SFLR vs. BSTP

Last updated Jun 4, 2026

SFLR (Innovator Equity Managed Floor ETF) and BSTP (Innovator Buffer Step-Up Strategy ETF) are both Options Trading funds from Innovator. SFLR is actively managed, while BSTP is passively managed. Over the past 3 years, SFLR returned 16.02%/yr vs 14.35%/yr for BSTP. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.89% expense ratio.

Performance

SFLR vs. BSTP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Managed Floor ETF (SFLR) and Innovator Buffer Step-Up Strategy ETF (BSTP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SFLR achieves a 5.55% return, which is significantly lower than BSTP's 6.07% return.

SFLR

• 1D: -0.38%
• 1M: 5.11%
• YTD: 5.55%
• 6M: 5.78%
• 1Y: 19.44%
• 3Y*: 16.02%
• 5Y*: —
• 10Y*: —

BSTP

• 1D: -0.32%
• 1M: 3.05%
• YTD: 6.07%
• 6M: 6.56%
• 1Y: 16.71%
• 3Y*: 14.35%
• 5Y*: —
• 10Y*: —

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

SFLR vs. BSTP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SFLR Innovator Equity Managed Floor ETF	5.55%	13.29%	19.99%	21.20%	1.38%
BSTP Innovator Buffer Step-Up Strategy ETF	6.07%	11.80%	16.70%	18.14%	2.42%

Correlation

The correlation between SFLR and BSTP is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 10, 2022	0.92

The correlation between SFLR and BSTP has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

SFLR vs. BSTP - Sectors Allocation Comparison

Sectors	SFLR	BSTP
Technology	35.5%	36.2%
Communication Services	11.7%	10.9%
Financial Services	11.3%	11.9%
Consumer Cyclical	10.0%	10.1%
Healthcare	8.5%	8.4%
Industrials	8.4%	8.1%
Consumer Defensive	4.8%	4.9%
Energy	3.7%	3.5%
Utilities	2.5%	2.3%
Basic Materials	2.1%	1.8%
Real Estate	1.6%	1.9%

Return for Risk

SFLR vs. BSTP — Risk / Return Rank

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

SFLR

SFLR Risk / Return Rank: 64
SFLR Sharpe Ratio Rank: 65
SFLR Sortino Ratio Rank: 63
SFLR Omega Ratio Rank: 69
SFLR Calmar Ratio Rank: 57
SFLR Martin Ratio Rank: 64

BSTP

BSTP Risk / Return Rank: 65
BSTP Sharpe Ratio Rank: 63
BSTP Sortino Ratio Rank: 65
BSTP Omega Ratio Rank: 69
BSTP Calmar Ratio Rank: 55
BSTP Martin Ratio Rank: 71

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.

SFLR vs. BSTP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed Floor ETF (SFLR) and Innovator Buffer Step-Up Strategy ETF (BSTP). 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.

	SFLR	BSTP	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.12	+0.08
Sortino ratio: Return per unit of downside risk	2.98	3.01	-0.03
Omega ratio: Gain probability vs. loss probability	1.42	1.41	+0.01
Calmar ratio: Return relative to maximum drawdown	2.87	2.69	+0.18
Martin ratio: Return relative to average drawdown	11.73	13.18	-1.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SFLR vs. BSTP - Sharpe Ratio Comparison

The current SFLR Sharpe Ratio is 2.20, which is comparable to the BSTP Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SFLR and BSTP, 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

	SFLR	BSTP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.12	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.71	0.91	+0.80

Drawdowns

SFLR vs. BSTP - Drawdown Comparison

The maximum SFLR drawdown since its inception was -12.13%, smaller than the maximum BSTP drawdown of -16.69%. Use the drawdown chart below to compare losses from any high point for SFLR and BSTP.

Drawdown Indicators

	SFLR	BSTP	Difference
Max Drawdown Largest peak-to-trough decline	-12.13%	-16.69%	+4.56%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-6.23%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-12.13%	-13.69%	+1.56%
Current Drawdown Current decline from peak	-0.38%	-0.32%	-0.06%
Average Drawdown Average peak-to-trough decline	-1.74%	-3.52%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	1.27%	+0.39%

Volatility

SFLR vs. BSTP - Volatility Comparison

Innovator Equity Managed Floor ETF (SFLR) has a higher volatility of 1.87% compared to Innovator Buffer Step-Up Strategy ETF (BSTP) at 1.52%. This indicates that SFLR's price experiences larger fluctuations and is considered to be riskier than BSTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFLR	BSTP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.87%	1.52%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	6.46%	6.15%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	8.89%	7.93%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.15%	12.11%	-1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.15%	12.11%	-1.96%

SFLR vs. BSTP - Expense Ratio Comparison

Both SFLR and BSTP have an expense ratio of 0.89%.

Dividends

SFLR vs. BSTP - Dividend Comparison

SFLR's dividend yield for the trailing twelve months is around 0.32%, while BSTP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BSTP Innovator Buffer Step-Up Strategy ETF	0.00%	0.00%	0.00%	0.00%	0.00%
SFLR Innovator Equity Managed Floor ETF	0.32%	0.33%	0.42%	1.16%	0.06%

Frequently Asked Questions

Can I hold both SFLR and BSTP in my portfolio?

SFLR and BSTP have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFLR or BSTP?

SFLR has higher volatility (1.87%) compared to BSTP (1.52%). In terms of maximum drawdown, SFLR dropped -12.13% vs BSTP's -16.69%.

Which ETF is better, SFLR or BSTP?

On 3-year performance, SFLR leads with 16.02% vs 14.35% for BSTP. Both ETFs have the same 0.89% expense ratio. On volatility, BSTP has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFLR or BSTP?

Over the 3-year period, SFLR has performed better with a 16.02% return vs 14.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFLR or BSTP?

SFLR and BSTP have the same expense ratio: 0.89% per year.

Which ETF pays a higher dividend yield, SFLR or BSTP?

SFLR has the higher dividend yield at 0.32%, compared with 0.00% for BSTP.

Which has better risk-adjusted returns?

SFLR currently has the higher Sharpe Ratio (2.20 vs 2.12), 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.