STSM vs. XTAP
STSM (Defiance Daily Target 2X Short TSM ETF) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. STSM is passively managed, while XTAP is actively managed. Their -0.55 correlation means they have often moved in opposite directions in the past. STSM charges 1.31%/yr vs 0.79%/yr for XTAP.
Performance
STSM vs. XTAP - Performance Comparison
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Returns By Period
In the year-to-date period, STSM achieves a -53.71% return, which is significantly lower than XTAP's 11.13% return.
STSM
- 1D
- 9.25%
- 1M
- 38.42%
- 6M
- -39.53%
- YTD
- -53.71%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
XTAP
- 1D
- -0.66%
- 1M
- 0.08%
- 6M
- 10.57%
- YTD
- 11.13%
- 1Y
- 16.63%
- 3Y*
- 16.22%
- 5Y*
- 10.50%
- 10Y*
- —
- ALL TIME*
- 11.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $808.53K | $629.89K | $398.30K | |
| $7.19K | $11.61K | $31.08K |
STSM vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
STSM Defiance Daily Target 2X Short TSM ETF | -53.71% | -19.17% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 11.13% | 2.66% |
Correlation
The correlation between STSM and XTAP is -0.55, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025 | -0.55 |
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Return for Risk
STSM vs. XTAP — Risk / Return Rank
STSM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
XTAP
STSM vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short TSM ETF (STSM) 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.
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.
| STSM | XTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.83 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 9.73 | — |
| Martin ratioReturn relative to average drawdown | — | 49.26 | — |
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Drawdowns
STSM vs. XTAP - Drawdown Comparison
The maximum STSM drawdown since its inception was -76.23%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for STSM and XTAP.
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Drawdown Indicators
| STSM | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.23% | -22.13% | -54.10% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.72% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.83% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.13% | — |
Current DrawdownCurrent decline from peak | -63.30% | -1.01% | -62.29% |
Average DrawdownAverage peak-to-trough decline | -47.17% | -3.37% | -43.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.34% | — |
Volatility
STSM vs. XTAP - Volatility Comparison
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Volatility by Period
| STSM | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.39% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.95% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 84.09% | 4.88% | +79.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 84.09% | 14.53% | +69.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 84.09% | 14.24% | +69.85% |
STSM vs. XTAP - Expense Ratio Comparison
STSM has a 1.31% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Dividends
STSM vs. XTAP - Dividend Comparison
Neither STSM nor XTAP has paid dividends to shareholders.
Frequently Asked Questions
STSM and XTAP have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XTAP is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XTAP is cheaper with a 0.79% expense ratio, compared with 1.31% for STSM.
STSM and XTAP have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Defiance and Innovator. Their fees differ too: 1.31% for STSM and 0.79% for XTAP.
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