OPEX vs. XTAP

Last updated Aug 1, 2026

OPEX (Tradr 2X Long OPEN Daily ETF) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. Both are actively managed. Their 0.43 correlation means their historical movements had little consistent relationship. OPEX charges 1.30%/yr vs 0.79%/yr for XTAP.

Performance

OPEX vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long OPEN Daily ETF (OPEX) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OPEX achieves a -74.66% return, which is significantly lower than XTAP's 12.47% return.

OPEX

• 1D: -3.47%
• 1M: -45.86%
• 6M: -64.59%
• YTD: -74.66%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

XTAP

• 1D: 0.47%
• 1M: 1.02%
• 6M: 11.93%
• YTD: 12.47%
• 1Y: 19.11%
• 3Y*: 16.76%
• 5Y*: 10.76%
• 10Y*: —
• ALL TIME*: 11.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OPEX Tradr 2X Long OPEN Daily ETF	$1.72M	$1.92M	$1.70M
XTAP Innovator U.S. Equity Accelerated Plus ETF	$36.55K	$24.82K	$30.58K

OPEX vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025
OPEX Tradr 2X Long OPEN Daily ETF	-74.66%	-45.16%
XTAP Innovator U.S. Equity Accelerated Plus ETF	12.47%	2.35%

Correlation

The correlation between OPEX and XTAP is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	0.43

Return for Risk

OPEX vs. XTAP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OPEX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 98
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OPEX vs. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long OPEN Daily ETF (OPEX) 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.

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.

	OPEX	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	—	3.73	—
Sortino ratio: Return per unit of downside risk	—	6.04	—
Omega ratio: Gain probability vs. loss probability	—	1.92	—
Calmar ratio: Return relative to maximum drawdown	—	10.71	—
Martin ratio: Return relative to average drawdown	—	54.76	—

Drawdowns

OPEX vs. XTAP - Drawdown Comparison

The maximum OPEX drawdown since its inception was -91.93%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for OPEX and XTAP.

Drawdown Indicators

	OPEX	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-91.93%	-22.13%	-69.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.72%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-11.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.13%	—
Current Drawdown Current decline from peak	-91.45%	0.00%	-91.45%
Average Drawdown Average peak-to-trough decline	-69.67%	-3.36%	-66.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.34%	—

Volatility

Volatility by Period

	OPEX	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.60%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	167.77%	4.93%	+162.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.77%	14.53%	+153.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.77%	14.23%	+153.54%

OPEX vs. XTAP - Expense Ratio Comparison

OPEX has a 1.30% expense ratio, which is higher than XTAP's 0.79% expense ratio.

Dividends

OPEX vs. XTAP - Dividend Comparison

Neither OPEX nor XTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OPEX and XTAP in my portfolio?

OPEX 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.

Which ETF is better, OPEX or XTAP?

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.

Which ETF is cheaper, OPEX or XTAP?

XTAP is cheaper with a 0.79% expense ratio, compared with 1.30% for OPEX.

Which ETF pays a higher dividend yield, OPEX or XTAP?

OPEX and XTAP have nearly identical dividend yields, around 0.00%.

What is the main difference between OPEX and XTAP?

They also come from different issuers: Tradr and Innovator. Their fees differ too: 1.30% for OPEX and 0.79% for XTAP.