SDOW vs. QTAP
SDOW (ProShares UltraPro Short Dow30) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. SDOW is passively managed, while QTAP is actively managed. Over the past 5 years, SDOW returned -25.49%/yr vs 12.30%/yr for QTAP. Their -0.68 correlation means they have often moved in opposite directions in the past. SDOW charges 0.95%/yr vs 0.79%/yr for QTAP.
Performance
SDOW vs. QTAP - Performance Comparison
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Returns By Period
In the year-to-date period, SDOW achieves a -23.66% return, which is significantly lower than QTAP's 13.57% return.
SDOW
- 1D
- -1.40%
- 1M
- 2.39%
- 6M
- -19.90%
- YTD
- -23.66%
- 1Y
- -42.17%
- 3Y*
- -31.29%
- 5Y*
- -25.49%
- 10Y*
- -37.90%
- ALL TIME*
- -38.23%
QTAP
- 1D
- 0.27%
- 1M
- 0.15%
- 6M
- 12.76%
- YTD
- 13.57%
- 1Y
- 20.30%
- 3Y*
- 18.84%
- 5Y*
- 12.30%
- 10Y*
- —
- ALL TIME*
- 13.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $235.81K | $225.86K | $220.48K | |
| $85.35M | $79.85M | $111.34M |
SDOW vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SDOW ProShares UltraPro Short Dow30 | -23.66% | -33.94% | -25.95% | -28.78% | 4.00% | -32.96% |
QTAP Innovator Growth Accelerated Plus ETF - April | 13.57% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
Correlation
The correlation between SDOW and QTAP is -0.59, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.59 |
Correlation (3Y) Balances recent behavior with more history. | -0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.69 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.68 |
The correlation between SDOW and QTAP has been stable across timeframes, ranging from -0.69 to -0.59 - a consistent structural relationship.
SDOW vs. QTAP - Sectors Allocation Comparison
Sectors
SDOW
QTAP
Financial Services
Basic Materials
-
Communication Services
-
Consumer Cyclical
-
Consumer Defensive
-
Energy
-
Healthcare
-
Industrials
-
Real Estate
-
Technology
-
Utilities
-
Financial Services
SDOW
QTAP
Basic Materials
SDOW
-
QTAP
Communication Services
SDOW
-
QTAP
Consumer Cyclical
SDOW
-
QTAP
Consumer Defensive
SDOW
-
QTAP
Energy
SDOW
-
QTAP
Healthcare
SDOW
-
QTAP
Industrials
SDOW
-
QTAP
Real Estate
SDOW
-
QTAP
Technology
SDOW
-
QTAP
Utilities
SDOW
-
QTAP
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Return for Risk
SDOW vs. QTAP — Risk / Return Rank
SDOW
QTAP
SDOW vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Dow30 (SDOW) 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.
| SDOW | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.02 | ||
| Sortino ratioReturn per unit of downside risk | -6.32 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.69 | -0.86 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 6.93 | -7.83 |
| Martin ratioReturn relative to average drawdown | -1.48 | 33.23 | -34.71 |
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Drawdowns
SDOW vs. QTAP - Drawdown Comparison
The maximum SDOW drawdown since its inception was -99.97%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for SDOW and QTAP.
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Drawdown Indicators
| SDOW | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.97% | -29.44% | -70.53% |
Max Drawdown (1Y)Largest decline over 1 year | -44.20% | -2.81% | -41.39% |
Max Drawdown (3Y)Largest decline over 3 years | -76.85% | -13.03% | -63.82% |
Max Drawdown (5Y)Largest decline over 5 years | -84.05% | -29.44% | -54.61% |
Max Drawdown (10Y)Largest decline over 10 years | -99.21% | — | — |
Current DrawdownCurrent decline from peak | -99.96% | -1.05% | -98.91% |
Average DrawdownAverage peak-to-trough decline | -89.65% | -4.91% | -84.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.97% | 0.59% | +26.38% |
Volatility
SDOW vs. QTAP - Volatility Comparison
ProShares UltraPro Short Dow30 (SDOW) has a higher volatility of 10.82% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.75%. This indicates that SDOW's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDOW | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.82% | 2.75% | +8.07% |
Volatility (6M)Calculated over the trailing 6-month period | 29.51% | 5.69% | +23.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.41% | 6.61% | +30.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.40% | 18.92% | +25.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.11% | 18.57% | +33.54% |
SDOW vs. QTAP - Expense Ratio Comparison
SDOW has a 0.95% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
SDOW vs. QTAP - Dividend Comparison
SDOW's dividend yield for the trailing twelve months is around 5.43%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QTAP Innovator Growth Accelerated Plus ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SDOW ProShares UltraPro Short Dow30 | 5.43% | 5.80% | 8.30% | 5.38% | 0.36% | 0.00% | 0.52% | 2.17% | 1.23% | 0.09% |
Frequently Asked Questions
SDOW and QTAP have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDOW has higher volatility (10.82%) compared to QTAP (2.75%). In terms of maximum drawdown, SDOW dropped -99.97% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.30% vs -25.49% for SDOW. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 12.30% return vs -25.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 0.95% for SDOW.
SDOW has the higher dividend yield at 5.43%, compared with 0.00% for QTAP.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for SDOW and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (2.95 vs -1.07), 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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