XXXX vs. XTAP

Last updated Jun 4, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. XXXX is passively managed, while XTAP is actively managed. Over the past year, XXXX returned 86.73% vs 21.00% for XTAP. Their correlation of 0.88 suggests significant overlap in exposure. XXXX charges 2.95%/yr vs 0.79%/yr for XTAP.

Performance

XXXX vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XXXX achieves a 29.32% return, which is significantly higher than XTAP's 10.96% return.

XXXX

• 1D: -2.88%
• 1M: 18.44%
• YTD: 29.32%
• 6M: 26.06%
• 1Y: 86.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XTAP

• 1D: -0.21%
• 1M: 2.32%
• YTD: 10.96%
• 6M: 12.10%
• 1Y: 21.00%
• 3Y*: 17.90%
• 5Y*: 10.99%
• 10Y*: —

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

XXXX vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XXXX MAX S&P 500 4X Leveraged ETN	29.32%	17.36%	61.36%	16.31%
XTAP Innovator U.S. Equity Accelerated Plus ETF	10.96%	17.58%	14.26%	1.82%

Correlation

The correlation between XXXX and XTAP is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023	0.88

The correlation between XXXX and XTAP has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

XXXX vs. XTAP — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 49
XXXX Sharpe Ratio Rank: 53
XXXX Sortino Ratio Rank: 45
XXXX Omega Ratio Rank: 47
XXXX Calmar Ratio Rank: 46
XXXX Martin Ratio Rank: 52

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

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.

XXXX vs. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). 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.

	XXXX	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	1.86	4.50	-2.64
Sortino ratio: Return per unit of downside risk	2.31	7.78	-5.47
Omega ratio: Gain probability vs. loss probability	1.30	2.22	-0.92
Calmar ratio: Return relative to maximum drawdown	2.34	14.82	-12.48
Martin ratio: Return relative to average drawdown	8.95	78.70	-69.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XXXX vs. XTAP - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.86, which is lower than the XTAP Sharpe Ratio of 4.50. The chart below compares the historical Sharpe Ratios of XXXX and XTAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XXXX	XTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	4.50	-2.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.80	+0.06

Drawdowns

XXXX vs. XTAP - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for XXXX and XTAP.

Drawdown Indicators

	XXXX	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-22.13%	-40.14%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-1.42%	-35.83%
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	-2.88%	-0.21%	-2.67%
Average Drawdown Average peak-to-trough decline	-11.60%	-3.45%	-8.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.73%	0.27%	+9.46%

Volatility

XXXX vs. XTAP - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 11.32% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 1.10%. This indicates that XXXX's price experiences larger fluctuations and is considered to be riskier than XTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XXXX	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.32%	1.10%	+10.22%
Volatility (6M) Calculated over the trailing 6-month period	35.41%	3.16%	+32.25%
Volatility (1Y) Calculated over the trailing 1-year period	46.83%	4.70%	+42.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.75%	14.54%	+46.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.75%	14.41%	+46.34%

XXXX vs. XTAP - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than XTAP's 0.79% expense ratio.

Dividends

XXXX vs. XTAP - Dividend Comparison

Neither XXXX nor XTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XXXX and XTAP in my portfolio?

XXXX and XTAP have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XXXX or XTAP?

XXXX has higher volatility (11.32%) compared to XTAP (1.10%). In terms of maximum drawdown, XXXX dropped -62.27% vs XTAP's -22.13%.

Which ETF is better, XXXX or XTAP?

On 1-year performance, XXXX leads with 86.73% vs 21.00% for XTAP. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or XTAP?

Over the 1-year period, XXXX has performed better with a 86.73% return vs 21.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or XTAP?

XTAP is cheaper with a 0.79% expense ratio, compared with 2.95% for XXXX.

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

XXXX and XTAP have nearly identical dividend yields, around 0.00%.

What is the main difference between XXXX and XTAP?

They also come from different issuers: Max and Innovator. Their fees differ too: 2.95% for XXXX and 0.79% for XTAP.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (4.50 vs 1.86), 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.