XTAP vs. TQQQ

Last updated Jun 23, 2026

XTAP (Innovator U.S. Equity Accelerated Plus ETF) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds. XTAP is actively managed, while TQQQ is passively managed. Over the past 5 years, XTAP returned 10.83%/yr vs 24.47%/yr for TQQQ. Their correlation of 0.87 suggests significant overlap in exposure. XTAP charges 0.79%/yr vs 0.95%/yr for TQQQ.

Performance

XTAP vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated Plus ETF (XTAP) and ProShares UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTAP achieves a 10.91% return, which is significantly lower than TQQQ's 56.90% return.

XTAP

• 1D: -0.11%
• 1M: 0.39%
• YTD: 10.91%
• 6M: 11.14%
• 1Y: 20.81%
• 3Y*: 17.30%
• 5Y*: 10.83%
• 10Y*: —

TQQQ

• 1D: -0.35%
• 1M: 6.09%
• YTD: 56.90%
• 6M: 52.71%
• 1Y: 129.55%
• 3Y*: 63.58%
• 5Y*: 24.47%
• 10Y*: 47.00%

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

XTAP vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XTAP Innovator U.S. Equity Accelerated Plus ETF	10.91%	17.58%	14.26%	23.46%	-14.68%	12.26%
TQQQ ProShares UltraPro QQQ	56.90%	34.35%	58.27%	198.04%	-79.09%	82.26%

Correlation

The correlation between XTAP and TQQQ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.87

The correlation between XTAP and TQQQ has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

XTAP vs. TQQQ - Sectors Allocation Comparison

Sectors	XTAP	TQQQ
Technology	35.7%	53.8%
Financial Services	11.6%	0.2%
Communication Services	11.3%	15.8%
Consumer Cyclical	10.2%	12.3%
Healthcare	8.5%	4.2%
Industrials	8.3%	2.8%
Consumer Defensive	4.9%	7.7%
Energy	3.5%	0.6%
Utilities	2.4%	1.4%
Real Estate	1.9%	0.1%
Basic Materials	1.8%	1.1%

Return for Risk

XTAP vs. TQQQ — 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

TQQQ

TQQQ Risk / Return Rank: 68
TQQQ Sharpe Ratio Rank: 81
TQQQ Sortino Ratio Rank: 59
TQQQ Omega Ratio Rank: 63
TQQQ Calmar Ratio Rank: 72
TQQQ Martin Ratio Rank: 64

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. TQQQ - 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 UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	4.37	2.49	+1.88
Sortino ratio: Return per unit of downside risk	7.37	2.72	+4.65
Omega ratio: Gain probability vs. loss probability	2.15	1.36	+0.79
Calmar ratio: Return relative to maximum drawdown	12.18	3.53	+8.65
Martin ratio: Return relative to average drawdown	68.27	11.25	+57.02

XTAP vs. TQQQ - Sharpe Ratio Comparison

The current XTAP Sharpe Ratio is 4.37, which is higher than the TQQQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of XTAP and TQQQ, 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. TQQQ - Drawdown Comparison

The maximum XTAP drawdown since its inception was -22.13%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for XTAP and TQQQ.

Drawdown Indicators

	XTAP	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-22.13%	-81.66%	+59.53%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-36.97%	+35.25%
Max Drawdown (3Y) Largest decline over 3 years	-11.83%	-58.04%	+46.21%
Max Drawdown (5Y) Largest decline over 5 years	-22.13%	-81.66%	+59.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-0.36%	-5.32%	+4.96%
Average Drawdown Average peak-to-trough decline	-3.43%	-18.50%	+15.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	11.56%	-11.25%

Volatility

XTAP vs. TQQQ - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated Plus ETF (XTAP) is 1.97%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 25.07%. This indicates that XTAP experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTAP	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	25.07%	-23.10%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	42.17%	-38.50%
Volatility (1Y) Calculated over the trailing 1-year period	4.79%	52.51%	-47.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	67.26%	-52.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.36%	66.36%	-52.00%

XTAP vs. TQQQ - Expense Ratio Comparison

XTAP has a 0.79% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

XTAP vs. TQQQ - Dividend Comparison

XTAP has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQQQ ProShares UltraPro QQQ	0.38%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XTAP and TQQQ in my portfolio?

XTAP and TQQQ have a correlation of 0.82, 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 TQQQ?

TQQQ has higher volatility (25.07%) compared to XTAP (1.97%). In terms of maximum drawdown, XTAP dropped -22.13% vs TQQQ's -81.66%.

Which ETF is better, XTAP or TQQQ?

On 5-year performance, TQQQ leads with 24.47% vs 10.83% for XTAP. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTAP or TQQQ?

Over the 5-year period, TQQQ has performed better with a 24.47% return vs 10.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTAP or TQQQ?

XTAP is cheaper with a 0.79% expense ratio, compared with 0.95% for TQQQ.

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

TQQQ has the higher dividend yield at 0.38%, compared with 0.00% for XTAP.

What is the main difference between XTAP and TQQQ?

They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for XTAP and 0.95% for TQQQ.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (4.37 vs 2.49), 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.