KONG vs. RFLR

Last updated Aug 4, 2026

KONG (Formidable Fortress ETF) and RFLR (Innovator U.S. Small Cap Managed Floor ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, KONG returned 7.92% vs 29.43% for RFLR. Their 0.67 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.89% expense ratio.

Performance

KONG vs. RFLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Formidable Fortress ETF (KONG) and Innovator U.S. Small Cap Managed Floor ETF (RFLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KONG achieves a 5.64% return, which is significantly lower than RFLR's 15.25% return.

KONG

• 1D: 1.18%
• 1M: 2.29%
• 6M: 4.16%
• YTD: 5.64%
• 1Y: 7.92%
• 3Y*: 8.47%
• 5Y*: 5.52%
• 10Y*: —
• ALL TIME*: 5.71%

RFLR

• 1D: 1.26%
• 1M: 0.40%
• 6M: 11.12%
• YTD: 15.25%
• 1Y: 29.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KONG Formidable Fortress ETF	$14.69K	$9.34K	$25.25K
RFLR Innovator U.S. Small Cap Managed Floor ETF	$343.89K	$372.96K	$374.09K

KONG vs. RFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KONG Formidable Fortress ETF	5.64%	6.56%	0.99%
RFLR Innovator U.S. Small Cap Managed Floor ETF	15.25%	11.81%	1.78%

Correlation

The correlation between KONG and RFLR is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.67

The correlation between KONG and RFLR has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

KONG vs. RFLR - Sectors Allocation Comparison

Sectors	KONG	RFLR
Technology	31.3%	14.8%
Industrials	14.4%	13.5%
Healthcare	13.1%	18.9%
Financial Services	7.7%	17.4%
Communication Services	7.3%	2.5%
Real Estate	5.7%	7.3%
Energy	5.5%	5.2%
Basic Materials	4.7%	4.3%
Consumer Cyclical	2.8%	10.2%
Utilities	2.4%	2.5%
Consumer Defensive	2.1%	3.4%

Return for Risk

KONG vs. RFLR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KONG

KONG Risk / Return Rank: 29
KONG Sharpe Ratio Rank: 28
KONG Sortino Ratio Rank: 27
KONG Omega Ratio Rank: 26
KONG Calmar Ratio Rank: 28
KONG Martin Ratio Rank: 34

RFLR

RFLR Risk / Return Rank: 91
RFLR Sharpe Ratio Rank: 89
RFLR Sortino Ratio Rank: 90
RFLR Omega Ratio Rank: 88
RFLR Calmar Ratio Rank: 94
RFLR Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KONG vs. RFLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Formidable Fortress ETF (KONG) and Innovator U.S. Small Cap Managed Floor ETF (RFLR). 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.

	KONG	RFLR	Difference
Sharpe ratio: Return per unit of total volatility	0.71	2.35	-1.63
Sortino ratio: Return per unit of downside risk	1.06	3.38	-2.32
Omega ratio: Gain probability vs. loss probability	1.13	1.42	-0.29
Calmar ratio: Return relative to maximum drawdown	0.93	5.11	-4.18
Martin ratio: Return relative to average drawdown	3.48	18.48	-14.99

KONG vs. RFLR - Sharpe Ratio Comparison

The current KONG Sharpe Ratio is 0.71, which is lower than the RFLR Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of KONG and RFLR, 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

KONG vs. RFLR - Drawdown Comparison

The maximum KONG drawdown since its inception was -19.98%, which is greater than RFLR's maximum drawdown of -15.48%. Use the drawdown chart below to compare losses from any high point for KONG and RFLR.

Drawdown Indicators

	KONG	RFLR	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-15.48%	-4.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-5.79%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-15.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.34%	—	—
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-5.68%	-3.56%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	1.60%	+0.68%

Volatility

KONG vs. RFLR - Volatility Comparison

Formidable Fortress ETF (KONG) has a higher volatility of 3.44% compared to Innovator U.S. Small Cap Managed Floor ETF (RFLR) at 3.04%. This indicates that KONG's price experiences larger fluctuations and is considered to be riskier than RFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KONG	RFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	3.04%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	9.01%	8.97%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	11.20%	12.63%	-1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.92%	12.20%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.50%	12.20%	+2.30%

KONG vs. RFLR - Expense Ratio Comparison

Both KONG and RFLR have an expense ratio of 0.89%.

Dividends

KONG vs. RFLR - Dividend Comparison

KONG's dividend yield for the trailing twelve months is around 0.35%, less than RFLR's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021
KONG Formidable Fortress ETF	0.35%	0.37%	0.78%	0.69%	0.49%	0.12%
RFLR Innovator U.S. Small Cap Managed Floor ETF	0.59%	0.67%	0.26%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KONG and RFLR in my portfolio?

KONG and RFLR have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KONG or RFLR?

KONG has higher volatility (3.44%) compared to RFLR (3.04%). In terms of maximum drawdown, KONG dropped -19.98% vs RFLR's -15.48%.

Which ETF is better, KONG or RFLR?

On 1-year performance, RFLR leads with 29.43% vs 7.92% for KONG. Both ETFs have the same 0.89% expense ratio. On volatility, RFLR has been the lower-risk option at 3.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KONG or RFLR?

Over the 1-year period, RFLR has performed better with a 29.43% return vs 7.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KONG or RFLR?

KONG and RFLR have the same expense ratio: 0.89% per year.

Which ETF pays a higher dividend yield, KONG or RFLR?

RFLR has the higher dividend yield at 0.59%, compared with 0.35% for KONG.

What is the main difference between KONG and RFLR?

They also come from different issuers: Formidable and Innovator.

Which has better risk-adjusted returns?

RFLR currently has the higher Sharpe Ratio (2.35 vs 0.71), 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.