RFLR vs. SPYA

Last updated Jun 24, 2026

RFLR (Innovator U.S. Small Cap Managed Floor ETF) and SPYA (Twin Oak Endure ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, RFLR returned 28.39% vs 16.21% for SPYA. A 0.66 correlation means they provide meaningful diversification when combined. RFLR charges 0.89%/yr vs 0.49%/yr for SPYA.

Performance

RFLR vs. SPYA - 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 Twin Oak Endure ETF (SPYA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFLR achieves a 11.52% return, which is significantly higher than SPYA's 5.36% return.

RFLR

• 1D: 0.23%
• 1M: 3.93%
• YTD: 11.52%
• 6M: 9.76%
• 1Y: 28.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYA

• 1D: -1.22%
• 1M: -1.58%
• YTD: 5.36%
• 6M: 4.44%
• 1Y: 16.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RFLR vs. SPYA - Yearly Performance Comparison

	2026 (YTD)	2025
RFLR Innovator U.S. Small Cap Managed Floor ETF	11.52%	18.09%
SPYA Twin Oak Endure ETF	5.36%	12.65%

Correlation

The correlation between RFLR and SPYA is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	0.66

The correlation between RFLR and SPYA has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.

Return for Risk

RFLR vs. SPYA — Risk / Return Rank

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

RFLR

RFLR Risk / Return Rank: 83
RFLR Sharpe Ratio Rank: 79
RFLR Sortino Ratio Rank: 81
RFLR Omega Ratio Rank: 76
RFLR Calmar Ratio Rank: 89
RFLR Martin Ratio Rank: 88

SPYA

SPYA Risk / Return Rank: 41
SPYA Sharpe Ratio Rank: 43
SPYA Sortino Ratio Rank: 41
SPYA Omega Ratio Rank: 41
SPYA Calmar Ratio Rank: 37
SPYA Martin Ratio Rank: 44

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. SPYA - 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 Twin Oak Endure ETF (SPYA). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	RFLR	SPYA	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.38	+0.90
Sortino ratio: Return per unit of downside risk	3.25	1.93	+1.32
Omega ratio: Gain probability vs. loss probability	1.41	1.24	+0.16
Calmar ratio: Return relative to maximum drawdown	4.93	1.71	+3.22
Martin ratio: Return relative to average drawdown	17.37	6.57	+10.80

RFLR vs. SPYA - Sharpe Ratio Comparison

The current RFLR Sharpe Ratio is 2.28, which is higher than the SPYA Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of RFLR and SPYA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RFLR vs. SPYA - Drawdown Comparison

The maximum RFLR drawdown since its inception was -15.48%, which is greater than SPYA's maximum drawdown of -9.51%. Use the drawdown chart below to compare losses from any high point for RFLR and SPYA.

Drawdown Indicators

	RFLR	SPYA	Difference
Max Drawdown Largest peak-to-trough decline	-15.48%	-9.51%	-5.97%
Max Drawdown (1Y) Largest decline over 1 year	-5.79%	-9.51%	+3.72%
Current Drawdown Current decline from peak	0.00%	-3.13%	+3.13%
Average Drawdown Average peak-to-trough decline	-3.74%	-1.48%	-2.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	2.47%	-0.83%

Volatility

RFLR vs. SPYA - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Managed Floor ETF (RFLR) is 3.75%, while Twin Oak Endure ETF (SPYA) has a volatility of 4.49%. This indicates that RFLR experiences smaller price fluctuations and is considered to be less risky than SPYA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFLR	SPYA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	4.49%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	9.29%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	12.52%	11.82%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.27%	11.64%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.27%	11.64%	+0.63%

RFLR vs. SPYA - Expense Ratio Comparison

RFLR has a 0.89% expense ratio, which is higher than SPYA's 0.49% expense ratio.

Dividends

RFLR vs. SPYA - Dividend Comparison

RFLR's dividend yield for the trailing twelve months is around 0.60%, more than SPYA's 0.36% yield.

Position	TTM	2025	2024
RFLR Innovator U.S. Small Cap Managed Floor ETF	0.60%	0.67%	0.26%
SPYA Twin Oak Endure ETF	0.36%	0.37%	0.00%

Frequently Asked Questions

Can I hold both RFLR and SPYA in my portfolio?

RFLR and SPYA have a correlation of 0.67, 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 SPYA?

SPYA has higher volatility (4.49%) compared to RFLR (3.75%). In terms of maximum drawdown, RFLR dropped -15.48% vs SPYA's -9.51%.

Which ETF is better, RFLR or SPYA?

On 1-year performance, RFLR leads with 28.39% vs 16.21% for SPYA. On fees, SPYA is cheaper at 0.49% per year. On volatility, RFLR has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFLR or SPYA?

Over the 1-year period, RFLR has performed better with a 28.39% return vs 16.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFLR or SPYA?

SPYA is cheaper with a 0.49% expense ratio, compared with 0.89% for RFLR.

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

RFLR has the higher dividend yield at 0.60%, compared with 0.36% for SPYA.

What is the main difference between RFLR and SPYA?

They also come from different issuers: Innovator and Twin Oak. Their fees differ too: 0.89% for RFLR and 0.49% for SPYA.

Which has better risk-adjusted returns?

RFLR currently has the higher Sharpe Ratio (2.28 vs 1.38), 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.