XPP vs. XTAP
Compare and contrast key facts about ProShares Ultra FTSE China 50 (XPP) and Innovator U.S. Equity Accelerated Plus ETF (XTAP).
XPP and XTAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XPP is a passively managed fund by ProShares that tracks the performance of the FTSE/Xinhua China 25 Index (200%). It was launched on Jun 2, 2009. XTAP is an actively managed fund by Innovator. It was launched on Apr 1, 2021.
Performance
XPP vs. XTAP - Performance Comparison
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XPP vs. XTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | -14.59% | 45.84% | 38.18% | -34.77% | -50.06% | -41.89% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 1.66% | 17.58% | 14.26% | 23.46% | -14.68% | 11.87% |
Returns By Period
In the year-to-date period, XPP achieves a -14.59% return, which is significantly lower than XTAP's 1.66% return.
XPP
- 1D
- 5.09%
- 1M
- -8.06%
- YTD
- -14.59%
- 6M
- -26.23%
- 1Y
- -6.76%
- 3Y*
- 2.42%
- 5Y*
- -20.09%
- 10Y*
- -4.96%
XTAP
- 1D
- 0.08%
- 1M
- 0.65%
- YTD
- 1.66%
- 6M
- 4.34%
- 1Y
- 16.29%
- 3Y*
- 16.22%
- 5Y*
- —
- 10Y*
- —
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XPP vs. XTAP - Expense Ratio Comparison
XPP has a 0.95% expense ratio, which is higher than XTAP's 0.79% expense ratio.
Return for Risk
XPP vs. XTAP — Risk / Return Rank
XPP
XTAP
XPP vs. XTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.
| XPP | XTAP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.14 | 1.14 | -1.29 |
Sortino ratioReturn per unit of downside risk | 0.13 | 1.76 | -1.64 |
Omega ratioGain probability vs. loss probability | 1.02 | 1.44 | -0.43 |
Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.43 | -1.63 |
Martin ratioReturn relative to average drawdown | -0.52 | 9.78 | -10.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XPP | XTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.14 | 1.14 | -1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.09 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.69 | -0.78 |
Correlation
The correlation between XPP and XTAP is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
XPP vs. XTAP - Dividend Comparison
XPP's dividend yield for the trailing twelve months is around 2.54%, while XTAP has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | 2.54% | 2.32% | 2.96% | 2.87% | 0.00% | 0.00% | 0.00% | 3.81% | 1.47% |
XTAP Innovator U.S. Equity Accelerated Plus ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
XPP vs. XTAP - Drawdown Comparison
The maximum XPP drawdown since its inception was -89.90%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for XPP and XTAP.
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Drawdown Indicators
| XPP | XTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.90% | -22.13% | -67.77% |
Max Drawdown (1Y)Largest decline over 1 year | -32.37% | -11.83% | -20.54% |
Max Drawdown (5Y)Largest decline over 5 years | -85.54% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | — | — |
Current DrawdownCurrent decline from peak | -77.40% | 0.00% | -77.40% |
Average DrawdownAverage peak-to-trough decline | -47.52% | -3.57% | -43.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.67% | 1.73% | +10.94% |
Volatility
XPP vs. XTAP - Volatility Comparison
ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 14.38% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 0.77%. This indicates that XPP'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.
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Volatility by Period
| XPP | XTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.38% | 0.77% | +13.61% |
Volatility (6M)Calculated over the trailing 6-month period | 29.09% | 2.52% | +26.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.42% | 14.33% | +33.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.68% | 14.60% | +48.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.98% | 14.60% | +40.38% |