SFLR vs. SPMD

Last updated Jun 14, 2026

SFLR (Innovator Equity Managed Floor ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - SFLR is a Options Trading fund actively managed by Innovator, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. SFLR is actively managed, while SPMD is passively managed. Over the past 3 years, SFLR returned 14.88%/yr vs 15.42%/yr for SPMD. A 0.74 correlation means they provide meaningful diversification when combined. SFLR charges 0.89%/yr vs 0.05%/yr for SPMD.

Performance

SFLR vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Managed Floor ETF (SFLR) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SFLR achieves a 3.84% return, which is significantly lower than SPMD's 15.51% return.

SFLR

• 1D: 0.34%
• 1M: 0.39%
• YTD: 3.84%
• 6M: 4.29%
• 1Y: 16.87%
• 3Y*: 14.88%
• 5Y*: —
• 10Y*: —

SPMD

• 1D: 0.73%
• 1M: 3.56%
• YTD: 15.51%
• 6M: 14.03%
• 1Y: 27.96%
• 3Y*: 15.42%
• 5Y*: 8.28%
• 10Y*: 11.78%

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

SFLR vs. SPMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SFLR Innovator Equity Managed Floor ETF	3.84%	13.29%	19.99%	21.20%	0.42%
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	15.51%	7.44%	13.91%	16.48%	0.19%

Correlation

The correlation between SFLR and SPMD is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022	0.74

The correlation between SFLR and SPMD has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Return for Risk

SFLR vs. SPMD — Risk / Return Rank

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

SFLR

SFLR Risk / Return Rank: 58
SFLR Sharpe Ratio Rank: 59
SFLR Sortino Ratio Rank: 54
SFLR Omega Ratio Rank: 62
SFLR Calmar Ratio Rank: 55
SFLR Martin Ratio Rank: 61

SPMD

SPMD Risk / Return Rank: 60
SPMD Sharpe Ratio Rank: 55
SPMD Sortino Ratio Rank: 58
SPMD Omega Ratio Rank: 53
SPMD Calmar Ratio Rank: 67
SPMD Martin Ratio Rank: 67

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. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed Floor ETF (SFLR) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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.

	SFLR	SPMD	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.64	+0.08
Sortino ratio: Return per unit of downside risk	2.29	2.39	-0.10
Omega ratio: Gain probability vs. loss probability	1.33	1.29	+0.04
Calmar ratio: Return relative to maximum drawdown	2.40	2.95	-0.55
Martin ratio: Return relative to average drawdown	9.51	10.81	-1.30

SFLR vs. SPMD - Sharpe Ratio Comparison

The current SFLR Sharpe Ratio is 1.72, which is comparable to the SPMD Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of SFLR and SPMD, 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

SFLR vs. SPMD - Drawdown Comparison

The maximum SFLR drawdown since its inception was -12.13%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for SFLR and SPMD.

Drawdown Indicators

	SFLR	SPMD	Difference
Max Drawdown Largest peak-to-trough decline	-12.13%	-57.62%	+45.49%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-8.86%	+2.07%
Max Drawdown (3Y) Largest decline over 3 years	-12.13%	-24.08%	+11.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.86%	—
Current Drawdown Current decline from peak	-2.22%	0.00%	-2.22%
Average Drawdown Average peak-to-trough decline	-1.75%	-8.11%	+6.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	2.41%	-0.70%

Volatility

SFLR vs. SPMD - Volatility Comparison

The current volatility for Innovator Equity Managed Floor ETF (SFLR) is 3.81%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 5.07%. This indicates that SFLR experiences smaller price fluctuations and is considered to be less risky than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFLR	SPMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	5.07%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	7.29%	11.77%	-4.48%
Volatility (1Y) Calculated over the trailing 1-year period	9.46%	15.91%	-6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.28%	19.75%	-9.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.28%	21.20%	-10.92%

SFLR vs. SPMD - Expense Ratio Comparison

SFLR has a 0.89% expense ratio, which is higher than SPMD's 0.05% expense ratio.

Dividends

SFLR vs. SPMD - Dividend Comparison

SFLR's dividend yield for the trailing twelve months is around 0.32%, less than SPMD's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SFLR Innovator Equity Managed Floor ETF	0.32%	0.33%	0.42%	1.16%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	1.21%	1.39%	1.42%	1.47%	1.64%	1.24%	1.30%	1.57%	1.85%	1.97%	2.13%	5.33%

Frequently Asked Questions

Can I hold both SFLR and SPMD in my portfolio?

SFLR and SPMD have a correlation of 0.68, 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 SPMD?

SPMD has higher volatility (5.07%) compared to SFLR (3.81%). In terms of maximum drawdown, SFLR dropped -12.13% vs SPMD's -57.62%.

Which ETF is better, SFLR or SPMD?

On 3-year performance, SPMD leads with 15.42% vs 14.88% for SFLR. On fees, SPMD is cheaper at 0.05% per year. On volatility, SFLR has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFLR or SPMD?

Over the 3-year period, SPMD has performed better with a 15.42% return vs 14.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFLR or SPMD?

SPMD is cheaper with a 0.05% expense ratio, compared with 0.89% for SFLR.

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

SPMD has the higher dividend yield at 1.21%, compared with 0.32% for SFLR.

What is the main difference between SFLR and SPMD?

SFLR is categorized as Options Trading, while SPMD is Mid Cap Blend Equities. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.89% for SFLR and 0.05% for SPMD.

Which has better risk-adjusted returns?

SFLR currently has the higher Sharpe Ratio (1.72 vs 1.64), 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.