QFLR vs. PHEQ

Last updated Jun 5, 2026

QFLR (Innovator Nasdaq-100 Managed Floor ETF) and PHEQ (Parametric Hedged Equity ETF) are both exchange-traded funds - QFLR is a Nasdaq-100 fund actively managed by Innovator, while PHEQ is a Options Trading fund actively managed by Parametric. Both are actively managed. Over the past year, QFLR returned 26.58% vs 16.41% for PHEQ. A 0.70 correlation means they provide meaningful diversification when combined. QFLR charges 0.89%/yr vs 0.29%/yr for PHEQ.

Performance

QFLR vs. PHEQ - Performance Comparison

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

Returns By Period

In the year-to-date period, QFLR achieves a 6.83% return, which is significantly higher than PHEQ's 5.93% return.

QFLR

• 1D: -0.07%
• 1M: 3.24%
• YTD: 6.83%
• 6M: 5.81%
• 1Y: 26.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHEQ

• 1D: 0.25%
• 1M: 1.77%
• YTD: 5.93%
• 6M: 6.33%
• 1Y: 16.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QFLR vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QFLR Innovator Nasdaq-100 Managed Floor ETF	6.83%	17.27%	16.64%
PHEQ Parametric Hedged Equity ETF	5.93%	11.76%	13.03%

Correlation

The correlation between QFLR and PHEQ is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Jan 26, 2024	0.70

The correlation between QFLR and PHEQ has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

QFLR vs. PHEQ - Sectors Allocation Comparison

Sectors	QFLR	PHEQ
Technology	50.8%	35.4%
Communication Services	18.4%	11.8%
Consumer Cyclical	12.1%	10.2%
Consumer Defensive	9.2%	5.0%
Healthcare	3.2%	8.6%
Industrials	2.8%	8.3%
Utilities	1.5%	2.4%
Energy	1.1%	3.7%
Financial Services	0.9%	11.3%
Basic Materials	0.0%	1.7%
Real Estate	-	1.6%

Return for Risk

QFLR vs. PHEQ — 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: 72
QFLR Omega Ratio Rank: 75
QFLR Calmar Ratio Rank: 71
QFLR Martin Ratio Rank: 78

PHEQ

PHEQ Risk / Return Rank: 84
PHEQ Sharpe Ratio Rank: 83
PHEQ Sortino Ratio Rank: 89
PHEQ Omega Ratio Rank: 87
PHEQ Calmar Ratio Rank: 77
PHEQ Martin Ratio Rank: 85

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. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Managed Floor ETF (QFLR) and Parametric Hedged Equity ETF (PHEQ). 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	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.69	-0.32
Sortino ratio: Return per unit of downside risk	3.22	4.03	-0.81
Omega ratio: Gain probability vs. loss probability	1.44	1.53	-0.10
Calmar ratio: Return relative to maximum drawdown	3.51	3.87	-0.36
Martin ratio: Return relative to average drawdown	14.97	17.69	-2.72
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. PHEQ - Sharpe Ratio Comparison

The current QFLR Sharpe Ratio is 2.37, which is comparable to the PHEQ Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of QFLR and PHEQ, 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	PHEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.69	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	1.39	1.81	-0.42

Drawdowns

QFLR vs. PHEQ - Drawdown Comparison

The maximum QFLR drawdown since its inception was -13.97%, which is greater than PHEQ's maximum drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for QFLR and PHEQ.

Drawdown Indicators

	QFLR	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-13.97%	-12.55%	-1.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.61%	-4.26%	-3.35%
Current Drawdown Current decline from peak	-0.54%	0.00%	-0.54%
Average Drawdown Average peak-to-trough decline	-2.49%	-0.97%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	0.93%	+0.85%

Volatility

QFLR vs. PHEQ - Volatility Comparison

Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a higher volatility of 2.50% compared to Parametric Hedged Equity ETF (PHEQ) at 1.06%. This indicates that QFLR's price experiences larger fluctuations and is considered to be riskier than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QFLR	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	1.06%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	4.57%	+3.47%
Volatility (1Y) Calculated over the trailing 1-year period	11.27%	6.13%	+5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.61%	8.61%	+4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.61%	8.61%	+4.00%

QFLR vs. PHEQ - Expense Ratio Comparison

QFLR has a 0.89% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

Dividends

QFLR vs. PHEQ - Dividend Comparison

QFLR has not paid dividends to shareholders, while PHEQ's dividend yield for the trailing twelve months is around 1.02%.

Position	TTM	2025	2024	2023
PHEQ Parametric Hedged Equity ETF	1.02%	1.19%	1.39%	1.73%
QFLR Innovator Nasdaq-100 Managed Floor ETF	0.00%	0.02%	0.03%	0.00%

Frequently Asked Questions

Can I hold both QFLR and PHEQ in my portfolio?

QFLR and PHEQ have a correlation of 0.77, 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 PHEQ?

QFLR has higher volatility (2.50%) compared to PHEQ (1.06%). In terms of maximum drawdown, QFLR dropped -13.97% vs PHEQ's -12.55%.

Which ETF is better, QFLR or PHEQ?

On 1-year performance, QFLR leads with 26.58% vs 16.41% for PHEQ. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QFLR or PHEQ?

Over the 1-year period, QFLR has performed better with a 26.58% return vs 16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QFLR or PHEQ?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.89% for QFLR.

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

PHEQ has the higher dividend yield at 1.02%, compared with 0.00% for QFLR.

What is the main difference between QFLR and PHEQ?

QFLR is categorized as Nasdaq-100, while PHEQ is Options Trading. They also come from different issuers: Innovator and Parametric. Their fees differ too: 0.89% for QFLR and 0.29% for PHEQ.

Which has better risk-adjusted returns?

PHEQ currently has the higher Sharpe Ratio (2.69 vs 2.37), 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.