KAUG vs. QFLR

Last updated Jun 4, 2026

KAUG (Innovator U.S. Small Cap Power Buffer ETF) and QFLR (Innovator Nasdaq-100 Managed Floor ETF) are both exchange-traded funds - KAUG is a Defined Outcome fund actively managed by Innovator, while QFLR is a Nasdaq-100 fund actively managed by Innovator. Both are actively managed. Over the past year, KAUG returned 15.76% vs 26.98% for QFLR. A 0.63 correlation means they provide meaningful diversification when combined. KAUG charges 0.79%/yr vs 0.89%/yr for QFLR.

Performance

KAUG vs. QFLR - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with KAUG having a 7.07% return and QFLR slightly lower at 6.90%.

KAUG

• 1D: -0.10%
• 1M: 1.31%
• YTD: 7.07%
• 6M: 7.39%
• 1Y: 15.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QFLR

• 1D: 0.01%
• 1M: 3.99%
• YTD: 6.90%
• 6M: 5.88%
• 1Y: 26.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KAUG vs. QFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KAUG Innovator U.S. Small Cap Power Buffer ETF	7.07%	5.52%	2.80%
QFLR Innovator Nasdaq-100 Managed Floor ETF	6.90%	17.27%	9.27%

Correlation

The correlation between KAUG and QFLR is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (All Time) Calculated using the full available price history since Aug 2, 2024	0.63

The correlation between KAUG and QFLR has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.

Return for Risk

KAUG vs. QFLR — Risk / Return Rank

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

KAUG

KAUG Risk / Return Rank: 68
KAUG Sharpe Ratio Rank: 59
KAUG Sortino Ratio Rank: 63
KAUG Omega Ratio Rank: 62
KAUG Calmar Ratio Rank: 79
KAUG Martin Ratio Rank: 76

QFLR

QFLR Risk / Return Rank: 74
QFLR Sharpe Ratio Rank: 73
QFLR Sortino Ratio Rank: 71
QFLR Omega Ratio Rank: 74
QFLR Calmar Ratio Rank: 71
QFLR Martin Ratio Rank: 78

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.

KAUG vs. QFLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF (KAUG) 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.

	KAUG	QFLR	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.41	-0.43
Sortino ratio: Return per unit of downside risk	2.92	3.26	-0.34
Omega ratio: Gain probability vs. loss probability	1.38	1.44	-0.07
Calmar ratio: Return relative to maximum drawdown	4.02	3.56	+0.46
Martin ratio: Return relative to average drawdown	14.54	15.19	-0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KAUG vs. QFLR - Sharpe Ratio Comparison

The current KAUG Sharpe Ratio is 1.98, which is comparable to the QFLR Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of KAUG 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

	KAUG	QFLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.41	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	1.40	-0.63

Drawdowns

KAUG vs. QFLR - Drawdown Comparison

The maximum KAUG drawdown since its inception was -15.66%, which is greater than QFLR's maximum drawdown of -13.97%. Use the drawdown chart below to compare losses from any high point for KAUG and QFLR.

Drawdown Indicators

	KAUG	QFLR	Difference
Max Drawdown Largest peak-to-trough decline	-15.66%	-13.97%	-1.69%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-7.61%	+3.67%
Current Drawdown Current decline from peak	-0.10%	-0.48%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.85%	-2.50%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	1.78%	-0.69%

Volatility

KAUG vs. QFLR - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF (KAUG) is 0.98%, while Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a volatility of 2.53%. This indicates that KAUG 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

	KAUG	QFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	2.53%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	5.15%	8.05%	-2.90%
Volatility (1Y) Calculated over the trailing 1-year period	8.02%	11.28%	-3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.21%	12.62%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.21%	12.62%	-1.41%

KAUG vs. QFLR - Expense Ratio Comparison

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

Dividends

KAUG vs. QFLR - Dividend Comparison

Neither KAUG nor QFLR has paid dividends to shareholders.

Position	TTM	2025	2024
KAUG Innovator U.S. Small Cap Power Buffer ETF	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 KAUG and QFLR in my portfolio?

KAUG and QFLR have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KAUG or QFLR?

QFLR has higher volatility (2.53%) compared to KAUG (0.98%). In terms of maximum drawdown, KAUG dropped -15.66% vs QFLR's -13.97%.

Which ETF is better, KAUG or QFLR?

On 1-year performance, QFLR leads with 26.98% vs 15.76% for KAUG. On fees, KAUG is cheaper at 0.79% per year. On volatility, KAUG has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KAUG or QFLR?

Over the 1-year period, QFLR has performed better with a 26.98% return vs 15.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KAUG or QFLR?

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

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

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

What is the main difference between KAUG and QFLR?

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

Which has better risk-adjusted returns?

QFLR currently has the higher Sharpe Ratio (2.41 vs 1.98), 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.