UTSL vs. QTAP

Last updated Aug 2, 2026

UTSL (Direxion Daily Utilities Bull 3X Shares) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. UTSL is passively managed, while QTAP is actively managed. Over the past 5 years, UTSL returned 8.32%/yr vs 12.30%/yr for QTAP. Their 0.23 correlation means their historical movements had little consistent relationship. UTSL charges 0.99%/yr vs 0.79%/yr for QTAP.

Performance

UTSL vs. QTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Utilities Bull 3X Shares (UTSL) and Innovator Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTSL achieves a 4.80% return, which is significantly lower than QTAP's 13.57% return.

UTSL

• 1D: -2.23%
• 1M: -10.12%
• 6M: 1.79%
• YTD: 4.80%
• 1Y: 1.29%
• 3Y*: 20.22%
• 5Y*: 8.32%
• 10Y*: —
• ALL TIME*: 8.16%

QTAP

• 1D: 0.27%
• 1M: 0.15%
• 6M: 12.76%
• YTD: 13.57%
• 1Y: 20.30%
• 3Y*: 18.84%
• 5Y*: 12.30%
• 10Y*: —
• ALL TIME*: 13.45%

*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)
QTAP Innovator Growth Accelerated Plus ETF - April	$235.81K	$225.86K	$220.48K
UTSL Direxion Daily Utilities Bull 3X Shares	$4.76M	$4.30M	$4.57M

UTSL vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UTSL Direxion Daily Utilities Bull 3X Shares	4.80%	29.03%	54.24%	-35.55%	-14.06%	40.00%
QTAP Innovator Growth Accelerated Plus ETF - April	13.57%	19.36%	17.34%	43.32%	-25.87%	15.95%

Correlation

The correlation between UTSL and QTAP is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (3Y) Balances recent behavior with more history.	0.11
Correlation (5Y) Shows whether the relationship held over a longer period.	0.23
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.23

Over the past year, the correlation between UTSL and QTAP has dropped to 0.01 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.

UTSL vs. QTAP - Sectors Allocation Comparison

Sectors	UTSL	QTAP
Utilities	100.0%	1.6%
Basic Materials	-	1.3%
Communication Services	-	15.8%
Consumer Cyclical	-	12.5%
Consumer Defensive	-	8.7%
Energy	-	0.7%
Financial Services	-	0.2%
Healthcare	-	5.1%
Industrials	-	3.3%
Real Estate	-	0.1%
Technology	-	50.7%

Return for Risk

UTSL vs. QTAP — Risk / Return Rank

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

UTSL

UTSL Risk / Return Rank: 13
UTSL Sharpe Ratio Rank: 12
UTSL Sortino Ratio Rank: 14
UTSL Omega Ratio Rank: 14
UTSL Calmar Ratio Rank: 12
UTSL Martin Ratio Rank: 11

QTAP

QTAP Risk / Return Rank: 97
QTAP Sharpe Ratio Rank: 96
QTAP Sortino Ratio Rank: 97
QTAP Omega Ratio Rank: 97
QTAP Calmar Ratio Rank: 97
QTAP Martin Ratio Rank: 97

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.

UTSL vs. QTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Utilities Bull 3X Shares (UTSL) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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.

	UTSL	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	0.03	2.95	-2.92
Sortino ratio: Return per unit of downside risk	0.36	4.74	-4.38
Omega ratio: Gain probability vs. loss probability	1.04	1.69	-0.64
Calmar ratio: Return relative to maximum drawdown	0.05	6.93	-6.88
Martin ratio: Return relative to average drawdown	0.10	33.23	-33.14

UTSL vs. QTAP - Sharpe Ratio Comparison

The current UTSL Sharpe Ratio is 0.03, which is lower than the QTAP Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of UTSL and QTAP, 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

UTSL vs. QTAP - Drawdown Comparison

The maximum UTSL drawdown since its inception was -79.55%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for UTSL and QTAP.

Drawdown Indicators

	UTSL	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-79.55%	-29.44%	-50.11%
Max Drawdown (1Y) Largest decline over 1 year	-28.45%	-2.81%	-25.64%
Max Drawdown (3Y) Largest decline over 3 years	-35.97%	-13.03%	-22.94%
Max Drawdown (5Y) Largest decline over 5 years	-68.01%	-29.44%	-38.57%
Current Drawdown Current decline from peak	-22.83%	-1.05%	-21.78%
Average Drawdown Average peak-to-trough decline	-32.96%	-4.91%	-28.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.17%	0.59%	+14.58%

Volatility

UTSL vs. QTAP - Volatility Comparison

Direxion Daily Utilities Bull 3X Shares (UTSL) has a higher volatility of 13.70% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.75%. This indicates that UTSL's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTSL	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.70%	2.75%	+10.95%
Volatility (6M) Calculated over the trailing 6-month period	36.19%	5.69%	+30.50%
Volatility (1Y) Calculated over the trailing 1-year period	44.78%	6.61%	+38.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.07%	18.92%	+33.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.06%	18.57%	+40.49%

UTSL vs. QTAP - Expense Ratio Comparison

UTSL has a 0.99% expense ratio, which is higher than QTAP's 0.79% expense ratio.

Dividends

UTSL vs. QTAP - Dividend Comparison

UTSL's dividend yield for the trailing twelve months is around 1.68%, while QTAP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QTAP Innovator Growth Accelerated Plus ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UTSL Direxion Daily Utilities Bull 3X Shares	1.68%	1.69%	1.61%	3.61%	1.15%	1.19%	1.40%	5.01%	1.46%	0.57%

Frequently Asked Questions

Can I hold both UTSL and QTAP in my portfolio?

UTSL and QTAP have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTSL or QTAP?

UTSL has higher volatility (13.70%) compared to QTAP (2.75%). In terms of maximum drawdown, UTSL dropped -79.55% vs QTAP's -29.44%.

Which ETF is better, UTSL or QTAP?

On 5-year performance, QTAP leads with 12.30% vs 8.32% for UTSL. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTSL or QTAP?

Over the 5-year period, QTAP has performed better with a 12.30% return vs 8.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTSL or QTAP?

QTAP is cheaper with a 0.79% expense ratio, compared with 0.99% for UTSL.

Which ETF pays a higher dividend yield, UTSL or QTAP?

UTSL has the higher dividend yield at 1.68%, compared with 0.00% for QTAP.

What is the main difference between UTSL and QTAP?

They also come from different issuers: Direxion and Innovator. Their fees differ too: 0.99% for UTSL and 0.79% for QTAP.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (2.95 vs 0.03), 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.