QFLR vs. HEGD

Last updated Jun 4, 2026

QFLR (Innovator Nasdaq-100 Managed Floor ETF) and HEGD (Swan Hedged Equity US Large Cap ETF) are both exchange-traded funds - QFLR is a Nasdaq-100 fund actively managed by Innovator, while HEGD is a Equity Hedged fund tracking the S&P 500. QFLR is actively managed, while HEGD is passively managed. Over the past year, QFLR returned 26.98% vs 17.89% for HEGD. Their correlation of 0.80 suggests significant overlap in exposure. QFLR charges 0.89%/yr vs 0.88%/yr for HEGD.

Performance

QFLR vs. HEGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Managed Floor ETF (QFLR) and Swan Hedged Equity US Large Cap ETF (HEGD). 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 QFLR having a 6.90% return and HEGD slightly lower at 6.84%.

QFLR

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

HEGD

• 1D: -0.63%
• 1M: 3.52%
• YTD: 6.84%
• 6M: 6.23%
• 1Y: 17.89%
• 3Y*: 14.64%
• 5Y*: 9.03%
• 10Y*: —

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

QFLR vs. HEGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QFLR Innovator Nasdaq-100 Managed Floor ETF	6.90%	17.27%	16.64%
HEGD Swan Hedged Equity US Large Cap ETF	6.84%	12.95%	13.95%

Correlation

The correlation between QFLR and HEGD is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Jan 26, 2024	0.80

The correlation between QFLR and HEGD has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

QFLR vs. HEGD - Sectors Allocation Comparison

Sectors	QFLR	HEGD
Technology	50.8%	36.1%
Communication Services	18.4%	11.0%
Consumer Cyclical	12.1%	10.1%
Consumer Defensive	9.2%	4.9%
Healthcare	3.2%	8.4%
Industrials	2.8%	8.2%
Utilities	1.5%	2.3%
Energy	1.1%	3.5%
Financial Services	0.9%	11.8%
Basic Materials	0.0%	1.8%
Real Estate	-	1.9%

Return for Risk

QFLR vs. HEGD — Risk / Return Rank

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

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

HEGD

HEGD Risk / Return Rank: 79
HEGD Sharpe Ratio Rank: 78
HEGD Sortino Ratio Rank: 81
HEGD Omega Ratio Rank: 78
HEGD Calmar Ratio Rank: 79
HEGD Martin Ratio Rank: 81

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.

QFLR vs. HEGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Managed Floor ETF (QFLR) and Swan Hedged Equity US Large Cap ETF (HEGD). 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.

	QFLR	HEGD	Difference
Sharpe ratio Return per unit of total volatility	2.41	2.59	-0.18
Sortino ratio Return per unit of downside risk	3.26	3.70	-0.44
Omega ratio Gain probability vs. loss probability	1.44	1.47	-0.03
Calmar ratio Return relative to maximum drawdown	3.56	4.10	-0.54
Martin ratio Return relative to average drawdown	15.19	16.25	-1.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QFLR vs. HEGD - Sharpe Ratio Comparison

The current QFLR Sharpe Ratio is 2.41, which is comparable to the HEGD Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of QFLR and HEGD, 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

	QFLR	HEGD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.59	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	1.06	+0.34

Drawdowns

QFLR vs. HEGD - Drawdown Comparison

The maximum QFLR drawdown since its inception was -13.97%, roughly equal to the maximum HEGD drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for QFLR and HEGD.

Drawdown Indicators

	QFLR	HEGD	Difference
Max Drawdown Largest peak-to-trough decline	-13.97%	-14.56%	+0.59%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-4.39%	-3.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.56%	—
Current Drawdown Current decline from peak	-0.48%	-0.63%	+0.15%
Average Drawdown Average peak-to-trough decline	-2.50%	-3.66%	+1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	1.10%	+0.68%

Volatility

QFLR vs. HEGD - Volatility Comparison

Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a higher volatility of 2.53% compared to Swan Hedged Equity US Large Cap ETF (HEGD) at 2.34%. This indicates that QFLR's price experiences larger fluctuations and is considered to be riskier than HEGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QFLR	HEGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	2.34%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	4.95%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	11.28%	6.96%	+4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.62%	9.40%	+3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.62%	9.35%	+3.27%

QFLR vs. HEGD - Expense Ratio Comparison

QFLR has a 0.89% expense ratio, which is higher than HEGD's 0.88% expense ratio.

Dividends

QFLR vs. HEGD - Dividend Comparison

QFLR has not paid dividends to shareholders, while HEGD's dividend yield for the trailing twelve months is around 0.34%.

Position	TTM	2025	2024	2023	2022	2021
HEGD Swan Hedged Equity US Large Cap ETF	0.34%	0.36%	0.43%	0.39%	0.87%	0.31%
QFLR Innovator Nasdaq-100 Managed Floor ETF	0.00%	0.02%	0.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QFLR and HEGD in my portfolio?

QFLR and HEGD have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QFLR or HEGD?

QFLR has higher volatility (2.53%) compared to HEGD (2.34%). In terms of maximum drawdown, QFLR dropped -13.97% vs HEGD's -14.56%.

Which ETF is better, QFLR or HEGD?

On 1-year performance, QFLR leads with 26.98% vs 17.89% for HEGD. On fees, HEGD is cheaper at 0.88% per year. On volatility, HEGD has been the lower-risk option at 2.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QFLR or HEGD?

Over the 1-year period, QFLR has performed better with a 26.98% return vs 17.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QFLR or HEGD?

HEGD is cheaper with a 0.88% expense ratio, compared with 0.89% for QFLR.

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

HEGD has the higher dividend yield at 0.34%, compared with 0.00% for QFLR.

What is the main difference between QFLR and HEGD?

QFLR is categorized as Nasdaq-100, while HEGD is Equity Hedged. They also come from different issuers: Innovator and Swan. Their fees differ too: 0.89% for QFLR and 0.88% for HEGD.

Which has better risk-adjusted returns?

HEGD currently has the higher Sharpe Ratio (2.59 vs 2.41), 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.