BNOV vs. SFLR

Last updated Jun 5, 2026

BNOV (Innovator U.S. Equity Buffer ETF - November) and SFLR (Innovator Equity Managed Floor ETF) are both exchange-traded funds - BNOV is a Defined Outcome fund tracking the S&P 500 Price Return Index, while SFLR is a Options Trading fund actively managed by Innovator. BNOV is passively managed, while SFLR is actively managed. Over the past 3 years, BNOV returned 13.62%/yr vs 16.25%/yr for SFLR. Their correlation of 0.88 suggests significant overlap in exposure. BNOV charges 0.79%/yr vs 0.89%/yr for SFLR.

Performance

BNOV vs. SFLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - November (BNOV) 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, BNOV achieves a 7.93% return, which is significantly higher than SFLR's 6.20% return.

BNOV

• 1D: 0.24%
• 1M: 3.06%
• YTD: 7.93%
• 6M: 8.16%
• 1Y: 19.67%
• 3Y*: 13.62%
• 5Y*: 8.73%
• 10Y*: —

SFLR

• 1D: 0.62%
• 1M: 4.77%
• YTD: 6.20%
• 6M: 6.35%
• 1Y: 19.88%
• 3Y*: 16.25%
• 5Y*: —
• 10Y*: —

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

BNOV vs. SFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BNOV Innovator U.S. Equity Buffer ETF - November	7.93%	13.23%	12.49%	17.24%	2.51%
SFLR Innovator Equity Managed Floor ETF	6.20%	13.29%	19.99%	21.20%	1.38%

Correlation

The correlation between BNOV and SFLR 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 (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 10, 2022	0.88

The correlation between BNOV and SFLR has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

BNOV vs. SFLR - Sectors Allocation Comparison

Sectors	BNOV	SFLR
Technology	36.2%	35.5%
Financial Services	11.9%	11.3%
Communication Services	10.9%	11.7%
Consumer Cyclical	10.1%	10.0%
Healthcare	8.4%	8.5%
Industrials	8.1%	8.4%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.7%
Utilities	2.3%	2.5%
Real Estate	1.9%	1.6%
Basic Materials	1.8%	2.1%

Return for Risk

BNOV vs. SFLR — Risk / Return Rank

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

BNOV

BNOV Risk / Return Rank: 73
BNOV Sharpe Ratio Rank: 74
BNOV Sortino Ratio Rank: 77
BNOV Omega Ratio Rank: 80
BNOV Calmar Ratio Rank: 61
BNOV Martin Ratio Rank: 75

SFLR

SFLR Risk / Return Rank: 67
SFLR Sharpe Ratio Rank: 70
SFLR Sortino Ratio Rank: 67
SFLR Omega Ratio Rank: 74
SFLR Calmar Ratio Rank: 60
SFLR Martin Ratio Rank: 66

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.

BNOV vs. SFLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - November (BNOV) 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.

	BNOV	SFLR	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.24	+0.13
Sortino ratio: Return per unit of downside risk	3.38	3.04	+0.34
Omega ratio: Gain probability vs. loss probability	1.47	1.43	+0.04
Calmar ratio: Return relative to maximum drawdown	3.01	2.94	+0.07
Martin ratio: Return relative to average drawdown	14.20	12.00	+2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNOV vs. SFLR - Sharpe Ratio Comparison

The current BNOV Sharpe Ratio is 2.37, which is comparable to the SFLR Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of BNOV 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.

Sharpe Ratios by Period

	BNOV	SFLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.24	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	1.73	-1.02

Drawdowns

BNOV vs. SFLR - Drawdown Comparison

The maximum BNOV drawdown since its inception was -24.66%, which is greater than SFLR's maximum drawdown of -12.13%. Use the drawdown chart below to compare losses from any high point for BNOV and SFLR.

Drawdown Indicators

	BNOV	SFLR	Difference
Max Drawdown Largest peak-to-trough decline	-24.66%	-12.13%	-12.53%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-6.79%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-13.70%	-12.13%	-1.57%
Max Drawdown (5Y) Largest decline over 5 years	-16.27%	—	—
Current Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-2.93%	-1.74%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.66%	-0.27%

Volatility

BNOV vs. SFLR - Volatility Comparison

Innovator U.S. Equity Buffer ETF - November (BNOV) and Innovator Equity Managed Floor ETF (SFLR) have volatilities of 1.72% and 1.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNOV	SFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	1.77%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	6.58%	6.49%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	8.33%	8.91%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	10.15%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.04%	10.15%	+3.89%

BNOV vs. SFLR - Expense Ratio Comparison

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

Dividends

BNOV vs. SFLR - Dividend Comparison

BNOV has not paid dividends to shareholders, while SFLR's dividend yield for the trailing twelve months is around 0.32%.

Position	TTM	2025	2024	2023	2022
BNOV Innovator U.S. Equity Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%
SFLR Innovator Equity Managed Floor ETF	0.32%	0.33%	0.42%	1.16%	0.06%

Frequently Asked Questions

Can I hold both BNOV and SFLR in my portfolio?

BNOV and SFLR 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, BNOV or SFLR?

SFLR has higher volatility (1.77%) compared to BNOV (1.72%). In terms of maximum drawdown, BNOV dropped -24.66% vs SFLR's -12.13%.

Which ETF is better, BNOV or SFLR?

On 3-year performance, SFLR leads with 16.25% vs 13.62% for BNOV. On fees, BNOV is cheaper at 0.79% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNOV or SFLR?

Over the 3-year period, SFLR has performed better with a 16.25% return vs 13.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNOV or SFLR?

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

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

SFLR has the higher dividend yield at 0.32%, compared with 0.00% for BNOV.

What is the main difference between BNOV and SFLR?

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

Which has better risk-adjusted returns?

BNOV currently has the higher Sharpe Ratio (2.37 vs 2.24), 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.