SFLR vs. SPY

Last updated Jun 24, 2026

SFLR (Innovator Equity Managed Floor ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SFLR is a Options Trading fund actively managed by Innovator, while SPY is a S&P 500 fund tracking the S&P 500 Index. SFLR is actively managed, while SPY is passively managed. Over the past 3 years, SFLR returned 14.80%/yr vs 20.68%/yr for SPY. Their correlation of 0.92 suggests significant overlap in exposure. SFLR charges 0.89%/yr vs 0.09%/yr for SPY.

Performance

SFLR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Managed Floor ETF (SFLR) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SFLR achieves a 3.43% return, which is significantly lower than SPY's 8.15% return.

SFLR

• 1D: -0.99%
• 1M: -0.63%
• YTD: 3.43%
• 6M: 3.07%
• 1Y: 15.38%
• 3Y*: 14.80%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

SFLR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SFLR Innovator Equity Managed Floor ETF	3.43%	13.29%	19.99%	21.20%	0.42%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	0.57%

Correlation

The correlation between SFLR and SPY is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022	0.92

The correlation between SFLR and SPY has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

SFLR vs. SPY — Risk / Return Rank

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

SFLR

SFLR Risk / Return Rank: 49
SFLR Sharpe Ratio Rank: 49
SFLR Sortino Ratio Rank: 45
SFLR Omega Ratio Rank: 51
SFLR Calmar Ratio Rank: 49
SFLR Martin Ratio Rank: 54

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY 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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed Floor ETF (SFLR) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.90	-0.31
Sortino ratio: Return per unit of downside risk	2.15	2.58	-0.44
Omega ratio: Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio: Return relative to maximum drawdown	2.27	2.67	-0.39
Martin ratio: Return relative to average drawdown	8.91	11.92	-3.01

SFLR vs. SPY - Sharpe Ratio Comparison

The current SFLR Sharpe Ratio is 1.59, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SFLR and SPY, 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. SPY - Drawdown Comparison

The maximum SFLR drawdown since its inception was -12.13%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SFLR and SPY.

Drawdown Indicators

	SFLR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-12.13%	-55.19%	+43.06%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-8.88%	+2.09%
Max Drawdown (3Y) Largest decline over 3 years	-12.13%	-18.76%	+6.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.61%	-3.17%	+0.56%
Average Drawdown Average peak-to-trough decline	-1.75%	-9.04%	+7.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.98%	-0.25%

Volatility

SFLR vs. SPY - Volatility Comparison

The current volatility for Innovator Equity Managed Floor ETF (SFLR) is 4.37%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that SFLR experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFLR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	4.87%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	7.51%	9.85%	-2.34%
Volatility (1Y) Calculated over the trailing 1-year period	9.72%	12.50%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.32%	17.15%	-6.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.32%	17.95%	-7.63%

SFLR vs. SPY - Expense Ratio Comparison

SFLR has a 0.89% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SFLR vs. SPY - Dividend Comparison

SFLR's dividend yield for the trailing twelve months is around 0.33%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SFLR Innovator Equity Managed Floor ETF	0.33%	0.33%	0.42%	1.16%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SFLR and SPY in my portfolio?

With a correlation of 0.91, SFLR and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SFLR or SPY?

SPY has higher volatility (4.87%) compared to SFLR (4.37%). In terms of maximum drawdown, SFLR dropped -12.13% vs SPY's -55.19%.

Which ETF is better, SFLR or SPY?

On 3-year performance, SPY leads with 20.68% vs 14.80% for SFLR. On fees, SPY is cheaper at 0.09% per year. On volatility, SFLR has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFLR or SPY?

Over the 3-year period, SPY has performed better with a 20.68% return vs 14.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFLR or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.89% for SFLR.

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

SPY has the higher dividend yield at 1.03%, compared with 0.33% for SFLR.

What is the main difference between SFLR and SPY?

SFLR is categorized as Options Trading, while SPY is S&P 500. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.89% for SFLR and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.59), 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.