UDOW vs. XDSQ

Last updated Jun 4, 2026

UDOW (ProShares UltraPro Dow30) and XDSQ (Innovator US Equity Accelerated ETF) are both Leveraged Equities funds. UDOW is passively managed, while XDSQ is actively managed. Over the past 5 years, UDOW returned 12.75%/yr vs 9.80%/yr for XDSQ. Their correlation of 0.83 suggests significant overlap in exposure. UDOW charges 0.95%/yr vs 0.79%/yr for XDSQ.

Performance

UDOW vs. XDSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Dow30 (UDOW) and Innovator US Equity Accelerated ETF (XDSQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UDOW achieves a 12.27% return, which is significantly higher than XDSQ's 2.80% return.

UDOW

• 1D: -3.38%
• 1M: 10.84%
• YTD: 12.27%
• 6M: 12.78%
• 1Y: 53.13%
• 3Y*: 33.01%
• 5Y*: 12.75%
• 10Y*: 23.30%

XDSQ

• 1D: 0.01%
• 1M: 1.59%
• YTD: 2.80%
• 6M: 3.86%
• 1Y: 15.98%
• 3Y*: 15.02%
• 5Y*: 9.80%
• 10Y*: —

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

UDOW vs. XDSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UDOW ProShares UltraPro Dow30	12.27%	24.46%	28.47%	32.72%	-32.39%	30.60%
XDSQ Innovator US Equity Accelerated ETF	2.80%	14.22%	23.12%	23.00%	-16.78%	12.75%

Correlation

The correlation between UDOW and XDSQ is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.83

The correlation between UDOW and XDSQ has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

UDOW vs. XDSQ - Sectors Allocation Comparison

Sectors	UDOW	XDSQ
Financial Services	27.2%	11.6%
Industrials	18.4%	8.3%
Technology	17.1%	35.7%
Healthcare	13.1%	8.5%
Consumer Cyclical	11.6%	10.2%
Consumer Defensive	4.4%	4.9%
Basic Materials	4.0%	1.8%
Energy	2.4%	3.5%
Communication Services	1.9%	11.3%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

UDOW vs. XDSQ — Risk / Return Rank

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

UDOW

UDOW Risk / Return Rank: 40
UDOW Sharpe Ratio Rank: 41
UDOW Sortino Ratio Rank: 40
UDOW Omega Ratio Rank: 38
UDOW Calmar Ratio Rank: 38
UDOW Martin Ratio Rank: 41

XDSQ

XDSQ Risk / Return Rank: 43
XDSQ Sharpe Ratio Rank: 43
XDSQ Sortino Ratio Rank: 41
XDSQ Omega Ratio Rank: 50
XDSQ Calmar Ratio Rank: 34
XDSQ Martin Ratio Rank: 47

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.

UDOW vs. XDSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) and Innovator US Equity Accelerated ETF (XDSQ). 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.

	UDOW	XDSQ	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.52	-0.04
Sortino ratio: Return per unit of downside risk	2.09	2.09	-0.01
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	1.90	1.67	+0.23
Martin ratio: Return relative to average drawdown	6.75	7.97	-1.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDOW vs. XDSQ - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.48, which is comparable to the XDSQ Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of UDOW and XDSQ, 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

	UDOW	XDSQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	1.52	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.65	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.69	-0.16

Drawdowns

UDOW vs. XDSQ - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, which is greater than XDSQ's maximum drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for UDOW and XDSQ.

Drawdown Indicators

	UDOW	XDSQ	Difference
Max Drawdown Largest peak-to-trough decline	-80.29%	-26.06%	-54.23%
Max Drawdown (1Y) Largest decline over 1 year	-28.07%	-9.60%	-18.47%
Max Drawdown (3Y) Largest decline over 3 years	-44.83%	-19.15%	-25.68%
Max Drawdown (5Y) Largest decline over 5 years	-55.79%	-26.06%	-29.73%
Max Drawdown (10Y) Largest decline over 10 years	-80.29%	—	—
Current Drawdown Current decline from peak	-3.38%	0.00%	-3.38%
Average Drawdown Average peak-to-trough decline	-14.39%	-4.96%	-9.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.90%	2.01%	+5.89%

Volatility

UDOW vs. XDSQ - Volatility Comparison

ProShares UltraPro Dow30 (UDOW) has a higher volatility of 8.80% compared to Innovator US Equity Accelerated ETF (XDSQ) at 0.57%. This indicates that UDOW's price experiences larger fluctuations and is considered to be riskier than XDSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDOW	XDSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.80%	0.57%	+8.23%
Volatility (6M) Calculated over the trailing 6-month period	27.61%	8.40%	+19.21%
Volatility (1Y) Calculated over the trailing 1-year period	36.12%	10.56%	+25.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.19%	15.27%	+28.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.76%	15.10%	+36.66%

UDOW vs. XDSQ - Expense Ratio Comparison

UDOW has a 0.95% expense ratio, which is higher than XDSQ's 0.79% expense ratio.

Dividends

UDOW vs. XDSQ - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.21%, while XDSQ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UDOW ProShares UltraPro Dow30	1.21%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%
XDSQ Innovator US Equity Accelerated ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UDOW and XDSQ in my portfolio?

UDOW and XDSQ have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDOW or XDSQ?

UDOW has higher volatility (8.80%) compared to XDSQ (0.57%). In terms of maximum drawdown, UDOW dropped -80.29% vs XDSQ's -26.06%.

Which ETF is better, UDOW or XDSQ?

On 5-year performance, UDOW leads with 12.75% vs 9.80% for XDSQ. On fees, XDSQ is cheaper at 0.79% per year. On volatility, XDSQ has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDOW or XDSQ?

Over the 5-year period, UDOW has performed better with a 12.75% return vs 9.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDOW or XDSQ?

XDSQ is cheaper with a 0.79% expense ratio, compared with 0.95% for UDOW.

Which ETF pays a higher dividend yield, UDOW or XDSQ?

UDOW has the higher dividend yield at 1.21%, compared with 0.00% for XDSQ.

What is the main difference between UDOW and XDSQ?

They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for UDOW and 0.79% for XDSQ.

Which has better risk-adjusted returns?

XDSQ currently has the higher Sharpe Ratio (1.52 vs 1.48), 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.