LABD vs. XTAP
LABD (Direxion Daily S&P Biotech Bear 3x Shares) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. LABD is passively managed, while XTAP is actively managed. Over the past 5 years, LABD returned -41.45%/yr vs 10.99%/yr for XTAP. At a correlation of -0.52, they often move in opposite directions. LABD charges 1.06%/yr vs 0.79%/yr for XTAP.
Performance
LABD vs. XTAP - Performance Comparison
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Returns By Period
In the year-to-date period, LABD achieves a -29.83% return, which is significantly lower than XTAP's 10.96% return.
LABD
- 1D
- -4.73%
- 1M
- 4.70%
- YTD
- -29.83%
- 6M
- -31.22%
- 1Y
- -80.27%
- 3Y*
- -49.85%
- 5Y*
- -41.45%
- 10Y*
- -56.11%
XTAP
- 1D
- -0.21%
- 1M
- 2.32%
- YTD
- 10.96%
- 6M
- 12.10%
- 1Y
- 21.00%
- 3Y*
- 17.90%
- 5Y*
- 10.99%
- 10Y*
- —
LABD vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | -29.83% | -70.07% | -21.43% | -41.77% | -32.68% | 21.59% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 10.96% | 17.58% | 14.26% | 23.46% | -14.68% | 11.87% |
Correlation
The correlation between LABD and XTAP is -0.43, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.52 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.52 |
The correlation between LABD and XTAP has been stable across timeframes, ranging from -0.52 to -0.43 - a consistent structural relationship.
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Return for Risk
LABD vs. XTAP — Risk / Return Rank
LABD
XTAP
LABD vs. XTAP - 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 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.
| LABD | XTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.56 | ||
| Sortino ratioReturn per unit of downside risk | -10.00 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 2.22 | -1.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 14.82 | -15.79 |
| Martin ratioReturn relative to average drawdown | -1.31 | 78.70 | -80.01 |
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
| LABD | XTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.06 | 4.50 | -5.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | 0.76 | -1.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.80 | -1.35 |
Drawdowns
LABD vs. XTAP - Drawdown Comparison
The maximum LABD drawdown since its inception was -99.99%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for LABD and XTAP.
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Drawdown Indicators
| LABD | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -22.13% | -77.86% |
Max Drawdown (1Y)Largest decline over 1 year | -83.21% | -1.42% | -81.79% |
Max Drawdown (3Y)Largest decline over 3 years | -95.31% | -11.83% | -83.48% |
Max Drawdown (5Y)Largest decline over 5 years | -98.24% | -22.13% | -76.11% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -0.21% | -99.78% |
Average DrawdownAverage peak-to-trough decline | -90.92% | -3.45% | -87.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.36% | 0.27% | +61.09% |
Volatility
LABD vs. XTAP - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 27.46% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.10%. This indicates that LABD'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
| LABD | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.46% | 1.10% | +26.36% |
Volatility (6M)Calculated over the trailing 6-month period | 61.67% | 3.16% | +58.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.77% | 4.70% | +71.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.26% | 14.54% | +81.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.93% | 14.41% | +81.52% |
LABD vs. XTAP - Expense Ratio Comparison
LABD has a 1.06% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Dividends
LABD vs. XTAP - Dividend Comparison
LABD's dividend yield for the trailing twelve months is around 6.45%, while XTAP 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 | 6.45% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LABD and XTAP have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (27.46%) compared to XTAP (1.10%). In terms of maximum drawdown, LABD dropped -99.99% vs XTAP's -22.13%.
On 5-year performance, XTAP leads with 10.99% vs -41.45% for LABD. 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, XTAP has performed better with a 10.99% return vs -41.45%. 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 1.06% for LABD.
LABD has the higher dividend yield at 6.45%, compared with 0.00% for XTAP.
They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.06% for LABD and 0.79% for XTAP.
XTAP currently has the higher Sharpe Ratio (4.50 vs -1.06), 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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