XTAP vs. SDP
XTAP (Innovator U.S. Equity Accelerated Plus ETF) and SDP (ProShares UltraShort Utilities) are both Leveraged Equities funds. XTAP is actively managed, while SDP is passively managed. Over the past 5 years, XTAP returned 11.17%/yr vs -16.36%/yr for SDP. At a correlation of -0.36, they often move in opposite directions. XTAP charges 0.79%/yr vs 0.95%/yr for SDP.
Performance
XTAP vs. SDP - 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 SDP's -6.23% return.
XTAP
- 1D
- 0.02%
- 1M
- 2.06%
- YTD
- 11.19%
- 6M
- 12.40%
- 1Y
- 21.81%
- 3Y*
- 17.98%
- 5Y*
- 11.17%
- 10Y*
- —
SDP
- 1D
- -3.79%
- 1M
- 12.87%
- YTD
- -6.23%
- 6M
- -1.59%
- 1Y
- -13.53%
- 3Y*
- -19.57%
- 5Y*
- -16.36%
- 10Y*
- -20.74%
XTAP vs. SDP - 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% |
SDP ProShares UltraShort Utilities | -6.23% | -22.59% | -30.11% | 18.95% | -12.54% | -27.01% |
Correlation
The correlation between XTAP and SDP is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
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 | -0.36 |
The correlation between XTAP and SDP shifts across timeframes, from -0.36 (5 years) to -0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XTAP vs. SDP — Risk / Return Rank
XTAP
SDP
XTAP vs. SDP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF (XTAP) and ProShares UltraShort Utilities (SDP). 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 | SDP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 4.67 | -0.46 | +5.13 |
Sortino ratioReturn per unit of downside risk | 8.08 | -0.52 | +8.59 |
Omega ratioGain probability vs. loss probability | 2.28 | 0.94 | +1.33 |
Calmar ratioReturn relative to maximum drawdown | 15.52 | -0.47 | +15.99 |
Martin ratioReturn relative to average drawdown | 82.64 | -0.79 | +83.43 |
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 | SDP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.67 | -0.46 | +5.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.77 | -0.48 | +1.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.55 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.81 | -0.56 | +1.37 |
Drawdowns
XTAP vs. SDP - Drawdown Comparison
The maximum XTAP drawdown since its inception was -22.13%, smaller than the maximum SDP drawdown of -99.56%. Use the drawdown chart below to compare losses from any high point for XTAP and SDP.
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Drawdown Indicators
| XTAP | SDP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.13% | -99.56% | +77.43% |
Max Drawdown (1Y)Largest decline over 1 year | -1.42% | -29.01% | +27.59% |
Max Drawdown (3Y)Largest decline over 3 years | -11.83% | -66.17% | +54.34% |
Max Drawdown (5Y)Largest decline over 5 years | -22.13% | -66.61% | +44.48% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.43% | — |
Current DrawdownCurrent decline from peak | 0.00% | -99.49% | +99.49% |
Average DrawdownAverage peak-to-trough decline | -3.46% | -82.12% | +78.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.27% | 17.35% | -17.08% |
Volatility
XTAP vs. SDP - Volatility Comparison
The current volatility for Innovator U.S. Equity Accelerated Plus ETF (XTAP) is 1.20%, while ProShares UltraShort Utilities (SDP) has a volatility of 10.90%. This indicates that XTAP experiences smaller price fluctuations and is considered to be less risky than SDP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XTAP | SDP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 10.90% | -9.70% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 23.55% | -20.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.69% | 29.22% | -24.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.54% | 34.37% | -19.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.41% | 37.51% | -23.10% |
XTAP vs. SDP - Expense Ratio Comparison
XTAP has a 0.79% expense ratio, which is lower than SDP's 0.95% expense ratio.
Dividends
XTAP vs. SDP - Dividend Comparison
XTAP has not paid dividends to shareholders, while SDP's dividend yield for the trailing twelve months is around 3.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 3.90% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% |
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 SDP have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (10.90%) compared to XTAP (1.20%). In terms of maximum drawdown, XTAP dropped -22.13% vs SDP's -99.56%.
On 5-year performance, XTAP leads with 11.17% vs -16.36% for SDP. 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 -16.36%. 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 0.95% for SDP.
SDP has the higher dividend yield at 3.90%, compared with 0.00% for XTAP.
They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for XTAP and 0.95% for SDP.
XTAP currently has the higher Sharpe Ratio (4.67 vs -0.46), 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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