ONDL vs. XTAP
ONDL (Defiance Daily Target 2X Long ONDS ETF) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. ONDL is passively managed, while XTAP is actively managed. At a 0.25 correlation, their price movements are largely independent. ONDL charges 1.31%/yr vs 0.79%/yr for XTAP.
Performance
ONDL vs. XTAP - Performance Comparison
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Returns By Period
In the year-to-date period, ONDL achieves a -23.23% return, which is significantly lower than XTAP's 11.13% return.
ONDL
- 1D
- 6.03%
- 1M
- 36.99%
- YTD
- -23.23%
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XTAP
- 1D
- 0.15%
- 1M
- 2.02%
- YTD
- 11.13%
- 6M
- 12.15%
- 1Y
- 21.20%
- 3Y*
- 18.01%
- 5Y*
- 11.02%
- 10Y*
- —
ONDL vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ONDL Defiance Daily Target 2X Long ONDS ETF | -23.23% | 17.43% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 11.13% | -0.06% |
Correlation
The correlation between ONDL and XTAP is 0.25, 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 Dec 31, 2025 | 0.25 |
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Return for Risk
ONDL vs. XTAP — Risk / Return Rank
ONDL
XTAP
ONDL vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long ONDS ETF (ONDL) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| ONDL | XTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 4.55 | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.76 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.10 | 0.80 | -0.90 |
Drawdowns
ONDL vs. XTAP - Drawdown Comparison
The maximum ONDL drawdown since its inception was -75.71%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for ONDL and XTAP.
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Drawdown Indicators
| ONDL | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.71% | -22.13% | -53.58% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.42% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.83% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.13% | — |
Current DrawdownCurrent decline from peak | -60.36% | -0.06% | -60.30% |
Average DrawdownAverage peak-to-trough decline | -53.15% | -3.45% | -49.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.27% | — |
Volatility
ONDL vs. XTAP - Volatility Comparison
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Volatility by Period
| ONDL | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.04% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.16% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 218.60% | 4.68% | +213.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 218.60% | 14.54% | +204.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 218.60% | 14.40% | +204.20% |
ONDL vs. XTAP - Expense Ratio Comparison
ONDL has a 1.31% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Dividends
ONDL vs. XTAP - Dividend Comparison
Neither ONDL nor XTAP has paid dividends to shareholders.
Frequently Asked Questions
ONDL and XTAP have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XTAP is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XTAP is cheaper with a 0.79% expense ratio, compared with 1.31% for ONDL.
ONDL and XTAP have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Defiance and Innovator. Their fees differ too: 1.31% for ONDL and 0.79% for XTAP.
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