TSL vs. XTAP

Last updated Jun 4, 2026

TSL (GraniteShares 1.25x Long Tsla Daily ETF) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. Both are actively managed. Over the past 3 years, TSL returned 20.28%/yr vs 17.90%/yr for XTAP. A 0.50 correlation means they provide meaningful diversification when combined. TSL charges 1.15%/yr vs 0.79%/yr for XTAP.

Performance

TSL vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 1.25x Long Tsla Daily ETF (TSL) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSL achieves a -9.40% return, which is significantly lower than XTAP's 10.96% return.

TSL

• 1D: -0.11%
• 1M: 9.37%
• YTD: -9.40%
• 6M: -9.11%
• 1Y: 20.41%
• 3Y*: 20.28%
• 5Y*: —
• 10Y*: —

XTAP

• 1D: -0.21%
• 1M: 2.32%
• YTD: 10.96%
• 6M: 12.10%
• 1Y: 21.00%
• 3Y*: 17.90%
• 5Y*: 10.99%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TSL vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSL GraniteShares 1.25x Long Tsla Daily ETF	-9.40%	3.49%	64.12%	113.79%	-66.58%
XTAP Innovator U.S. Equity Accelerated Plus ETF	10.96%	17.58%	14.26%	23.46%	-8.39%

Correlation

The correlation between TSL and XTAP is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.50

The correlation between TSL and XTAP has been stable across timeframes, ranging from 0.45 to 0.50 - a consistent structural relationship.

TSL vs. XTAP - Sectors Allocation Comparison

Sectors	TSL	XTAP
Consumer Cyclical	100.0%	10.0%
Basic Materials	-	1.9%
Communication Services	-	10.5%
Consumer Defensive	-	5.3%
Energy	-	4.0%
Financial Services	-	12.2%
Healthcare	-	9.5%
Industrials	-	8.5%
Real Estate	-	2.0%
Technology	-	33.6%
Utilities	-	2.6%

Return for Risk

TSL vs. XTAP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TSL

TSL Risk / Return Rank: 16
TSL Sharpe Ratio Rank: 14
TSL Sortino Ratio Rank: 17
TSL Omega Ratio Rank: 17
TSL Calmar Ratio Rank: 16
TSL Martin Ratio Rank: 15

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 97
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TSL vs. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 1.25x Long Tsla Daily ETF (TSL) 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.

	TSL	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	0.35	4.50	-4.15
Sortino ratio: Return per unit of downside risk	0.87	7.78	-6.91
Omega ratio: Gain probability vs. loss probability	1.11	2.22	-1.11
Calmar ratio: Return relative to maximum drawdown	0.55	14.82	-14.27
Martin ratio: Return relative to average drawdown	1.26	78.70	-77.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSL vs. XTAP - Sharpe Ratio Comparison

The current TSL Sharpe Ratio is 0.35, which is lower than the XTAP Sharpe Ratio of 4.50. The chart below compares the historical Sharpe Ratios of TSL and XTAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TSL	XTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	4.50	-4.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.80	-0.77

Drawdowns

TSL vs. XTAP - Drawdown Comparison

The maximum TSL drawdown since its inception was -74.52%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for TSL and XTAP.

Drawdown Indicators

	TSL	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-22.13%	-52.39%
Max Drawdown (1Y) Largest decline over 1 year	-36.98%	-1.42%	-35.56%
Max Drawdown (3Y) Largest decline over 3 years	-63.30%	-11.83%	-51.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.13%	—
Current Drawdown Current decline from peak	-24.91%	-0.21%	-24.70%
Average Drawdown Average peak-to-trough decline	-38.71%	-3.45%	-35.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.38%	0.27%	+16.11%

Volatility

TSL vs. XTAP - Volatility Comparison

GraniteShares 1.25x Long Tsla Daily ETF (TSL) has a higher volatility of 15.25% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.10%. This indicates that TSL'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.

Volatility by Period

	TSL	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.25%	1.10%	+14.15%
Volatility (6M) Calculated over the trailing 6-month period	34.12%	3.16%	+30.96%
Volatility (1Y) Calculated over the trailing 1-year period	57.94%	4.70%	+53.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.18%	14.54%	+58.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.18%	14.41%	+58.77%

TSL vs. XTAP - Expense Ratio Comparison

TSL has a 1.15% expense ratio, which is higher than XTAP's 0.79% expense ratio.

Dividends

TSL vs. XTAP - Dividend Comparison

Neither TSL nor XTAP has paid dividends to shareholders.

Position	TTM	2025	2024	2023
TSL GraniteShares 1.25x Long Tsla Daily ETF	0.00%	0.00%	0.00%	60.47%
XTAP Innovator U.S. Equity Accelerated Plus ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSL and XTAP in my portfolio?

TSL and XTAP have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSL or XTAP?

TSL has higher volatility (15.25%) compared to XTAP (1.10%). In terms of maximum drawdown, TSL dropped -74.52% vs XTAP's -22.13%.

Which ETF is better, TSL or XTAP?

On 3-year performance, TSL leads with 20.28% vs 17.90% for XTAP. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSL or XTAP?

Over the 3-year period, TSL has performed better with a 20.28% return vs 17.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSL or XTAP?

XTAP is cheaper with a 0.79% expense ratio, compared with 1.15% for TSL.

Which ETF pays a higher dividend yield, TSL or XTAP?

TSL and XTAP have nearly identical dividend yields, around 0.00%.

What is the main difference between TSL and XTAP?

They also come from different issuers: GraniteShares and Innovator. Their fees differ too: 1.15% for TSL and 0.79% for XTAP.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (4.50 vs 0.35), 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.