QHDG vs. QGRD

Last updated Jun 4, 2026

QHDG (Innovator Hedged Nasdaq-100 ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both Equity Hedged funds. Both are actively managed. Their correlation of 0.88 suggests significant overlap in exposure. QHDG charges 0.79%/yr vs 0.85%/yr for QGRD.

Performance

QHDG vs. QGRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Hedged Nasdaq-100 ETF (QHDG) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QHDG achieves a 1.03% return, which is significantly lower than QGRD's 15.09% return.

QHDG

• 1D: -0.03%
• 1M: 0.89%
• YTD: 1.03%
• 6M: 0.25%
• 1Y: 11.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QGRD

• 1D: -0.13%
• 1M: 8.60%
• YTD: 15.09%
• 6M: 13.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QHDG vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
QHDG Innovator Hedged Nasdaq-100 ETF	1.03%	8.80%
QGRD Horizon NASDAQ-100 Defined Risk ETF	15.09%	8.34%

Correlation

The correlation between QHDG and QGRD is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 11, 2025	0.88

Return for Risk

QHDG vs. QGRD — Risk / Return Rank

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

QHDG

QHDG Risk / Return Rank: 37
QHDG Sharpe Ratio Rank: 38
QHDG Sortino Ratio Rank: 35
QHDG Omega Ratio Rank: 41
QHDG Calmar Ratio Rank: 34
QHDG Martin Ratio Rank: 37

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.

QHDG vs. QGRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Hedged Nasdaq-100 ETF (QHDG) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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.

	QHDG	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	1.33	—	—
Sortino ratio: Return per unit of downside risk	1.81	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	1.67	—	—
Martin ratio: Return relative to average drawdown	5.69	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QHDG	QGRD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	2.16	-1.27

Drawdowns

QHDG vs. QGRD - Drawdown Comparison

The maximum QHDG drawdown since its inception was -15.29%, which is greater than QGRD's maximum drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for QHDG and QGRD.

Drawdown Indicators

	QHDG	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-15.29%	-9.41%	-5.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	—	—
Current Drawdown Current decline from peak	-1.00%	-0.13%	-0.87%
Average Drawdown Average peak-to-trough decline	-2.15%	-2.19%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	—	—

Volatility

Volatility by Period

	QHDG	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.79%	12.92%	-4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	12.92%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	12.92%	-0.48%

QHDG vs. QGRD - Expense Ratio Comparison

QHDG has a 0.79% expense ratio, which is lower than QGRD's 0.85% expense ratio.

Dividends

QHDG vs. QGRD - Dividend Comparison

QHDG has not paid dividends to shareholders, while QGRD's dividend yield for the trailing twelve months is around 1.36%.

Position	TTM	2025	2024
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.36%	1.57%	0.00%
QHDG Innovator Hedged Nasdaq-100 ETF	0.00%	0.00%	0.02%

Frequently Asked Questions

Can I hold both QHDG and QGRD in my portfolio?

QHDG and QGRD have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QHDG or QGRD?

On fees, QHDG is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QHDG or QGRD?

QHDG is cheaper with a 0.79% expense ratio, compared with 0.85% for QGRD.

Which ETF pays a higher dividend yield, QHDG or QGRD?

QGRD has the higher dividend yield at 1.36%, compared with 0.00% for QHDG.

What is the main difference between QHDG and QGRD?

They also come from different issuers: Innovator and Horizon. Their fees differ too: 0.79% for QHDG and 0.85% for QGRD.