PSEP vs. QFLR

Last updated Jun 23, 2026

PSEP (Innovator U.S. Equity Power Buffer ETF - September) and QFLR (Innovator Nasdaq-100 Managed Floor ETF) are both exchange-traded funds - PSEP is a Defined Outcome fund tracking the S&P 500 Index, while QFLR is a Nasdaq-100 fund actively managed by Innovator. PSEP is passively managed, while QFLR is actively managed. Over the past year, PSEP returned 14.82% vs 24.99% for QFLR. Their correlation of 0.81 suggests significant overlap in exposure. PSEP charges 0.79%/yr vs 0.89%/yr for QFLR.

Performance

PSEP vs. QFLR - Performance Comparison

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

Returns By Period

In the year-to-date period, PSEP achieves a 5.06% return, which is significantly lower than QFLR's 6.21% return.

PSEP

• 1D: -0.03%
• 1M: 0.59%
• YTD: 5.06%
• 6M: 5.05%
• 1Y: 14.82%
• 3Y*: 12.68%
• 5Y*: 9.30%
• 10Y*: —

QFLR

• 1D: 0.25%
• 1M: 0.52%
• YTD: 6.21%
• 6M: 6.00%
• 1Y: 24.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSEP vs. QFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSEP Innovator U.S. Equity Power Buffer ETF - September	5.06%	11.85%	10.89%
QFLR Innovator Nasdaq-100 Managed Floor ETF	6.21%	17.27%	16.30%

Correlation

The correlation between PSEP and QFLR is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Jan 25, 2024	0.81

The correlation between PSEP and QFLR has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

Return for Risk

PSEP vs. QFLR — Risk / Return Rank

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

PSEP

PSEP Risk / Return Rank: 85
PSEP Sharpe Ratio Rank: 85
PSEP Sortino Ratio Rank: 89
PSEP Omega Ratio Rank: 89
PSEP Calmar Ratio Rank: 74
PSEP Martin Ratio Rank: 89

QFLR

QFLR Risk / Return Rank: 65
QFLR Sharpe Ratio Rank: 63
QFLR Sortino Ratio Rank: 59
QFLR Omega Ratio Rank: 65
QFLR Calmar Ratio Rank: 68
QFLR Martin Ratio Rank: 73

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.

PSEP vs. QFLR - Risk-Adjusted Trends Comparison

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

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.

	PSEP	QFLR	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.02	+0.63
Sortino ratio: Return per unit of downside risk	3.90	2.69	+1.21
Omega ratio: Gain probability vs. loss probability	1.54	1.38	+0.16
Calmar ratio: Return relative to maximum drawdown	3.64	3.30	+0.35
Martin ratio: Return relative to average drawdown	19.25	13.18	+6.07

PSEP vs. QFLR - Sharpe Ratio Comparison

The current PSEP Sharpe Ratio is 2.64, which is higher than the QFLR Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of PSEP 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.

Drawdowns

PSEP vs. QFLR - Drawdown Comparison

The maximum PSEP drawdown since its inception was -17.90%, which is greater than QFLR's maximum drawdown of -13.97%. Use the drawdown chart below to compare losses from any high point for PSEP and QFLR.

Drawdown Indicators

	PSEP	QFLR	Difference
Max Drawdown Largest peak-to-trough decline	-17.90%	-13.97%	-3.93%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-7.61%	+3.53%
Max Drawdown (3Y) Largest decline over 3 years	-9.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.92%	—	—
Current Drawdown Current decline from peak	-0.15%	-1.11%	+0.96%
Average Drawdown Average peak-to-trough decline	-1.55%	-2.50%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	1.90%	-1.13%

Volatility

PSEP vs. QFLR - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - September (PSEP) is 1.26%, while Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a volatility of 5.94%. This indicates that PSEP 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

	PSEP	QFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	5.94%	-4.68%
Volatility (6M) Calculated over the trailing 6-month period	4.33%	9.53%	-5.20%
Volatility (1Y) Calculated over the trailing 1-year period	5.64%	12.47%	-6.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.62%	13.01%	-4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.09%	13.01%	-2.92%

PSEP vs. QFLR - Expense Ratio Comparison

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

Dividends

PSEP vs. QFLR - Dividend Comparison

Neither PSEP nor QFLR has paid dividends to shareholders.

Position	TTM	2025	2024
PSEP Innovator U.S. Equity Power Buffer ETF - September	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 PSEP and QFLR in my portfolio?

PSEP and QFLR have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSEP or QFLR?

QFLR has higher volatility (5.94%) compared to PSEP (1.26%). In terms of maximum drawdown, PSEP dropped -17.90% vs QFLR's -13.97%.

Which ETF is better, PSEP or QFLR?

On 1-year performance, QFLR leads with 24.99% vs 14.82% for PSEP. On fees, PSEP is cheaper at 0.79% per year. On volatility, PSEP has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSEP or QFLR?

Over the 1-year period, QFLR has performed better with a 24.99% return vs 14.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSEP or QFLR?

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

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

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

What is the main difference between PSEP and QFLR?

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

Which has better risk-adjusted returns?

PSEP currently has the higher Sharpe Ratio (2.64 vs 2.02), 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.