XTAP vs. UTSL

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity Accelerated Plus ETF (XTAP) and Direxion Daily Utilities Bull 3X Shares (UTSL).

XTAP and UTSL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XTAP is an actively managed fund by Innovator. It was launched on Apr 1, 2021. UTSL is a passively managed fund by Direxion that tracks the performance of the Utilities Select Sector Index (300%). It was launched on May 3, 2017.

Performance

XTAP vs. UTSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated Plus ETF (XTAP) and Direxion Daily Utilities Bull 3X Shares (UTSL). The values are adjusted to include any dividend payments, if applicable.

XTAP vs. UTSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XTAP Innovator U.S. Equity Accelerated Plus ETF	1.66%	17.58%	14.26%	23.46%	-14.68%	11.87%
UTSL Direxion Daily Utilities Bull 3X Shares	20.69%	29.03%	54.24%	-35.55%	-14.06%	40.93%

Returns By Period

In the year-to-date period, XTAP achieves a 1.66% return, which is significantly lower than UTSL's 20.69% return.

XTAP

• 1D: 0.08%
• 1M: 0.65%
• YTD: 1.66%
• 6M: 4.34%
• 1Y: 16.29%
• 3Y*: 16.22%
• 5Y*: —
• 10Y*: —

UTSL

• 1D: -0.75%
• 1M: -11.14%
• YTD: 20.69%
• 6M: 11.50%
• 1Y: 42.18%
• 3Y*: 21.90%
• 5Y*: 13.39%
• 10Y*: —

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

XTAP vs. UTSL - Expense Ratio Comparison

XTAP has a 0.79% expense ratio, which is lower than UTSL's 0.99% expense ratio.

UTSL

Direxion Daily Utilities Bull 3X Shares

XTAP

Innovator U.S. Equity Accelerated Plus ETF

Return for Risk

XTAP vs. UTSL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XTAP

XTAP Risk / Return Rank: 74
XTAP Sharpe Ratio Rank: 65
XTAP Sortino Ratio Rank: 70
XTAP Omega Ratio Rank: 94
XTAP Calmar Ratio Rank: 56
XTAP Martin Ratio Rank: 85

UTSL

UTSL Risk / Return Rank: 53
UTSL Sharpe Ratio Rank: 52
UTSL Sortino Ratio Rank: 53
UTSL Omega Ratio Rank: 50
UTSL Calmar Ratio Rank: 68
UTSL Martin Ratio Rank: 42

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. UTSL - 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 Utilities Bull 3X Shares (UTSL). 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	UTSL	Difference
Sharpe ratio Return per unit of total volatility	1.14	0.90	+0.24
Sortino ratio Return per unit of downside risk	1.76	1.37	+0.40
Omega ratio Gain probability vs. loss probability	1.44	1.18	+0.26
Calmar ratio Return relative to maximum drawdown	1.43	1.67	-0.25
Martin ratio Return relative to average drawdown	9.78	3.80	+5.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTAP vs. UTSL - Sharpe Ratio Comparison

The current XTAP Sharpe Ratio is 1.14, which is comparable to the UTSL Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of XTAP and UTSL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XTAP	UTSL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	0.90	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.17	+0.51

Correlation

The correlation between XTAP and UTSL is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

XTAP vs. UTSL - Dividend Comparison

XTAP has not paid dividends to shareholders, while UTSL's dividend yield for the trailing twelve months is around 1.51%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
UTSL Direxion Daily Utilities Bull 3X Shares	1.51%	1.69%	1.61%	3.61%	1.15%	1.19%	1.40%	5.01%	1.46%	0.57%

Drawdowns

XTAP vs. UTSL - Drawdown Comparison

The maximum XTAP drawdown since its inception was -22.13%, smaller than the maximum UTSL drawdown of -79.55%. Use the drawdown chart below to compare losses from any high point for XTAP and UTSL.

Drawdown Indicators

	XTAP	UTSL	Difference
Max Drawdown Largest peak-to-trough decline	-22.13%	-79.55%	+57.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.83%	-27.94%	+16.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-68.01%	—
Current Drawdown Current decline from peak	0.00%	-11.14%	+11.14%
Average Drawdown Average peak-to-trough decline	-3.57%	-33.61%	+30.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	12.30%	-10.57%

Volatility

XTAP vs. UTSL - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated Plus ETF (XTAP) is 0.77%, while Direxion Daily Utilities Bull 3X Shares (UTSL) has a volatility of 15.69%. This indicates that XTAP experiences smaller price fluctuations and is considered to be less risky than UTSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTAP	UTSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	15.69%	-14.92%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	31.12%	-28.60%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	47.20%	-32.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.60%	51.60%	-37.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.60%	59.39%	-44.79%