BDEC vs. SFLR

Last updated Jul 14, 2026

BDEC (Innovator U.S. Equity Buffer ETF - December) and SFLR (Innovator Equity 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 SFLR is a Options Trading fund actively managed by Innovator. BDEC is passively managed, while SFLR is actively managed. Over the past 3 years, BDEC returned 13.40%/yr vs 14.17%/yr for SFLR. Their correlation of 0.90 suggests significant overlap in exposure. BDEC charges 0.79%/yr vs 0.89%/yr for SFLR.

Performance

BDEC vs. SFLR - 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 Equity Managed Floor ETF (SFLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDEC achieves a 7.69% return, which is significantly higher than SFLR's 5.15% return.

BDEC

• 1D: -0.45%
• 1M: 1.11%
• 6M: 6.23%
• YTD: 7.69%
• 1Y: 17.54%
• 3Y*: 13.40%
• 5Y*: 9.88%
• 10Y*: —

SFLR

• 1D: -0.41%
• 1M: 1.26%
• 6M: 3.63%
• YTD: 5.15%
• 1Y: 14.53%
• 3Y*: 14.17%
• 5Y*: —
• 10Y*: —

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

BDEC vs. SFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BDEC Innovator U.S. Equity Buffer ETF - December	7.69%	14.96%	12.71%	19.86%	1.50%
SFLR Innovator Equity Managed Floor ETF	5.15%	13.29%	19.99%	21.20%	0.42%

Correlation

The correlation between BDEC and SFLR is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022	0.90

The correlation between BDEC and SFLR has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

BDEC vs. SFLR — Risk / Return Rank

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

BDEC

BDEC Risk / Return Rank: 77
BDEC Sharpe Ratio Rank: 77
BDEC Sortino Ratio Rank: 78
BDEC Omega Ratio Rank: 79
BDEC Calmar Ratio Rank: 68
BDEC Martin Ratio Rank: 82

SFLR

SFLR Risk / Return Rank: 56
SFLR Sharpe Ratio Rank: 55
SFLR Sortino Ratio Rank: 52
SFLR Omega Ratio Rank: 58
SFLR Calmar Ratio Rank: 54
SFLR Martin Ratio Rank: 59

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. SFLR - 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 Equity Managed Floor ETF (SFLR). 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.

	BDEC	SFLR	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.49	+0.45
Sortino ratio: Return per unit of downside risk	2.76	2.03	+0.73
Omega ratio: Gain probability vs. loss probability	1.37	1.28	+0.08
Calmar ratio: Return relative to maximum drawdown	2.70	2.15	+0.55
Martin ratio: Return relative to average drawdown	12.56	8.22	+4.33

BDEC vs. SFLR - Sharpe Ratio Comparison

The current BDEC Sharpe Ratio is 1.95, which is higher than the SFLR Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of BDEC and SFLR, 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

BDEC vs. SFLR - Drawdown Comparison

The maximum BDEC drawdown since its inception was -25.60%, which is greater than SFLR's maximum drawdown of -12.13%. Use the drawdown chart below to compare losses from any high point for BDEC and SFLR.

Drawdown Indicators

	BDEC	SFLR	Difference
Max Drawdown Largest peak-to-trough decline	-25.60%	-12.13%	-13.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.52%	-6.79%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-12.13%	-1.82%
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	—	—
Current Drawdown Current decline from peak	-0.45%	-0.99%	+0.54%
Average Drawdown Average peak-to-trough decline	-3.02%	-1.74%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	1.77%	-0.37%

Volatility

BDEC vs. SFLR - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - December (BDEC) is 2.69%, while Innovator Equity Managed Floor ETF (SFLR) has a volatility of 3.25%. This indicates that BDEC experiences smaller price fluctuations and is considered to be less risky than SFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDEC	SFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	3.25%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	7.58%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	9.07%	9.79%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.04%	10.28%	+1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.21%	10.28%	+3.93%

BDEC vs. SFLR - Expense Ratio Comparison

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

Dividends

BDEC vs. SFLR - Dividend Comparison

BDEC has not paid dividends to shareholders, while SFLR's dividend yield for the trailing twelve months is around 0.28%.

Position	TTM	2025	2024	2023	2022
BDEC Innovator U.S. Equity Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%
SFLR Innovator Equity Managed Floor ETF	0.28%	0.33%	0.42%	1.16%	0.06%

Frequently Asked Questions

Can I hold both BDEC and SFLR in my portfolio?

With a correlation of 0.90, BDEC and SFLR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BDEC or SFLR?

SFLR has higher volatility (3.25%) compared to BDEC (2.69%). In terms of maximum drawdown, BDEC dropped -25.60% vs SFLR's -12.13%.

Which ETF is better, BDEC or SFLR?

On 3-year performance, SFLR leads with 14.17% vs 13.40% for BDEC. On fees, BDEC is cheaper at 0.79% per year. On volatility, BDEC has been the lower-risk option at 2.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDEC or SFLR?

Over the 3-year period, SFLR has performed better with a 14.17% return vs 13.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDEC or SFLR?

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

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

SFLR has the higher dividend yield at 0.28%, compared with 0.00% for BDEC.

What is the main difference between BDEC and SFLR?

BDEC is categorized as Defined Outcome, while SFLR is Options Trading. Their fees differ too: 0.79% for BDEC and 0.89% for SFLR.

Which has better risk-adjusted returns?

BDEC currently has the higher Sharpe Ratio (1.95 vs 1.49), 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.