RFLR vs. PHDG

Last updated Jun 3, 2026

RFLR (Innovator U.S. Small Cap Managed Floor ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both Equity Hedged funds. RFLR is actively managed, while PHDG is passively managed. Over the past year, RFLR returned 28.89% vs 26.43% for PHDG. At a 0.44 correlation, their price movements are largely independent. RFLR charges 0.89%/yr vs 0.39%/yr for PHDG.

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.

Returns By Period

In the year-to-date period, RFLR achieves a 9.14% return, which is significantly lower than PHDG's 14.52% return.

RFLR

• 1D: 0.02%
• 1M: 2.56%
• YTD: 9.14%
• 6M: 10.43%
• 1Y: 28.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHDG

• 1D: -0.24%
• 1M: 4.87%
• YTD: 14.52%
• 6M: 13.14%
• 1Y: 26.43%
• 3Y*: 11.01%
• 5Y*: 5.64%
• 10Y*: 7.29%

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

RFLR vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RFLR Innovator U.S. Small Cap Managed Floor ETF	9.14%	11.81%	2.29%
PHDG Invesco S&P 500 Downside Hedged ETF	14.52%	2.72%	-0.56%

Correlation

The correlation between RFLR and PHDG is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.44

RFLR vs. PHDG - Sectors Allocation Comparison

Sectors	RFLR	PHDG
Financial Services	17.0%	11.9%
Technology	16.3%	35.1%
Healthcare	15.4%	8.7%
Industrials	14.7%	8.3%
Consumer Cyclical	9.7%	10.1%
Real Estate	6.3%	1.9%
Energy	6.2%	3.6%
Basic Materials	4.3%	1.8%
Consumer Defensive	2.5%	5.0%
Utilities	2.5%	2.4%
Communication Services	1.9%	11.0%

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: 76
RFLR Sharpe Ratio Rank: 71
RFLR Sortino Ratio Rank: 73
RFLR Omega Ratio Rank: 69
RFLR Calmar Ratio Rank: 86
RFLR Martin Ratio Rank: 83

PHDG

PHDG Risk / Return Rank: 91
PHDG Sharpe Ratio Rank: 88
PHDG Sortino Ratio Rank: 92
PHDG Omega Ratio Rank: 88
PHDG Calmar Ratio Rank: 94
PHDG Martin Ratio Rank: 94

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	2.37	3.03	-0.65
Sortino ratio Return per unit of downside risk	3.39	4.44	-1.05
Omega ratio Gain probability vs. loss probability	1.42	1.56	-0.14
Calmar ratio Return relative to maximum drawdown	4.91	7.68	-2.77
Martin ratio Return relative to average drawdown	17.34	28.64	-11.30
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 2.37, which is comparable to the PHDG Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of RFLR and PHDG, 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

	RFLR	PHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	3.03	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.54	+0.61

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%	-3.52%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.78%	—
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	0.00%	-0.24%	+0.24%
Average Drawdown Average peak-to-trough decline	-3.85%	-6.25%	+2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	0.94%	+0.70%

Volatility

RFLR vs. PHDG - Volatility Comparison

Innovator U.S. Small Cap Managed Floor ETF (RFLR) has a higher volatility of 3.58% compared to Invesco S&P 500 Downside Hedged ETF (PHDG) at 3.07%. 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	3.58%	3.07%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	8.26%	6.62%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	12.23%	8.78%	+3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.18%	10.92%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.18%	11.92%	+0.26%

RFLR vs. PHDG - Expense Ratio Comparison

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

Dividends

RFLR vs. PHDG - Dividend Comparison

RFLR's dividend yield for the trailing twelve months is around 0.61%, less than PHDG's 1.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHDG Invesco S&P 500 Downside Hedged ETF	1.85%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%
RFLR Innovator U.S. Small Cap Managed Floor ETF	0.61%	0.67%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFLR and PHDG in my portfolio?

RFLR and PHDG have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFLR or PHDG?

RFLR has higher volatility (3.58%) compared to PHDG (3.07%). In terms of maximum drawdown, RFLR dropped -15.48% vs PHDG's -17.70%.

Which ETF is better, RFLR or PHDG?

On 1-year performance, RFLR leads with 28.89% vs 26.43% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, PHDG has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFLR or PHDG?

Over the 1-year period, RFLR has performed better with a 28.89% return vs 26.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFLR or PHDG?

PHDG is cheaper with a 0.39% expense ratio, compared with 0.89% for RFLR.

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

PHDG has the higher dividend yield at 1.85%, compared with 0.61% for RFLR.

What is the main difference between RFLR and PHDG?

They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.89% for RFLR and 0.39% for PHDG.

Which has better risk-adjusted returns?

PHDG currently has the higher Sharpe Ratio (3.03 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.