UWM vs. XTJL

Last updated Aug 4, 2026

UWM (ProShares Ultra Russell2000) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. UWM is passively managed, while XTJL is actively managed. Over the past 5 years, UWM returned 4.52%/yr vs 9.71%/yr for XTJL. Their 0.77 correlation means they have sometimes moved together and sometimes differently. UWM charges 0.95%/yr vs 0.79%/yr for XTJL.

Performance

UWM vs. XTJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UWM achieves a 38.52% return, which is significantly higher than XTJL's 7.13% return.

UWM

• 1D: 3.34%
• 1M: -1.55%
• 6M: 23.05%
• YTD: 38.52%
• 1Y: 76.90%
• 3Y*: 22.09%
• 5Y*: 4.52%
• 10Y*: 11.49%
• ALL TIME*: 7.33%

XTJL

• 1D: 0.77%
• 1M: 1.73%
• 6M: 5.94%
• YTD: 7.13%
• 1Y: 15.15%
• 3Y*: 14.82%
• 5Y*: 9.71%
• 10Y*: —
• ALL TIME*: 9.91%

*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)
UWM ProShares Ultra Russell2000	$17.74M	$17.63M	$19.86M
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	$14.44K	$25.47K	$270.54K

UWM vs. XTJL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UWM ProShares Ultra Russell2000	38.52%	13.59%	11.32%	22.62%	-43.69%	-7.23%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	7.13%	15.42%	14.43%	25.72%	-15.66%	7.81%

Correlation

The correlation between UWM and XTJL is 0.72, 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.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.77

The correlation between UWM and XTJL has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

UWM vs. XTJL - Sectors Allocation Comparison

Sectors	UWM	XTJL
Financial Services	41.4%	10.9%
Healthcare	11.1%	8.3%
Technology	7.8%	39.1%
Industrials	7.6%	7.8%
Consumer Cyclical	5.1%	9.9%
Real Estate	4.0%	1.8%
Energy	3.4%	3.1%
Basic Materials	2.6%	1.7%
Utilities	1.8%	2.1%
Consumer Defensive	1.6%	4.5%
Communication Services	0.9%	10.7%

Return for Risk

UWM vs. XTJL — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 81
UWM Sharpe Ratio Rank: 83
UWM Sortino Ratio Rank: 78
UWM Omega Ratio Rank: 72
UWM Calmar Ratio Rank: 86
UWM Martin Ratio Rank: 83

XTJL

XTJL Risk / Return Rank: 85
XTJL Sharpe Ratio Rank: 81
XTJL Sortino Ratio Rank: 85
XTJL Omega Ratio Rank: 89
XTJL Calmar Ratio Rank: 79
XTJL Martin Ratio Rank: 92

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.

UWM vs. XTJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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.

	UWM	XTJL	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.97	+0.05
Sortino ratio: Return per unit of downside risk	2.63	2.93	-0.30
Omega ratio: Gain probability vs. loss probability	1.31	1.43	-0.12
Calmar ratio: Return relative to maximum drawdown	3.47	2.97	+0.50
Martin ratio: Return relative to average drawdown	11.84	16.39	-4.54

UWM vs. XTJL - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 2.02, which is comparable to the XTJL Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of UWM and XTJL, 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

UWM vs. XTJL - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for UWM and XTJL.

Drawdown Indicators

	UWM	XTJL	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-23.24%	-64.97%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-5.12%	-17.16%
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	-16.70%	-33.09%
Max Drawdown (5Y) Largest decline over 5 years	-61.62%	-23.24%	-38.38%
Max Drawdown (10Y) Largest decline over 10 years	-71.46%	—	—
Current Drawdown Current decline from peak	-3.36%	0.00%	-3.36%
Average Drawdown Average peak-to-trough decline	-30.64%	-3.92%	-26.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	0.93%	+5.58%

Volatility

UWM vs. XTJL - Volatility Comparison

ProShares Ultra Russell2000 (UWM) has a higher volatility of 8.22% compared to Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) at 2.98%. This indicates that UWM's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UWM	XTJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	2.98%	+5.24%
Volatility (6M) Calculated over the trailing 6-month period	27.96%	6.16%	+21.80%
Volatility (1Y) Calculated over the trailing 1-year period	38.36%	7.75%	+30.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.94%	15.12%	+29.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.03%	15.03%	+31.00%

UWM vs. XTJL - Expense Ratio Comparison

UWM has a 0.95% expense ratio, which is higher than XTJL's 0.79% expense ratio.

Dividends

UWM vs. XTJL - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.81%, while XTJL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UWM ProShares Ultra Russell2000	0.81%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	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 UWM and XTJL in my portfolio?

UWM and XTJL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UWM or XTJL?

UWM has higher volatility (8.22%) compared to XTJL (2.98%). In terms of maximum drawdown, UWM dropped -88.21% vs XTJL's -23.24%.

Which ETF is better, UWM or XTJL?

On 5-year performance, XTJL leads with 9.71% vs 4.52% for UWM. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UWM or XTJL?

Over the 5-year period, XTJL has performed better with a 9.71% return vs 4.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UWM or XTJL?

XTJL is cheaper with a 0.79% expense ratio, compared with 0.95% for UWM.

Which ETF pays a higher dividend yield, UWM or XTJL?

UWM has the higher dividend yield at 0.81%, compared with 0.00% for XTJL.

What is the main difference between UWM and XTJL?

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

Which has better risk-adjusted returns?

UWM currently has the higher Sharpe Ratio (2.02 vs 1.97), 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.