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 10.83%/yr vs -47.80%/yr for LABD. At a correlation of -0.51, 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 12.05% return, which is significantly higher than LABD's -61.41% return.
XTAP
- 1D
- 0.25%
- 1M
- 1.46%
- 6M
- 11.75%
- YTD
- 12.05%
- 1Y
- 18.71%
- 3Y*
- 16.85%
- 5Y*
- 10.83%
- 10Y*
- —
LABD
- 1D
- -0.25%
- 1M
- -38.66%
- 6M
- -59.28%
- YTD
- -61.41%
- 1Y
- -86.50%
- 3Y*
- -59.77%
- 5Y*
- -47.80%
- 10Y*
- -58.41%
XTAP vs. LABD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XTAP Innovator U.S. Equity Accelerated Plus ETF | 12.05% | 17.58% | 14.26% | 23.46% | -14.68% | 12.26% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | -61.41% | -70.07% | -21.43% | -41.77% | -32.68% | 18.40% |
Correlation
The correlation between XTAP and LABD is -0.37, 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 | -0.37 |
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 | -0.51 |
The correlation between XTAP and LABD shifts across timeframes, from -0.52 (5 years) to -0.37 (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 | +5.04 | ||
| Sortino ratioReturn per unit of downside risk | +9.23 | ||
| Omega ratioGain probability vs. loss probability | 2.01 | 0.71 | +1.30 |
| Calmar ratioReturn relative to maximum drawdown | 10.95 | -0.97 | +11.91 |
| Martin ratioReturn relative to average drawdown | 58.10 | -1.35 | +59.45 |
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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 -100.00%. 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% | -100.00% | +77.87% |
Max Drawdown (1Y)Largest decline over 1 year | -1.72% | -89.59% | +87.87% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -97.43% | +85.60% |
Max Drawdown (5Y)Largest decline over 5 years | -22.13% | -99.04% | +76.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.99% | — |
Current DrawdownCurrent decline from peak | -0.02% | -99.99% | +99.97% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -91.04% | +87.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.32% | 64.07% | -63.75% |
Volatility
XTAP vs. LABD - Volatility Comparison
The current volatility for Innovator U.S. Equity Accelerated Plus ETF (XTAP) is 1.63%, while Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a volatility of 23.82%. 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 | 1.63% | 23.82% | -22.19% |
Volatility (6M)Calculated over the trailing 6-month period | 3.81% | 65.12% | -61.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 79.34% | -74.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.55% | 96.69% | -82.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.29% | 95.75% | -81.46% |
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 8.14%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 8.14% | 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 -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (23.82%) compared to XTAP (1.63%). In terms of maximum drawdown, XTAP dropped -22.13% vs LABD's -100.00%.
On 5-year performance, XTAP leads with 10.83% vs -47.80% for LABD. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 1.63%. 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 10.83% return vs -47.80%. 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 8.14%, 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 (3.95 vs -1.09), 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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