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 -17.50%/yr vs 12.67%/yr for QTAP. At a correlation of -0.24, they often move in opposite directions. 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 -14.36% return, which is significantly lower than QTAP's 14.36% return.
SDP
- 1D
- -0.10%
- 1M
- -6.21%
- 6M
- -13.88%
- YTD
- -14.36%
- 1Y
- -19.40%
- 3Y*
- -20.47%
- 5Y*
- -17.50%
- 10Y*
- -20.74%
QTAP
- 1D
- 0.43%
- 1M
- 0.69%
- 6M
- 13.80%
- YTD
- 14.36%
- 1Y
- 21.24%
- 3Y*
- 19.42%
- 5Y*
- 12.67%
- 10Y*
- —
SDP vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -14.36% | -22.59% | -30.11% | 18.95% | -12.54% | -26.62% |
QTAP Innovator Growth Accelerated Plus ETF - April | 14.36% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
Correlation
The correlation between SDP and QTAP is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year 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 | -4.09 | ||
| Sortino ratioReturn per unit of downside risk | -6.38 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.84 | -0.93 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 8.57 | -9.33 |
| Martin ratioReturn relative to average drawdown | -1.28 | 44.06 | -45.34 |
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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 | -25.59% | -2.49% | -23.10% |
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 | -99.53% | -0.36% | -99.17% |
Average DrawdownAverage peak-to-trough decline | -82.20% | -4.95% | -77.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.20% | 0.48% | +14.72% |
Volatility
SDP vs. QTAP - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 8.89% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.61%. 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 | 8.89% | 2.61% | +6.28% |
Volatility (6M)Calculated over the trailing 6-month period | 23.58% | 5.22% | +18.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.92% | 6.21% | +23.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.44% | 18.92% | +15.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.59% | 18.63% | +18.96% |
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 4.34%, 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 | 4.34% | 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 (8.89%) compared to QTAP (2.61%). In terms of maximum drawdown, SDP dropped -99.56% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.67% vs -17.50% for SDP. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.61%. 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 12.67% return vs -17.50%. 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 4.34%, 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 (3.44 vs -0.65), 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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