SPXU vs. XTAP
Compare and contrast key facts about ProShares UltraPro Short S&P500 (SPXU) and Innovator U.S. Equity Accelerated Plus ETF (XTAP).
SPXU and XTAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXU is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (-300%). It was launched on Jun 25, 2009. XTAP is an actively managed fund by Innovator. It was launched on Apr 1, 2021.
Performance
SPXU vs. XTAP - Performance Comparison
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SPXU vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | 15.02% | -41.73% | -43.31% | -46.02% | 36.05% | -45.63% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 1.66% | 17.58% | 14.26% | 23.46% | -14.68% | 11.87% |
Returns By Period
In the year-to-date period, SPXU achieves a 15.02% return, which is significantly higher than XTAP's 1.66% return.
SPXU
- 1D
- -8.57%
- 1M
- 16.03%
- YTD
- 15.02%
- 6M
- 7.93%
- 1Y
- -41.50%
- 3Y*
- -36.61%
- 5Y*
- -31.42%
- 10Y*
- -39.74%
XTAP
- 1D
- 0.08%
- 1M
- 0.65%
- YTD
- 1.66%
- 6M
- 4.34%
- 1Y
- 16.29%
- 3Y*
- 16.22%
- 5Y*
- —
- 10Y*
- —
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SPXU vs. XTAP - Expense Ratio Comparison
SPXU has a 0.93% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Return for Risk
SPXU vs. XTAP — Risk / Return Rank
SPXU
XTAP
SPXU vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) 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.
| SPXU | XTAP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.76 | 1.14 | -1.91 |
Sortino ratioReturn per unit of downside risk | -0.95 | 1.76 | -2.71 |
Omega ratioGain probability vs. loss probability | 0.86 | 1.44 | -0.58 |
Calmar ratioReturn relative to maximum drawdown | -0.65 | 1.43 | -2.08 |
Martin ratioReturn relative to average drawdown | -0.76 | 9.78 | -10.54 |
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
| SPXU | XTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.76 | 1.14 | -1.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.63 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.75 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.81 | 0.69 | -1.50 |
Correlation
The correlation between SPXU and XTAP is -0.92. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
SPXU vs. XTAP - Dividend Comparison
SPXU's dividend yield for the trailing twelve months is around 5.10%, while XTAP has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | 5.10% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
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% | 0.00% |
Drawdowns
SPXU vs. XTAP - Drawdown Comparison
The maximum SPXU 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 SPXU and XTAP.
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Drawdown Indicators
| SPXU | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -22.13% | -77.86% |
Max Drawdown (1Y)Largest decline over 1 year | -65.13% | -11.83% | -53.30% |
Max Drawdown (5Y)Largest decline over 5 years | -87.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.51% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | 0.00% | -99.99% |
Average DrawdownAverage peak-to-trough decline | -93.26% | -3.57% | -89.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.70% | 1.73% | +53.97% |
Volatility
SPXU vs. XTAP - Volatility Comparison
ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 16.07% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 0.77%. This indicates that SPXU'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
| SPXU | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.07% | 0.77% | +15.30% |
Volatility (6M)Calculated over the trailing 6-month period | 28.19% | 2.52% | +25.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.48% | 14.33% | +40.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.35% | 14.60% | +35.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.33% | 14.60% | +38.73% |