XTAP vs. IFED

Last updated Jun 3, 2026

XTAP (Innovator U.S. Equity Accelerated Plus ETF) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds. XTAP is actively managed, while IFED is passively managed. Over the past 3 years, XTAP returned 17.98%/yr vs 17.19%/yr for IFED. A 0.77 correlation means they provide meaningful diversification when combined. XTAP charges 0.79%/yr vs 0.45%/yr for IFED.

Performance

XTAP vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated Plus ETF (XTAP) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTAP achieves a 11.19% return, which is significantly higher than IFED's -2.31% return.

XTAP

• 1D: 0.02%
• 1M: 2.06%
• YTD: 11.19%
• 6M: 12.40%
• 1Y: 21.81%
• 3Y*: 17.98%
• 5Y*: 11.17%
• 10Y*: —

IFED

• 1D: -1.64%
• 1M: 6.11%
• YTD: -2.31%
• 6M: -1.82%
• 1Y: 4.42%
• 3Y*: 17.19%
• 5Y*: —
• 10Y*: —

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

XTAP vs. IFED - 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%	3.50%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-2.31%	15.02%	23.04%	20.78%	-1.46%	8.46%

Correlation

The correlation between XTAP and IFED is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021	0.77

Over the past year, the correlation between XTAP and IFED has dropped to 0.57 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

XTAP vs. IFED — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 97
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP Martin Ratio Rank: 98

IFED

IFED Risk / Return Rank: 12
IFED Sharpe Ratio Rank: 13
IFED Sortino Ratio Rank: 12
IFED Omega Ratio Rank: 12
IFED Calmar Ratio Rank: 12
IFED Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XTAP vs. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF (XTAP) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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	IFED	Difference
Sharpe ratio Return per unit of total volatility	4.67	0.27	+4.39
Sortino ratio Return per unit of downside risk	8.08	0.51	+7.57
Omega ratio Gain probability vs. loss probability	2.28	1.06	+1.21
Calmar ratio Return relative to maximum drawdown	15.52	0.33	+15.19
Martin ratio Return relative to average drawdown	82.64	0.84	+81.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTAP vs. IFED - Sharpe Ratio Comparison

The current XTAP Sharpe Ratio is 4.67, which is higher than the IFED Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of XTAP and IFED, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XTAP	IFED	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.67	0.27	+4.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.66	+0.14

Drawdowns

XTAP vs. IFED - Drawdown Comparison

The maximum XTAP drawdown since its inception was -22.13%, roughly equal to the maximum IFED drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for XTAP and IFED.

Drawdown Indicators

	XTAP	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-22.13%	-22.36%	+0.23%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-14.65%	+13.23%
Max Drawdown (3Y) Largest decline over 3 years	-11.83%	-22.36%	+10.53%
Max Drawdown (5Y) Largest decline over 5 years	-22.13%	—	—
Current Drawdown Current decline from peak	0.00%	-4.31%	+4.31%
Average Drawdown Average peak-to-trough decline	-3.46%	-5.84%	+2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	5.74%	-5.47%

Volatility

XTAP vs. IFED - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated Plus ETF (XTAP) is 1.20%, while ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a volatility of 4.24%. This indicates that XTAP experiences smaller price fluctuations and is considered to be less risky than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTAP	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	4.24%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	3.15%	12.80%	-9.65%
Volatility (1Y) Calculated over the trailing 1-year period	4.69%	16.17%	-11.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.54%	19.88%	-5.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.41%	19.88%	-5.47%

XTAP vs. IFED - Expense Ratio Comparison

XTAP has a 0.79% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

XTAP vs. IFED - Dividend Comparison

Neither XTAP nor IFED has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XTAP and IFED in my portfolio?

XTAP and IFED have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTAP or IFED?

IFED has higher volatility (4.24%) compared to XTAP (1.20%). In terms of maximum drawdown, XTAP dropped -22.13% vs IFED's -22.36%.

Which ETF is better, XTAP or IFED?

On 3-year performance, XTAP leads with 17.98% vs 17.19% for IFED. On fees, IFED is cheaper at 0.45% 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.

Which ETF has performed better, XTAP or IFED?

Over the 3-year period, XTAP has performed better with a 17.98% return vs 17.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTAP or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 0.79% for XTAP.

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

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

What is the main difference between XTAP and IFED?

They also come from different issuers: Innovator and UBS. Their fees differ too: 0.79% for XTAP and 0.45% for IFED.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (4.67 vs 0.27), 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.