotech Bear 3x Shares) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. LABD is passively managed, while QTAP is actively managed. Over the past 5 years, LABD returned -46.59%/yr vs 12.30%/yr for QTAP. Their -0.49 correlation means they have often moved in opposite directions in the past. LABD charges 1.06%/yr vs 0.79%/yr for QTAP.
Performance
LABD vs. QTAP - Performance Comparison
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Returns By Period
In the year-to-date period, LABD achieves a -55.11% return, which is significantly lower than QTAP's 13.57% return.
LABD
- 1D
- 8.48%
- 1M
- 26.56%
- 6M
- -50.76%
- YTD
- -55.11%
- 1Y
- -85.49%
- 3Y*
- -58.18%
- 5Y*
- -46.59%
- 10Y*
- -56.42%
- ALL TIME*
- -55.10%
QTAP
- 1D
- 0.27%
- 1M
- 0.15%
- 6M
- 12.76%
- YTD
- 13.57%
- 1Y
- 20.30%
- 3Y*
- 18.84%
- 5Y*
- 12.30%
- 10Y*
- —
- ALL TIME*
- 13.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $66.43M | $107.77M | $90.23M | |
| $235.81K | $225.86K | $220.48K |
LABD vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | -55.11% | -70.07% | -21.43% | -41.77% | -32.68% | 18.40% |
QTAP Innovator Growth Accelerated Plus ETF - April | 13.57% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
Correlation
The correlation between LABD and QTAP is -0.32, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.49 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.49 |
The correlation between LABD and QTAP shifts across timeframes, from -0.49 (5 years) to -0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
LABD vs. QTAP — Risk / Return Rank
LABD
QTAP
LABD vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bear 3x Shares (LABD) 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.
| LABD | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.02 | ||
| Sortino ratioReturn per unit of downside risk | -7.27 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.69 | -0.96 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 6.93 | -7.89 |
| Martin ratioReturn relative to average drawdown | -1.28 | 33.23 | -34.51 |
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Drawdowns
LABD vs. QTAP - Drawdown Comparison
The maximum LABD drawdown since its inception was -100.00%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for LABD and QTAP.
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Drawdown Indicators
| LABD | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -29.44% | -70.56% |
Max Drawdown (1Y)Largest decline over 1 year | -89.59% | -2.81% | -86.78% |
Max Drawdown (3Y)Largest decline over 3 years | -97.43% | -13.03% | -84.40% |
Max Drawdown (5Y)Largest decline over 5 years | -99.04% | -29.44% | -69.60% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -1.05% | -98.94% |
Average DrawdownAverage peak-to-trough decline | -91.08% | -4.91% | -86.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.04% | 0.59% | +66.45% |
Volatility
LABD vs. QTAP - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 24.34% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.75%. This indicates that LABD'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.
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Volatility by Period
| LABD | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.34% | 2.75% | +21.59% |
Volatility (6M)Calculated over the trailing 6-month period | 65.59% | 5.69% | +59.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 80.29% | 6.61% | +73.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.73% | 18.92% | +77.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.74% | 18.57% | +77.17% |
LABD vs. QTAP - Expense Ratio Comparison
LABD has a 1.06% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
LABD vs. QTAP - Dividend Comparison
LABD's dividend yield for the trailing twelve months is around 7.00%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 7.00% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
QTAP Innovator Growth Accelerated Plus ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LABD and QTAP have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (24.34%) compared to QTAP (2.75%). In terms of maximum drawdown, LABD dropped -100.00% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.30% vs -46.59% for LABD. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 12.30% return vs -46.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 1.06% for LABD.
LABD has the higher dividend yield at 7.00%, compared with 0.00% for QTAP.
They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.06% for LABD and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (2.95 vs -1.07), 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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