BFRZ vs. QB

Last updated Jun 24, 2026

BFRZ (Innovator Equity Managed 100 Buffer ETF) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds. BFRZ is actively managed, while QB is passively managed. A 0.61 correlation means they provide meaningful diversification when combined. BFRZ charges 0.89%/yr vs 0.58%/yr for QB.

Performance

BFRZ vs. QB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Managed 100 Buffer ETF (BFRZ) and ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BFRZ achieves a -0.07% return, which is significantly lower than QB's 9.56% return.

BFRZ

• 1D: -0.72%
• 1M: -0.80%
• YTD: -0.07%
• 6M: -0.32%
• 1Y: 5.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QB

• 1D: -1.22%
• 1M: -0.18%
• YTD: 9.56%
• 6M: 9.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BFRZ vs. QB - Yearly Performance Comparison

	2026 (YTD)	2025
BFRZ Innovator Equity Managed 100 Buffer ETF	-0.07%	5.63%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	9.56%	6.10%

Correlation

The correlation between BFRZ and QB is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.61

Return for Risk

BFRZ vs. QB — Risk / Return Rank

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

BFRZ

BFRZ Risk / Return Rank: 31
BFRZ Sharpe Ratio Rank: 30
BFRZ Sortino Ratio Rank: 26
BFRZ Omega Ratio Rank: 29
BFRZ Calmar Ratio Rank: 38
BFRZ Martin Ratio Rank: 34

QB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

BFRZ vs. QB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed 100 Buffer ETF (BFRZ) and ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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.

	BFRZ	QB	Difference
Sharpe ratio: Return per unit of total volatility	0.99	—	—
Sortino ratio: Return per unit of downside risk	1.34	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	1.77	—	—
Martin ratio: Return relative to average drawdown	4.75	—	—

Drawdowns

BFRZ vs. QB - Drawdown Comparison

The maximum BFRZ drawdown since its inception was -3.12%, smaller than the maximum QB drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for BFRZ and QB.

Drawdown Indicators

	BFRZ	QB	Difference
Max Drawdown Largest peak-to-trough decline	-3.12%	-3.47%	+0.35%
Max Drawdown (1Y) Largest decline over 1 year	-3.12%	—	—
Current Drawdown Current decline from peak	-1.96%	-1.51%	-0.45%
Average Drawdown Average peak-to-trough decline	-0.70%	-0.41%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	—	—

Volatility

Volatility by Period

	BFRZ	QB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	6.85%	-1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.33%	6.85%	-1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.33%	6.85%	-1.52%

BFRZ vs. QB - Expense Ratio Comparison

BFRZ has a 0.89% expense ratio, which is higher than QB's 0.58% expense ratio.

Dividends

BFRZ vs. QB - Dividend Comparison

BFRZ's dividend yield for the trailing twelve months is around 0.26%, less than QB's 0.63% yield.

Position	TTM	2025
BFRZ Innovator Equity Managed 100 Buffer ETF	0.26%	0.20%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.63%	0.48%

Frequently Asked Questions

Can I hold both BFRZ and QB in my portfolio?

BFRZ and QB have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BFRZ or QB?

On fees, QB is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BFRZ or QB?

QB is cheaper with a 0.58% expense ratio, compared with 0.89% for BFRZ.

Which ETF pays a higher dividend yield, BFRZ or QB?

QB has the higher dividend yield at 0.63%, compared with 0.26% for BFRZ.

What is the main difference between BFRZ and QB?

They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.89% for BFRZ and 0.58% for QB.