RFLR vs. PHDG

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Small Cap Managed Floor ETF (RFLR) and Invesco S&P 500 Downside Hedged ETF (PHDG).

RFLR and PHDG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RFLR is an actively managed fund by Innovator. It was launched on Sep 17, 2024. PHDG is a passively managed fund by Invesco that tracks the performance of the S&P 500 Dynamic VEQTOR Index. It was launched on Dec 6, 2012.

Performance

RFLR vs. PHDG - 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 Invesco S&P 500 Downside Hedged ETF (PHDG). The values are adjusted to include any dividend payments, if applicable.

RFLR vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFLR Innovator U.S. Small Cap Managed Floor ETF	2.14%	11.81%	2.29%
PHDG Invesco S&P 500 Downside Hedged ETF	1.32%	2.72%	-0.56%

Returns By Period

In the year-to-date period, RFLR achieves a 2.14% return, which is significantly higher than PHDG's 1.32% return.

RFLR

• 1D: 1.68%
• 1M: -2.02%
• YTD: 2.14%
• 6M: 5.03%
• 1Y: 22.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHDG

• 1D: 1.24%
• 1M: -0.47%
• YTD: 1.32%
• 6M: 2.31%
• 1Y: 5.85%
• 3Y*: 6.85%
• 5Y*: 3.87%
• 10Y*: 5.84%

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

RFLR vs. PHDG - Expense Ratio Comparison

RFLR has a 0.89% expense ratio, which is higher than PHDG's 0.39% expense ratio.

RFLR

Innovator U.S. Small Cap Managed Floor ETF

PHDG

Invesco S&P 500 Downside Hedged ETF

Return for Risk

RFLR vs. PHDG — Risk / Return Rank

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

RFLR

RFLR Risk / Return Rank: 89
RFLR Sharpe Ratio Rank: 87
RFLR Sortino Ratio Rank: 90
RFLR Omega Ratio Rank: 83
RFLR Calmar Ratio Rank: 94
RFLR Martin Ratio Rank: 91

PHDG

PHDG Risk / Return Rank: 30
PHDG Sharpe Ratio Rank: 31
PHDG Sortino Ratio Rank: 28
PHDG Omega Ratio Rank: 30
PHDG Calmar Ratio Rank: 32
PHDG Martin Ratio Rank: 27

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. PHDG - 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 Invesco S&P 500 Downside Hedged ETF (PHDG). 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	PHDG	Difference
Sharpe ratio Return per unit of total volatility	1.84	0.56	+1.28
Sortino ratio Return per unit of downside risk	2.62	0.78	+1.84
Omega ratio Gain probability vs. loss probability	1.33	1.12	+0.22
Calmar ratio Return relative to maximum drawdown	3.77	0.74	+3.02
Martin ratio Return relative to average drawdown	12.40	2.08	+10.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFLR vs. PHDG - Sharpe Ratio Comparison

The current RFLR Sharpe Ratio is 1.84, which is higher than the PHDG Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of RFLR and PHDG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	RFLR	PHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	0.56	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.46	+0.42

Correlation

The correlation between RFLR and PHDG is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

RFLR vs. PHDG - Dividend Comparison

RFLR's dividend yield for the trailing twelve months is around 0.66%, less than PHDG's 2.09% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RFLR Innovator U.S. Small Cap Managed Floor ETF	0.66%	0.67%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PHDG Invesco S&P 500 Downside Hedged ETF	2.09%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%

Drawdowns

RFLR vs. PHDG - Drawdown Comparison

The maximum RFLR drawdown since its inception was -15.48%, smaller than the maximum PHDG drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for RFLR and PHDG.

Drawdown Indicators

	RFLR	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-15.48%	-17.70%	+2.22%
Max Drawdown (1Y) Largest decline over 1 year	-5.79%	-9.08%	+3.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.06%	—
Current Drawdown Current decline from peak	-3.10%	-2.18%	-0.92%
Average Drawdown Average peak-to-trough decline	-4.21%	-6.32%	+2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	3.26%	-1.50%

Volatility

RFLR vs. PHDG - Volatility Comparison

Innovator U.S. Small Cap Managed Floor ETF (RFLR) has a higher volatility of 4.49% compared to Invesco S&P 500 Downside Hedged ETF (PHDG) at 2.76%. This indicates that RFLR's price experiences larger fluctuations and is considered to be riskier than PHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFLR	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	2.76%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	6.33%	+3.32%
Volatility (1Y) Calculated over the trailing 1-year period	12.21%	10.61%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.34%	10.91%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.34%	11.89%	+0.45%