XTAP vs. NVDG

Last updated Aug 6, 2026

XTAP (Innovator U.S. Equity Accelerated Plus ETF) and NVDG (Leverage Shares 2X Long NVDA Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, XTAP returned 19.55% vs 18.71% for NVDG. Their 0.58 correlation means they have sometimes moved together and sometimes differently. XTAP charges 0.79%/yr vs 0.75%/yr for NVDG.

Performance

XTAP vs. NVDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated Plus ETF (XTAP) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTAP achieves a 13.57% return, which is significantly lower than NVDG's 18.95% return.

XTAP

• 1D: 0.06%
• 1M: 1.56%
• 6M: 12.99%
• YTD: 13.57%
• 1Y: 19.55%
• 3Y*: 17.54%
• 5Y*: 10.86%
• 10Y*: —
• ALL TIME*: 11.68%

NVDG

• 1D: 7.27%
• 1M: 23.11%
• 6M: 38.73%
• YTD: 18.95%
• 1Y: 18.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 31.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NVDG Leverage Shares 2X Long NVDA Daily ETF	$3.50M	$4.23M	$6.05M
XTAP Innovator U.S. Equity Accelerated Plus ETF	$38.30K	$26.56K	$25.98K

XTAP vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XTAP Innovator U.S. Equity Accelerated Plus ETF	13.57%	17.58%	-0.42%
NVDG Leverage Shares 2X Long NVDA Daily ETF	18.95%	32.45%	-0.52%

Correlation

The correlation between XTAP and NVDG is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	0.58

The correlation between XTAP and NVDG has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.

Return for Risk

XTAP vs. NVDG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XTAP

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

NVDG

NVDG Risk / Return Rank: 18
NVDG Sharpe Ratio Rank: 15
NVDG Sortino Ratio Rank: 21
NVDG Omega Ratio Rank: 20
NVDG Calmar Ratio Rank: 17
NVDG Martin Ratio Rank: 16

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XTAP vs. NVDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF (XTAP) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). 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	NVDG	Difference
Sharpe ratio: Return per unit of total volatility	4.06	0.26	+3.80
Sortino ratio: Return per unit of downside risk	6.63	0.87	+5.75
Omega ratio: Gain probability vs. loss probability	2.03	1.10	+0.92
Calmar ratio: Return relative to maximum drawdown	11.44	0.44	+11.00
Martin ratio: Return relative to average drawdown	58.57	0.85	+57.72

XTAP vs. NVDG - Sharpe Ratio Comparison

The current XTAP Sharpe Ratio is 4.06, which is higher than the NVDG Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of XTAP and NVDG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XTAP vs. NVDG - Drawdown Comparison

The maximum XTAP drawdown since its inception was -22.13%, smaller than the maximum NVDG drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for XTAP and NVDG.

Drawdown Indicators

	XTAP	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-22.13%	-66.19%	+44.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-42.72%	+41.00%
Max Drawdown (3Y) Largest decline over 3 years	-11.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.13%	—	—
Current Drawdown Current decline from peak	0.00%	-18.32%	+18.32%
Average Drawdown Average peak-to-trough decline	-3.35%	-23.52%	+20.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	22.11%	-21.78%

Volatility

XTAP vs. NVDG - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated Plus ETF (XTAP) is 1.64%, while Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a volatility of 26.09%. This indicates that XTAP experiences smaller price fluctuations and is considered to be less risky than NVDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTAP	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	26.09%	-24.45%
Volatility (6M) Calculated over the trailing 6-month period	4.04%	56.20%	-52.16%
Volatility (1Y) Calculated over the trailing 1-year period	4.85%	72.44%	-67.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.53%	89.79%	-75.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	89.79%	-75.57%

XTAP vs. NVDG - Expense Ratio Comparison

XTAP has a 0.79% expense ratio, which is higher than NVDG's 0.75% expense ratio.

Dividends

XTAP vs. NVDG - Dividend Comparison

XTAP has not paid dividends to shareholders, while NVDG's dividend yield for the trailing twelve months is around 9.93%.

Position	TTM	2025
NVDG Leverage Shares 2X Long NVDA Daily ETF	9.93%	11.81%
XTAP Innovator U.S. Equity Accelerated Plus ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both XTAP and NVDG in my portfolio?

XTAP and NVDG have a correlation of 0.52, 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 NVDG?

NVDG has higher volatility (26.09%) compared to XTAP (1.64%). In terms of maximum drawdown, XTAP dropped -22.13% vs NVDG's -66.19%.

Which ETF is better, XTAP or NVDG?

On 1-year performance, XTAP leads with 19.55% vs 18.71% for NVDG. On fees, NVDG is cheaper at 0.75% per year. On volatility, XTAP has been the lower-risk option at 1.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTAP or NVDG?

Over the 1-year period, XTAP has performed better with a 19.55% return vs 18.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTAP or NVDG?

NVDG is cheaper with a 0.75% expense ratio, compared with 0.79% for XTAP.

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

NVDG has the higher dividend yield at 9.93%, compared with 0.00% for XTAP.

What is the main difference between XTAP and NVDG?

They also come from different issuers: Innovator and Leverage Shares. Their fees differ too: 0.79% for XTAP and 0.75% for NVDG.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (4.06 vs 0.26), 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.