REW vs. XTAP
REW (ProShares UltraShort Technology) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. REW is passively managed, while XTAP is actively managed. Over the past 5 years, REW returned -40.21%/yr vs 10.99%/yr for XTAP. At a correlation of -0.84, they often move in opposite directions. REW charges 0.95%/yr vs 0.79%/yr for XTAP.
Performance
REW vs. XTAP - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -48.44% return, which is significantly lower than XTAP's 10.96% return.
REW
- 1D
- 2.13%
- 1M
- -32.71%
- YTD
- -48.44%
- 6M
- -47.77%
- 1Y
- -65.29%
- 3Y*
- -47.19%
- 5Y*
- -40.21%
- 10Y*
- -45.16%
XTAP
- 1D
- -0.21%
- 1M
- 2.32%
- YTD
- 10.96%
- 6M
- 12.10%
- 1Y
- 21.00%
- 3Y*
- 17.90%
- 5Y*
- 10.99%
- 10Y*
- —
REW vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -48.44% | -43.15% | -33.70% | -61.35% | 65.72% | -45.28% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 10.96% | 17.58% | 14.26% | 23.46% | -14.68% | 11.87% |
Correlation
The correlation between REW and XTAP is -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.84 |
The correlation between REW and XTAP has been stable across timeframes, ranging from -0.84 to -0.74 - a consistent structural relationship.
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Return for Risk
REW vs. XTAP — Risk / Return Rank
REW
XTAP
REW vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.
| REW | XTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.06 | ||
| Sortino ratioReturn per unit of downside risk | -10.80 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 2.22 | -1.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 14.82 | -15.81 |
| Martin ratioReturn relative to average drawdown | -2.00 | 78.70 | -80.70 |
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
| REW | XTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.56 | 4.50 | -6.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.78 | 0.76 | -1.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.93 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 0.80 | -1.59 |
Drawdowns
REW vs. XTAP - Drawdown Comparison
The maximum REW 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 REW and XTAP.
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Drawdown Indicators
| REW | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -22.13% | -77.86% |
Max Drawdown (1Y)Largest decline over 1 year | -66.25% | -1.42% | -64.83% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -11.83% | -74.93% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -22.13% | -71.49% |
Max Drawdown (10Y)Largest decline over 10 years | -99.79% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -0.21% | -99.78% |
Average DrawdownAverage peak-to-trough decline | -86.88% | -3.45% | -83.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.60% | 0.27% | +32.33% |
Volatility
REW vs. XTAP - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 14.84% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.10%. This indicates that REW'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
| REW | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.84% | 1.10% | +13.74% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 3.16% | +30.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.11% | 4.70% | +37.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.64% | 14.54% | +37.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.83% | 14.41% | +34.42% |
REW vs. XTAP - Expense Ratio Comparison
REW has a 0.95% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Dividends
REW vs. XTAP - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 11.04%, while XTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 11.04% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% |
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
REW and XTAP have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (14.84%) compared to XTAP (1.10%). In terms of maximum drawdown, REW dropped -99.99% vs XTAP's -22.13%.
On 5-year performance, XTAP leads with 10.99% vs -40.21% for REW. 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 -40.21%. 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 0.95% for REW.
REW has the higher dividend yield at 11.04%, compared with 0.00% for XTAP.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for REW and 0.79% for XTAP.
XTAP currently has the higher Sharpe Ratio (4.50 vs -1.56), 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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