BDEC vs. QFLR

Last updated Jun 3, 2026

BDEC (Innovator U.S. Equity Buffer ETF - December) and QFLR (Innovator Nasdaq-100 Managed Floor ETF) are both exchange-traded funds - BDEC is a Defined Outcome fund tracking the Cboe S&P 500 Buffer Protect Index December, while QFLR is a Nasdaq-100 fund actively managed by Innovator. BDEC is passively managed, while QFLR is actively managed. Over the past year, BDEC returned 22.49% vs 27.80% for QFLR. Their correlation of 0.84 suggests significant overlap in exposure. BDEC charges 0.79%/yr vs 0.89%/yr for QFLR.

Performance

BDEC vs. QFLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - December (BDEC) and Innovator Nasdaq-100 Managed Floor ETF (QFLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDEC achieves a 7.75% return, which is significantly higher than QFLR's 6.88% return.

BDEC

• 1D: 0.09%
• 1M: 3.25%
• YTD: 7.75%
• 6M: 8.29%
• 1Y: 22.49%
• 3Y*: 15.10%
• 5Y*: 10.32%
• 10Y*: —

QFLR

• 1D: 0.10%
• 1M: 3.47%
• YTD: 6.88%
• 6M: 6.14%
• 1Y: 27.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BDEC vs. QFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BDEC Innovator U.S. Equity Buffer ETF - December	7.75%	14.96%	10.46%
QFLR Innovator Nasdaq-100 Managed Floor ETF	6.88%	17.27%	16.64%

Correlation

The correlation between BDEC and QFLR is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Jan 26, 2024	0.84

The correlation between BDEC and QFLR has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

BDEC vs. QFLR - Sectors Allocation Comparison

Sectors	BDEC	QFLR
Technology	36.2%	50.8%
Financial Services	11.9%	0.9%
Communication Services	10.9%	18.4%
Consumer Cyclical	10.1%	12.1%
Healthcare	8.4%	3.2%
Industrials	8.1%	2.8%
Consumer Defensive	4.9%	9.2%
Energy	3.5%	1.1%
Utilities	2.3%	1.5%
Real Estate	1.9%	-
Basic Materials	1.8%	0.0%

Return for Risk

BDEC vs. QFLR — Risk / Return Rank

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

BDEC

BDEC Risk / Return Rank: 78
BDEC Sharpe Ratio Rank: 78
BDEC Sortino Ratio Rank: 79
BDEC Omega Ratio Rank: 81
BDEC Calmar Ratio Rank: 69
BDEC Martin Ratio Rank: 82

QFLR

QFLR Risk / Return Rank: 75
QFLR Sharpe Ratio Rank: 75
QFLR Sortino Ratio Rank: 73
QFLR Omega Ratio Rank: 75
QFLR Calmar Ratio Rank: 73
QFLR Martin Ratio Rank: 80

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.

BDEC vs. QFLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - December (BDEC) and Innovator Nasdaq-100 Managed Floor ETF (QFLR). 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.

	BDEC	QFLR	Difference
Sharpe ratio Return per unit of total volatility	2.58	2.48	+0.10
Sortino ratio Return per unit of downside risk	3.62	3.35	+0.27
Omega ratio Gain probability vs. loss probability	1.49	1.46	+0.04
Calmar ratio Return relative to maximum drawdown	3.49	3.73	-0.24
Martin ratio Return relative to average drawdown	16.74	15.97	+0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDEC vs. QFLR - Sharpe Ratio Comparison

The current BDEC Sharpe Ratio is 2.58, which is comparable to the QFLR Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of BDEC and QFLR, 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

	BDEC	QFLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	2.48	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	1.40	-0.59

Drawdowns

BDEC vs. QFLR - Drawdown Comparison

The maximum BDEC drawdown since its inception was -25.60%, which is greater than QFLR's maximum drawdown of -13.97%. Use the drawdown chart below to compare losses from any high point for BDEC and QFLR.

Drawdown Indicators

	BDEC	QFLR	Difference
Max Drawdown Largest peak-to-trough decline	-25.60%	-13.97%	-11.63%
Max Drawdown (1Y) Largest decline over 1 year	-6.52%	-7.61%	+1.09%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	—	—
Current Drawdown Current decline from peak	0.00%	-0.49%	+0.49%
Average Drawdown Average peak-to-trough decline	-3.05%	-2.50%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	1.78%	-0.42%

Volatility

BDEC vs. QFLR - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - December (BDEC) is 1.53%, while Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a volatility of 2.62%. This indicates that BDEC experiences smaller price fluctuations and is considered to be less risky than QFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDEC	QFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	2.62%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	6.33%	8.05%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	8.77%	11.29%	-2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.96%	12.63%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.27%	12.63%	+1.64%

BDEC vs. QFLR - Expense Ratio Comparison

BDEC has a 0.79% expense ratio, which is lower than QFLR's 0.89% expense ratio.

Dividends

BDEC vs. QFLR - Dividend Comparison

Neither BDEC nor QFLR has paid dividends to shareholders.

Position	TTM	2025	2024
BDEC Innovator U.S. Equity Buffer ETF - December	0.00%	0.00%	0.00%
QFLR Innovator Nasdaq-100 Managed Floor ETF	0.00%	0.02%	0.03%

Frequently Asked Questions

Can I hold both BDEC and QFLR in my portfolio?

BDEC and QFLR have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDEC or QFLR?

QFLR has higher volatility (2.62%) compared to BDEC (1.53%). In terms of maximum drawdown, BDEC dropped -25.60% vs QFLR's -13.97%.

Which ETF is better, BDEC or QFLR?

On 1-year performance, QFLR leads with 27.80% vs 22.49% for BDEC. On fees, BDEC is cheaper at 0.79% per year. On volatility, BDEC has been the lower-risk option at 1.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDEC or QFLR?

Over the 1-year period, QFLR has performed better with a 27.80% return vs 22.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDEC or QFLR?

BDEC is cheaper with a 0.79% expense ratio, compared with 0.89% for QFLR.

Which ETF pays a higher dividend yield, BDEC or QFLR?

BDEC and QFLR have nearly identical dividend yields, around 0.00%.

What is the main difference between BDEC and QFLR?

BDEC is categorized as Defined Outcome, while QFLR is Nasdaq-100. Their fees differ too: 0.79% for BDEC and 0.89% for QFLR.

Which has better risk-adjusted returns?

BDEC currently has the higher Sharpe Ratio (2.58 vs 2.48), 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.