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 -16.33%/yr vs 13.78%/yr for QTAP. At a correlation of -0.26, 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 -5.56% return, which is significantly lower than QTAP's 14.67% return.
SDP
- 1D
- 0.71%
- 1M
- 11.99%
- YTD
- -5.56%
- 6M
- -1.63%
- 1Y
- -12.04%
- 3Y*
- -19.38%
- 5Y*
- -16.33%
- 10Y*
- -20.69%
QTAP
- 1D
- -0.10%
- 1M
- 2.89%
- YTD
- 14.67%
- 6M
- 15.56%
- 1Y
- 25.59%
- 3Y*
- 21.18%
- 5Y*
- 13.78%
- 10Y*
- —
SDP vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -5.56% | -22.59% | -30.11% | 18.95% | -12.54% | -27.01% |
QTAP Innovator Growth Accelerated Plus ETF - April | 14.67% | 19.36% | 17.34% | 43.32% | -25.87% | 15.63% |
Correlation
The correlation between SDP and QTAP is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.26 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.26 |
The correlation between SDP and QTAP shifts across timeframes, from -0.26 (all time) to -0.12 (1 year), reflecting how their relationship changes across market environments.
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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.
| SDP | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.04 | ||
| Sortino ratioReturn per unit of downside risk | -8.93 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 2.23 | -1.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 15.20 | -15.61 |
| Martin ratioReturn relative to average drawdown | -0.69 | 80.04 | -80.74 |
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
| SDP | QTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.41 | 4.62 | -5.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.73 | -1.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | 0.75 | -1.31 |
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 | -29.01% | -1.69% | -27.32% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -13.03% | -53.14% |
Max Drawdown (5Y)Largest decline over 5 years | -66.61% | -29.44% | -37.17% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | — | — |
Current DrawdownCurrent decline from peak | -99.49% | -0.10% | -99.39% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -5.04% | -77.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.38% | 0.32% | +17.06% |
Volatility
SDP vs. QTAP - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 10.86% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 1.33%. 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 | 10.86% | 1.33% | +9.53% |
Volatility (6M)Calculated over the trailing 6-month period | 23.05% | 3.97% | +19.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.23% | 5.56% | +23.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 18.89% | +15.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.51% | 18.77% | +18.74% |
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 3.87%, 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 | 3.87% | 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 -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (10.86%) compared to QTAP (1.33%). In terms of maximum drawdown, SDP dropped -99.56% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 13.78% vs -16.33% for SDP. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 1.33%. 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 13.78% return vs -16.33%. 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 3.87%, 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 (4.62 vs -0.41), 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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