SPSM vs. SFLR
SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and SFLR (Innovator Equity Managed Floor ETF) are both exchange-traded funds - SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while SFLR is a Options Trading fund actively managed by Innovator. SPSM is passively managed, while SFLR is actively managed. Over the past 3 years, SPSM returned 14.81%/yr vs 14.88%/yr for SFLR. A 0.69 correlation means they provide meaningful diversification when combined. SPSM charges 0.03%/yr vs 0.89%/yr for SFLR.
Performance
SPSM vs. SFLR - Performance Comparison
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Returns By Period
In the year-to-date period, SPSM achieves a 19.73% return, which is significantly higher than SFLR's 3.84% return.
SPSM
- 1D
- 0.99%
- 1M
- 5.61%
- YTD
- 19.73%
- 6M
- 16.52%
- 1Y
- 37.11%
- 3Y*
- 14.81%
- 5Y*
- 6.32%
- 10Y*
- 11.30%
SFLR
- 1D
- 0.34%
- 1M
- 0.39%
- YTD
- 3.84%
- 6M
- 4.29%
- 1Y
- 16.87%
- 3Y*
- 14.88%
- 5Y*
- —
- 10Y*
- —
SPSM vs. SFLR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 19.73% | 6.11% | 8.55% | 16.11% | -2.04% |
SFLR Innovator Equity Managed Floor ETF | 3.84% | 13.29% | 19.99% | 21.20% | 0.42% |
Correlation
The correlation between SPSM and SFLR 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 (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022 | 0.69 |
The correlation between SPSM and SFLR has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.
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Return for Risk
SPSM vs. SFLR — Risk / Return Rank
SPSM
SFLR
SPSM vs. SFLR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and Innovator Equity Managed Floor ETF (SFLR). 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.
| SPSM | SFLR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.33 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.96 | 2.40 | +1.57 |
| Martin ratioReturn relative to average drawdown | 13.39 | 9.51 | +3.87 |
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Drawdowns
SPSM vs. SFLR - Drawdown Comparison
The maximum SPSM drawdown since its inception was -42.89%, which is greater than SFLR's maximum drawdown of -12.13%. Use the drawdown chart below to compare losses from any high point for SPSM and SFLR.
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Drawdown Indicators
| SPSM | SFLR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.89% | -12.13% | -30.76% |
Max Drawdown (1Y)Largest decline over 1 year | -8.72% | -6.79% | -1.93% |
Max Drawdown (3Y)Largest decline over 3 years | -27.94% | -12.13% | -15.81% |
Max Drawdown (5Y)Largest decline over 5 years | -27.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -42.89% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -2.22% | +2.22% |
Average DrawdownAverage peak-to-trough decline | -7.91% | -1.75% | -6.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 1.71% | +0.88% |
Volatility
SPSM vs. SFLR - Volatility Comparison
State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a higher volatility of 5.14% compared to Innovator Equity Managed Floor ETF (SFLR) at 3.81%. This indicates that SPSM's price experiences larger fluctuations and is considered to be riskier than SFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPSM | SFLR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 3.81% | +1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 11.96% | 7.29% | +4.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.69% | 9.46% | +8.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.45% | 10.28% | +11.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.00% | 10.28% | +12.72% |
SPSM vs. SFLR - Expense Ratio Comparison
SPSM has a 0.03% expense ratio, which is lower than SFLR's 0.89% expense ratio.
Dividends
SPSM vs. SFLR - Dividend Comparison
SPSM's dividend yield for the trailing twelve months is around 1.37%, more than SFLR's 0.32% 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% |
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 1.37% | 1.62% | 1.85% | 1.61% | 1.38% | 1.40% | 1.34% | 1.58% | 1.82% | 1.51% | 1.49% | 2.37% |
Frequently Asked Questions
SPSM and SFLR 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.
SPSM has higher volatility (5.14%) compared to SFLR (3.81%). In terms of maximum drawdown, SPSM dropped -42.89% vs SFLR's -12.13%.
On 3-year performance, SFLR leads with 14.88% vs 14.81% for SPSM. On fees, SPSM is cheaper at 0.03% 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.
Over the 3-year period, SFLR has performed better with a 14.88% return vs 14.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPSM is cheaper with a 0.03% expense ratio, compared with 0.89% for SFLR.
SPSM has the higher dividend yield at 1.37%, compared with 0.32% for SFLR.
SPSM is categorized as Small Cap Blend Equities, while SFLR is Options Trading. They also come from different issuers: State Street and Innovator. Their fees differ too: 0.03% for SPSM and 0.89% for SFLR.
SPSM currently has the higher Sharpe Ratio (1.95 vs 1.72), 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.
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