RFLR vs. HEDG

Last updated Jun 4, 2026

RFLR (Innovator U.S. Small Cap Managed Floor ETF) and HEDG (Equable Shares Hedged Equity ETF) are both Equity Hedged funds. RFLR is actively managed, while HEDG is passively managed. A 0.57 correlation means they provide meaningful diversification when combined. RFLR charges 0.89%/yr vs 0.96%/yr for HEDG.

Performance

RFLR vs. HEDG - Performance Comparison

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

Returns By Period

In the year-to-date period, RFLR achieves a 7.99% return, which is significantly higher than HEDG's 2.64% return.

RFLR

• 1D: -1.05%
• 1M: 2.08%
• YTD: 7.99%
• 6M: 8.36%
• 1Y: 25.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEDG

• 1D: 0.00%
• 1M: 0.64%
• YTD: 2.64%
• 6M: 3.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RFLR vs. HEDG - Yearly Performance Comparison

	2026 (YTD)	2025
RFLR Innovator U.S. Small Cap Managed Floor ETF	7.99%	2.24%
HEDG Equable Shares Hedged Equity ETF	2.64%	3.16%

Correlation

The correlation between RFLR and HEDG is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.58

RFLR vs. HEDG - Sectors Allocation Comparison

Sectors	RFLR	HEDG
Financial Services	17.0%	11.9%
Technology	16.3%	36.2%
Healthcare	15.4%	8.4%
Industrials	14.7%	8.1%
Consumer Cyclical	9.7%	10.1%
Real Estate	6.3%	1.9%
Energy	6.2%	3.5%
Basic Materials	4.3%	1.8%
Consumer Defensive	2.5%	4.9%
Utilities	2.5%	2.3%
Communication Services	1.9%	10.9%

Return for Risk

RFLR vs. HEDG — Risk / Return Rank

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

RFLR

RFLR Risk / Return Rank: 72
RFLR Sharpe Ratio Rank: 65
RFLR Sortino Ratio Rank: 68
RFLR Omega Ratio Rank: 64
RFLR Calmar Ratio Rank: 84
RFLR 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.

RFLR vs. HEDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Managed Floor ETF (RFLR) and Equable Shares Hedged Equity ETF (HEDG). 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.

	RFLR	HEDG	Difference
Sharpe ratio Return per unit of total volatility	2.13	—	—
Sortino ratio Return per unit of downside risk	3.06	—	—
Omega ratio Gain probability vs. loss probability	1.38	—	—
Calmar ratio Return relative to maximum drawdown	4.51	—	—
Martin ratio Return relative to average drawdown	15.89	—	—
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

	RFLR	HEDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	1.60	-0.51

Drawdowns

RFLR vs. HEDG - Drawdown Comparison

The maximum RFLR drawdown since its inception was -15.48%, which is greater than HEDG's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for RFLR and HEDG.

Drawdown Indicators

	RFLR	HEDG	Difference
Max Drawdown Largest peak-to-trough decline	-15.48%	-3.85%	-11.63%
Max Drawdown (1Y) Largest decline over 1 year	-5.79%	—	—
Current Drawdown Current decline from peak	-1.05%	0.00%	-1.05%
Average Drawdown Average peak-to-trough decline	-3.85%	-0.39%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	—	—

Volatility

Volatility by Period

	RFLR	HEDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.28%	5.90%	+6.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	5.90%	+6.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.19%	5.90%	+6.29%

RFLR vs. HEDG - Expense Ratio Comparison

RFLR has a 0.89% expense ratio, which is lower than HEDG's 0.96% expense ratio.

Dividends

RFLR vs. HEDG - Dividend Comparison

RFLR's dividend yield for the trailing twelve months is around 0.62%, less than HEDG's 1.84% yield.

Position	TTM	2025	2024
HEDG Equable Shares Hedged Equity ETF	1.84%	1.38%	0.00%
RFLR Innovator U.S. Small Cap Managed Floor ETF	0.62%	0.67%	0.26%

Frequently Asked Questions

Can I hold both RFLR and HEDG in my portfolio?

RFLR and HEDG have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RFLR or HEDG?

On fees, RFLR is cheaper at 0.89% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RFLR or HEDG?

RFLR is cheaper with a 0.89% expense ratio, compared with 0.96% for HEDG.

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

HEDG has the higher dividend yield at 1.84%, compared with 0.62% for RFLR.

What is the main difference between RFLR and HEDG?

They also come from different issuers: Innovator and Equable Shares. Their fees differ too: 0.89% for RFLR and 0.96% for HEDG.