UMAY vs. XTAP

Last updated Aug 2, 2026

UMAY (Innovator U.S. Equity Ultra Buffer ETF - May) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both exchange-traded funds - UMAY is a Defined Outcome fund tracking the S&P 500, while XTAP is a Leveraged Equities fund actively managed by Innovator. UMAY is passively managed, while XTAP is actively managed. Over the past 5 years, UMAY returned 6.20%/yr vs 10.76%/yr for XTAP. Their correlation of 0.90 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

UMAY vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) 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, UMAY achieves a 3.95% return, which is significantly lower than XTAP's 12.47% return.

UMAY

• 1D: -0.13%
• 1M: 0.04%
• 6M: 3.48%
• YTD: 3.95%
• 1Y: 8.29%
• 3Y*: 10.41%
• 5Y*: 6.20%
• 10Y*: —
• ALL TIME*: 6.54%

XTAP

• 1D: 0.47%
• 1M: 1.02%
• 6M: 11.93%
• YTD: 12.47%
• 1Y: 19.11%
• 3Y*: 16.76%
• 5Y*: 10.76%
• 10Y*: —
• ALL TIME*: 11.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	$337.57K	$655.32K	$2.00M
XTAP Innovator U.S. Equity Accelerated Plus ETF	$36.55K	$24.82K	$30.58K

UMAY vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	3.95%	8.79%	14.32%	12.53%	-9.21%	4.27%
XTAP Innovator U.S. Equity Accelerated Plus ETF	12.47%	17.58%	14.26%	23.46%	-14.68%	12.26%

Correlation

The correlation between UMAY and XTAP is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.90

The correlation between UMAY and XTAP shifts across timeframes, from 0.78 (1 year) to 0.91 (5 years), reflecting how their relationship changes across market environments.

UMAY vs. XTAP - Sectors Allocation Comparison

Sectors	UMAY	XTAP
Technology	39.1%	39.1%
Financial Services	10.9%	10.9%
Communication Services	10.7%	10.7%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

UMAY vs. XTAP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UMAY

UMAY Risk / Return Rank: 89
UMAY Sharpe Ratio Rank: 83
UMAY Sortino Ratio Rank: 85
UMAY Omega Ratio Rank: 89
UMAY Calmar Ratio Rank: 93
UMAY Martin Ratio Rank: 95

XTAP

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UMAY vs. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) 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.

	UMAY	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	1.94	3.73	-1.79
Sortino ratio: Return per unit of downside risk	2.84	6.04	-3.19
Omega ratio: Gain probability vs. loss probability	1.41	1.92	-0.51
Calmar ratio: Return relative to maximum drawdown	4.68	10.71	-6.03
Martin ratio: Return relative to average drawdown	20.42	54.76	-34.34

UMAY vs. XTAP - Sharpe Ratio Comparison

The current UMAY Sharpe Ratio is 1.94, which is lower than the XTAP Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of UMAY 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.

Drawdowns

UMAY vs. XTAP - Drawdown Comparison

The maximum UMAY drawdown since its inception was -12.12%, smaller than the maximum XTAP drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for UMAY and XTAP.

Drawdown Indicators

	UMAY	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-22.13%	+10.01%
Max Drawdown (1Y) Largest decline over 1 year	-1.69%	-1.72%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-11.83%	+1.34%
Max Drawdown (5Y) Largest decline over 5 years	-12.12%	-22.13%	+10.01%
Current Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-2.10%	-3.36%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.34%	+0.05%

Volatility

UMAY vs. XTAP - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) and Innovator U.S. Equity Accelerated Plus ETF (XTAP) have volatilities of 1.63% and 1.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMAY	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	1.60%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	3.40%	4.02%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	4.08%	4.93%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.52%	14.53%	-6.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.90%	14.23%	-6.33%

UMAY vs. XTAP - Expense Ratio Comparison

Both UMAY and XTAP have an expense ratio of 0.79%.

Dividends

UMAY vs. XTAP - Dividend Comparison

Neither UMAY nor XTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UMAY and XTAP in my portfolio?

UMAY and XTAP 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, UMAY or XTAP?

UMAY has higher volatility (1.63%) compared to XTAP (1.60%). In terms of maximum drawdown, UMAY dropped -12.12% vs XTAP's -22.13%.

Which ETF is better, UMAY or XTAP?

On 5-year performance, XTAP leads with 10.76% vs 6.20% for UMAY. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMAY or XTAP?

Over the 5-year period, XTAP has performed better with a 10.76% return vs 6.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMAY or XTAP?

UMAY and XTAP have the same expense ratio: 0.79% per year.

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

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

What is the main difference between UMAY and XTAP?

UMAY is categorized as Defined Outcome, while XTAP is Leveraged Equities.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (3.73 vs 1.94), 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.