SDP vs. QTAP
SDP (ProShares UltraShort Utilities) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. SDP is passively managed, while QTAP is actively managed. Over the past 5 years, SDP returned -15.97%/yr vs 12.44%/yr for QTAP. Their -0.24 correlation means they have often moved in opposite directions in the past. SDP charges 0.95%/yr vs 0.79%/yr for QTAP.
Performance
SDP vs. QTAP - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -9.06% return, which is significantly lower than QTAP's 14.58% return.
SDP
- 1D
- 0.11%
- 1M
- 6.41%
- 6M
- -9.83%
- YTD
- -9.06%
- 1Y
- -8.08%
- 3Y*
- -21.20%
- 5Y*
- -15.97%
- 10Y*
- -20.62%
- ALL TIME*
- -21.26%
QTAP
- 1D
- 0.89%
- 1M
- 1.04%
- 6M
- 13.63%
- YTD
- 14.58%
- 1Y
- 21.37%
- 3Y*
- 19.73%
- 5Y*
- 12.44%
- 10Y*
- —
- ALL TIME*
- 13.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $233.87K | $224.64K | $223.31K | |
| $191.10K | $103.59K | $83.62K |
SDP vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -9.06% | -22.59% | -30.11% | 18.95% | -12.54% | -26.62% |
QTAP Innovator Growth Accelerated Plus ETF - April | 14.58% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
Correlation
The correlation between SDP and QTAP is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.24 |
Over the past year, the inverse relationship between SDP and QTAP has weakened: their correlation has moved from -0.24 to -0.03, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SDP vs. QTAP — Risk / Return Rank
SDP
QTAP
SDP vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) 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.
| SDP | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.52 | ||
| Sortino ratioReturn per unit of downside risk | -5.46 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.77 | -0.79 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 7.63 | -7.95 |
| Martin ratioReturn relative to average drawdown | -0.52 | 36.59 | -37.11 |
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Drawdowns
SDP vs. QTAP - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for SDP and QTAP.
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Drawdown Indicators
| SDP | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -29.44% | -70.12% |
Max Drawdown (1Y)Largest decline over 1 year | -25.44% | -2.81% | -22.63% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -13.03% | -53.14% |
Max Drawdown (5Y)Largest decline over 5 years | -66.17% | -29.44% | -36.73% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | — | — |
Current DrawdownCurrent decline from peak | -99.50% | -0.17% | -99.33% |
Average DrawdownAverage peak-to-trough decline | -82.25% | -4.91% | -77.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.48% | 0.59% | +14.89% |
Volatility
SDP vs. QTAP - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 8.39% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.84%. This indicates that SDP'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
| SDP | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.39% | 2.84% | +5.55% |
Volatility (6M)Calculated over the trailing 6-month period | 24.16% | 5.74% | +18.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.20% | 6.61% | +23.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.44% | 18.93% | +15.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.64% | 18.57% | +19.07% |
SDP vs. QTAP - Expense Ratio Comparison
SDP has a 0.95% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
SDP vs. QTAP - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 4.08%, while QTAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SDP ProShares UltraShort Utilities | 4.08% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% |
Frequently Asked Questions
SDP and QTAP have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (8.39%) compared to QTAP (2.84%). In terms of maximum drawdown, SDP dropped -99.56% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.44% vs -15.97% for SDP. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.84%. 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 12.44% return vs -15.97%. 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 SDP.
SDP has the higher dividend yield at 4.08%, compared with 0.00% for QTAP.
They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for SDP and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (3.25 vs -0.27), 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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