SFLR vs. PHEQ

Last updated Jun 4, 2026

SFLR (Innovator Equity Managed Floor ETF) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, SFLR returned 19.44% vs 15.97% for PHEQ. A 0.73 correlation means they provide meaningful diversification when combined. SFLR charges 0.89%/yr vs 0.29%/yr for PHEQ.

Performance

SFLR vs. PHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Managed Floor ETF (SFLR) and Parametric Hedged Equity ETF (PHEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SFLR having a 5.55% return and PHEQ slightly higher at 5.67%.

SFLR

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

PHEQ

• 1D: -0.18%
• 1M: 1.64%
• YTD: 5.67%
• 6M: 6.14%
• 1Y: 15.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SFLR vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SFLR Innovator Equity Managed Floor ETF	5.55%	13.29%	19.99%	7.22%
PHEQ Parametric Hedged Equity ETF	5.67%	11.76%	14.94%	7.19%

Correlation

The correlation between SFLR and PHEQ is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	0.73

The correlation between SFLR and PHEQ shifts across timeframes, from 0.73 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

SFLR vs. PHEQ - Sectors Allocation Comparison

Sectors	SFLR	PHEQ
Technology	35.5%	35.4%
Communication Services	11.7%	11.8%
Financial Services	11.3%	11.3%
Consumer Cyclical	10.0%	10.2%
Healthcare	8.5%	8.6%
Industrials	8.4%	8.3%
Consumer Defensive	4.8%	5.0%
Energy	3.7%	3.7%
Utilities	2.5%	2.4%
Basic Materials	2.1%	1.7%
Real Estate	1.6%	1.6%

Return for Risk

SFLR vs. PHEQ — 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

PHEQ

PHEQ Risk / Return Rank: 82
PHEQ Sharpe Ratio Rank: 80
PHEQ Sortino Ratio Rank: 86
PHEQ Omega Ratio Rank: 84
PHEQ Calmar Ratio Rank: 75
PHEQ Martin Ratio Rank: 84

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. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed Floor ETF (SFLR) and Parametric Hedged Equity ETF (PHEQ). 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	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.62	-0.42
Sortino ratio: Return per unit of downside risk	2.98	3.92	-0.95
Omega ratio: Gain probability vs. loss probability	1.42	1.52	-0.10
Calmar ratio: Return relative to maximum drawdown	2.87	3.77	-0.89
Martin ratio: Return relative to average drawdown	11.73	17.21	-5.48
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. PHEQ - Sharpe Ratio Comparison

The current SFLR Sharpe Ratio is 2.20, which is comparable to the PHEQ Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of SFLR and PHEQ, 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	PHEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.62	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	1.71	1.80	-0.09

Drawdowns

SFLR vs. PHEQ - Drawdown Comparison

The maximum SFLR drawdown since its inception was -12.13%, roughly equal to the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for SFLR and PHEQ.

Drawdown Indicators

	SFLR	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-12.13%	-12.55%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-4.26%	-2.53%
Max Drawdown (3Y) Largest decline over 3 years	-12.13%	—	—
Current Drawdown Current decline from peak	-0.38%	-0.18%	-0.20%
Average Drawdown Average peak-to-trough decline	-1.74%	-0.97%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	0.93%	+0.73%

Volatility

SFLR vs. PHEQ - Volatility Comparison

Innovator Equity Managed Floor ETF (SFLR) has a higher volatility of 1.87% compared to Parametric Hedged Equity ETF (PHEQ) at 1.05%. This indicates that SFLR's price experiences larger fluctuations and is considered to be riskier than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFLR	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.87%	1.05%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	6.46%	4.56%	+1.90%
Volatility (1Y) Calculated over the trailing 1-year period	8.89%	6.16%	+2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.15%	8.62%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.15%	8.62%	+1.53%

SFLR vs. PHEQ - Expense Ratio Comparison

SFLR has a 0.89% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

Dividends

SFLR vs. PHEQ - Dividend Comparison

SFLR's dividend yield for the trailing twelve months is around 0.32%, less than PHEQ's 1.03% yield.

Position	TTM	2025	2024	2023	2022
PHEQ Parametric Hedged Equity ETF	1.03%	1.19%	1.39%	1.73%	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 PHEQ in my portfolio?

SFLR and PHEQ have a correlation of 0.84, 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 PHEQ?

SFLR has higher volatility (1.87%) compared to PHEQ (1.05%). In terms of maximum drawdown, SFLR dropped -12.13% vs PHEQ's -12.55%.

Which ETF is better, SFLR or PHEQ?

On 1-year performance, SFLR leads with 19.44% vs 15.97% for PHEQ. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFLR or PHEQ?

Over the 1-year period, SFLR has performed better with a 19.44% return vs 15.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFLR or PHEQ?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.89% for SFLR.

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

PHEQ has the higher dividend yield at 1.03%, compared with 0.32% for SFLR.

What is the main difference between SFLR and PHEQ?

They also come from different issuers: Innovator and Parametric. Their fees differ too: 0.89% for SFLR and 0.29% for PHEQ.

Which has better risk-adjusted returns?

PHEQ currently has the higher Sharpe Ratio (2.62 vs 2.20), 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.