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QLD vs. XTAP
Performance
Return for Risk
Dividends
Drawdowns
Volatility

QLD vs. XTAP

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra QQQ (QLD) and Innovator U.S. Equity Accelerated Plus ETF (XTAP).

QLD and XTAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QLD is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (200%). It was launched on Jun 21, 2006. XTAP is an actively managed fund by Innovator. It was launched on Apr 1, 2021.

Performance

QLD vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

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QLD vs. XTAP - Yearly Performance Comparison

2026 (YTD)20252024202320222021
QLD
ProShares Ultra QQQ		-11.23%30.36%42.82%117.72%-60.52%46.78%
XTAP
Innovator U.S. Equity Accelerated Plus ETF		2.38%17.58%14.26%23.46%-14.68%11.87%

Returns By Period

In the year-to-date period, QLD achieves a -11.23% return, which is significantly lower than XTAP's 2.38% return.

QLD

1D
2.44%
1M
-8.26%
YTD
-11.23%
6M
-9.73%
1Y
38.72%
3Y*
36.50%
5Y*
15.83%
10Y*
29.71%

XTAP

1D
0.70%
1M
1.34%
YTD
2.38%
6M
4.98%
1Y
16.56%
3Y*
16.49%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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ProShares Ultra QQQ

Innovator U.S. Equity Accelerated Plus ETF

Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY
Often compared with XTAP:
XTAP vs. QTAPXTAP vs. SPMOXTAP vs. NFLUXTAP vs. TQQQXTAP vs. SOXLXTAP vs. YCSXTAP vs. LABD

QLD vs. XTAP - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than XTAP's 0.79% expense ratio.

QLD
ProShares Ultra QQQ
XTAP
Innovator U.S. Equity Accelerated Plus ETF

Return for Risk

QLD vs. XTAP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QLD
QLD Risk / Return Rank: 5353
Overall Rank
QLD Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 5454
Sortino Ratio Rank
QLD Omega Ratio Rank: 5353
Omega Ratio Rank
QLD Calmar Ratio Rank: 6262
Calmar Ratio Rank
QLD Martin Ratio Rank: 5252
Martin Ratio Rank
XTAP
XTAP Risk / Return Rank: 7272
Overall Rank
XTAP Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
XTAP Sortino Ratio Rank: 6868
Sortino Ratio Rank
XTAP Omega Ratio Rank: 9494
Omega Ratio Rank
XTAP Calmar Ratio Rank: 5151
Calmar Ratio Rank
XTAP Martin Ratio Rank: 8282
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QLD vs. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) 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.

QLDXTAPDifference

Sharpe ratio

Return per unit of total volatility

0.87

1.16

-0.30

Sortino ratio

Return per unit of downside risk

1.46

1.79

-0.33

Omega ratio

Gain probability vs. loss probability

1.21

1.45

-0.24

Calmar ratio

Return relative to maximum drawdown

1.63

1.45

+0.18

Martin ratio

Return relative to average drawdown

5.27

9.90

-4.63

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLD vs. XTAP - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 0.87, which is comparable to the XTAP Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of QLD and XTAP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

QLDXTAPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.87

1.16

-0.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.36

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.70

-0.16

Correlation

The correlation between QLD and XTAP is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QLD vs. XTAP - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.19%, while XTAP has not paid dividends to shareholders.

TTM20252024202320222021202020192018201720162015
QLD
ProShares Ultra QQQ		0.19%0.17%0.25%0.33%0.31%0.00%0.00%0.13%0.06%0.02%0.21%0.11%
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%0.00%0.00%0.00%

Drawdowns

QLD vs. XTAP - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for QLD and XTAP.

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Drawdown Indicators

QLDXTAPDifference

Max Drawdown

Largest peak-to-trough decline

-83.13%

-22.13%

-61.00%

Max Drawdown (1Y)

Largest decline over 1 year

-25.13%

-11.83%

-13.30%

Max Drawdown (5Y)

Largest decline over 5 years

-63.68%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-63.68%

—

—

Current Drawdown

Current decline from peak

-18.15%

0.00%

-18.15%

Average Drawdown

Average peak-to-trough decline

-18.30%

-3.57%

-14.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.75%

1.73%

+6.02%

Volatility

QLD vs. XTAP - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 13.16% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 0.99%. This indicates that QLD'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

QLDXTAPDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.16%

0.99%

+12.17%

Volatility (6M)

Calculated over the trailing 6-month period

25.67%

2.61%

+23.06%

Volatility (1Y)

Calculated over the trailing 1-year period

44.97%

14.34%

+30.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

44.76%

14.60%

+30.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.47%

14.60%

+29.87%