XTAP vs. LABD
XTAP (Innovator U.S. Equity Accelerated Plus ETF) and LABD (Direxion Daily S&P Biotech Bear 3x Shares) are both Leveraged Equities funds. XTAP is actively managed, while LABD is passively managed. Over the past 5 years, XTAP returned 10.65%/yr vs -43.25%/yr for LABD. At a correlation of -0.52, they often move in opposite directions. XTAP charges 0.79%/yr vs 1.06%/yr for LABD.
Performance
XTAP vs. LABD - Performance Comparison
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Returns By Period
In the year-to-date period, XTAP achieves a 10.29% return, which is significantly higher than LABD's -53.78% return.
XTAP
- 1D
- -0.56%
- 1M
- -0.17%
- YTD
- 10.29%
- 6M
- 10.43%
- 1Y
- 19.37%
- 3Y*
- 17.09%
- 5Y*
- 10.65%
- 10Y*
- —
LABD
- 1D
- -3.10%
- 1M
- -32.29%
- YTD
- -53.78%
- 6M
- -50.39%
- 1Y
- -87.04%
- 3Y*
- -56.99%
- 5Y*
- -43.25%
- 10Y*
- -59.09%
XTAP vs. LABD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XTAP Innovator U.S. Equity Accelerated Plus ETF | 10.29% | 17.58% | 14.26% | 23.46% | -14.68% | 12.26% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | -53.78% | -70.07% | -21.43% | -41.77% | -32.68% | 18.40% |
Correlation
The correlation between XTAP and LABD is -0.41, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.52 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.52 |
The correlation between XTAP and LABD shifts across timeframes, from -0.52 (5 years) to -0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XTAP vs. LABD — Risk / Return Rank
XTAP
LABD
XTAP vs. LABD - 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 Biotech Bear 3x Shares (LABD). 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.
| XTAP | LABD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.17 | ||
| Sortino ratioReturn per unit of downside risk | +9.48 | ||
| Omega ratioGain probability vs. loss probability | 2.05 | 0.70 | +1.35 |
| Calmar ratioReturn relative to maximum drawdown | 11.34 | -1.00 | +12.34 |
| Martin ratioReturn relative to average drawdown | 62.48 | -1.37 | +63.85 |
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Drawdowns
XTAP vs. LABD - Drawdown Comparison
The maximum XTAP drawdown since its inception was -22.13%, smaller than the maximum LABD drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for XTAP and LABD.
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Drawdown Indicators
| XTAP | LABD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.13% | -99.99% | +77.86% |
Max Drawdown (1Y)Largest decline over 1 year | -1.72% | -86.75% | +85.03% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -96.40% | +84.57% |
Max Drawdown (5Y)Largest decline over 5 years | -22.13% | -98.65% | +76.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.99% | — |
Current DrawdownCurrent decline from peak | -0.91% | -99.99% | +99.08% |
Average DrawdownAverage peak-to-trough decline | -3.42% | -90.99% | +87.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 64.00% | -63.69% |
Volatility
XTAP vs. LABD - Volatility Comparison
The current volatility for Innovator U.S. Equity Accelerated Plus ETF (XTAP) is 2.05%, while Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a volatility of 29.98%. This indicates that XTAP experiences smaller price fluctuations and is considered to be less risky than LABD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XTAP | LABD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 29.98% | -27.93% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 65.23% | -61.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.83% | 78.79% | -73.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.55% | 96.66% | -82.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.36% | 95.97% | -81.61% |
XTAP vs. LABD - Expense Ratio Comparison
XTAP has a 0.79% expense ratio, which is lower than LABD's 1.06% expense ratio.
Dividends
XTAP vs. LABD - Dividend Comparison
XTAP has not paid dividends to shareholders, while LABD's dividend yield for the trailing twelve months is around 9.79%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 9.79% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
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 LABD have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (29.98%) compared to XTAP (2.05%). In terms of maximum drawdown, XTAP dropped -22.13% vs LABD's -99.99%.
On 5-year performance, XTAP leads with 10.65% vs -43.25% for LABD. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 2.05%. 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 10.65% return vs -43.25%. 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 1.06% for LABD.
LABD has the higher dividend yield at 9.79%, compared with 0.00% for XTAP.
They also come from different issuers: Innovator and Direxion. Their fees differ too: 0.79% for XTAP and 1.06% for LABD.
XTAP currently has the higher Sharpe Ratio (4.06 vs -1.11), 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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