NOWL vs. QTAP
NOWL (GraniteShares 2x Long NOW Daily ETF) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. Both are actively managed. At a 0.18 correlation, their price movements are largely independent. NOWL charges 1.50%/yr vs 0.79%/yr for QTAP.
Performance
NOWL vs. QTAP - Performance Comparison
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Returns By Period
In the year-to-date period, NOWL achieves a -62.15% return, which is significantly lower than QTAP's 13.88% return.
NOWL
- 1D
- 6.48%
- 1M
- 14.11%
- 6M
- -56.11%
- YTD
- -62.15%
- 1Y
- —
- 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*
- —
NOWL vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NOWL GraniteShares 2x Long NOW Daily ETF | -62.15% | -43.64% |
QTAP Innovator Growth Accelerated Plus ETF - April | 13.88% | 6.02% |
Correlation
The correlation between NOWL and QTAP is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025 | 0.18 |
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Return for Risk
NOWL vs. QTAP — Risk / Return Rank
NOWL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
QTAP
NOWL vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NOW Daily ETF (NOWL) 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.
| NOWL | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.83 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 8.41 | — |
| Martin ratioReturn relative to average drawdown | — | 43.30 | — |
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Drawdowns
NOWL vs. QTAP - Drawdown Comparison
The maximum NOWL drawdown since its inception was -86.64%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for NOWL and QTAP.
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Drawdown Indicators
| NOWL | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.64% | -29.44% | -57.20% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.49% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.03% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.44% | — |
Current DrawdownCurrent decline from peak | -79.83% | -0.78% | -79.05% |
Average DrawdownAverage peak-to-trough decline | -50.94% | -4.95% | -45.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.48% | — |
Volatility
NOWL vs. QTAP - Volatility Comparison
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Volatility by Period
| NOWL | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.82% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 5.21% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 104.54% | 6.21% | +98.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 104.54% | 18.92% | +85.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 104.54% | 18.64% | +85.90% |
NOWL vs. QTAP - Expense Ratio Comparison
NOWL has a 1.50% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
NOWL vs. QTAP - Dividend Comparison
Neither NOWL nor QTAP has paid dividends to shareholders.
Frequently Asked Questions
NOWL and QTAP have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QTAP is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QTAP is cheaper with a 0.79% expense ratio, compared with 1.50% for NOWL.
NOWL and QTAP have nearly identical dividend yields, around 0.00%.
They also come from different issuers: GraniteShares and Innovator. Their fees differ too: 1.50% for NOWL and 0.79% for QTAP.
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