XTAP vs. DRIP
XTAP (Innovator U.S. Equity Accelerated Plus ETF) and DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) are both Leveraged Equities funds. XTAP is actively managed, while DRIP is passively managed. Over the past 5 years, XTAP returned 11.17%/yr vs -41.62%/yr for DRIP. At a correlation of -0.35, they often move in opposite directions. XTAP charges 0.79%/yr vs 1.07%/yr for DRIP.
Performance
XTAP vs. DRIP - Performance Comparison
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Returns By Period
In the year-to-date period, XTAP achieves a 11.19% return, which is significantly higher than DRIP's -50.45% return.
XTAP
- 1D
- 0.02%
- 1M
- 2.06%
- YTD
- 11.19%
- 6M
- 12.40%
- 1Y
- 21.81%
- 3Y*
- 17.98%
- 5Y*
- 11.17%
- 10Y*
- —
DRIP
- 1D
- -3.05%
- 1M
- 9.61%
- YTD
- -50.45%
- 6M
- -43.03%
- 1Y
- -56.10%
- 3Y*
- -30.92%
- 5Y*
- -41.62%
- 10Y*
- -42.95%
XTAP vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XTAP Innovator U.S. Equity Accelerated Plus ETF | 11.19% | 17.58% | 14.26% | 23.46% | -14.68% | 11.87% |
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -50.45% | -14.81% | 1.27% | -17.24% | -73.57% | -47.87% |
Correlation
The correlation between XTAP and DRIP is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.36 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.35 |
The correlation between XTAP and DRIP shifts across timeframes, from -0.36 (5 years) to 0.07 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XTAP vs. DRIP — Risk / Return Rank
XTAP
DRIP
XTAP vs. DRIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF (XTAP) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP). 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.
| XTAP | DRIP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 4.67 | -1.01 | +5.68 |
Sortino ratioReturn per unit of downside risk | 8.08 | -1.71 | +9.79 |
Omega ratioGain probability vs. loss probability | 2.28 | 0.83 | +1.45 |
Calmar ratioReturn relative to maximum drawdown | 15.52 | -0.88 | +16.40 |
Martin ratioReturn relative to average drawdown | 82.64 | -1.64 | +84.28 |
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
| XTAP | DRIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.67 | -1.01 | +5.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | -0.61 | +1.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.45 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.81 | -0.42 | +1.22 |
Drawdowns
XTAP vs. DRIP - Drawdown Comparison
The maximum XTAP drawdown since its inception was -22.13%, smaller than the maximum DRIP drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for XTAP and DRIP.
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Drawdown Indicators
| XTAP | DRIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.13% | -99.95% | +77.82% |
Max Drawdown (1Y)Largest decline over 1 year | -1.42% | -63.84% | +62.42% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -76.02% | +64.19% |
Max Drawdown (5Y)Largest decline over 5 years | -22.13% | -96.24% | +74.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -99.94% | +99.94% |
Average DrawdownAverage peak-to-trough decline | -3.46% | -90.45% | +86.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.27% | 34.12% | -33.85% |
Volatility
XTAP vs. DRIP - Volatility Comparison
The current volatility for Innovator U.S. Equity Accelerated Plus ETF (XTAP) is 1.20%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 19.66%. This indicates that XTAP experiences smaller price fluctuations and is considered to be less risky than DRIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XTAP | DRIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 19.66% | -18.46% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 43.05% | -39.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.69% | 55.64% | -50.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.54% | 68.36% | -53.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.41% | 96.59% | -82.18% |
XTAP vs. DRIP - Expense Ratio Comparison
XTAP has a 0.79% expense ratio, which is lower than DRIP's 1.07% expense ratio.
Dividends
XTAP vs. DRIP - Dividend Comparison
XTAP has not paid dividends to shareholders, while DRIP's dividend yield for the trailing twelve months is around 3.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.99% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
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% |
Frequently Asked Questions
XTAP and DRIP have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (19.66%) compared to XTAP (1.20%). In terms of maximum drawdown, XTAP dropped -22.13% vs DRIP's -99.95%.
On 5-year performance, XTAP leads with 11.17% vs -41.62% for DRIP. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XTAP has performed better with a 11.17% return vs -41.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTAP is cheaper with a 0.79% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.99%, compared with 0.00% for XTAP.
They also come from different issuers: Innovator and Direxion. Their fees differ too: 0.79% for XTAP and 1.07% for DRIP.
XTAP currently has the higher Sharpe Ratio (4.67 vs -1.01), 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.
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