USEP vs. QFLR

Last updated Jun 4, 2026

USEP (Innovator U.S. Equity Ultra Buffer ETF - September) and QFLR (Innovator Nasdaq-100 Managed Floor ETF) are both exchange-traded funds - USEP is a Defined Outcome fund tracking the S&P 500 Index, while QFLR is a Nasdaq-100 fund actively managed by Innovator. USEP is passively managed, while QFLR is actively managed. Over the past year, USEP returned 14.66% vs 26.98% for QFLR. Their correlation of 0.82 suggests significant overlap in exposure. USEP charges 0.79%/yr vs 0.89%/yr for QFLR.

Performance

USEP vs. QFLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and Innovator Nasdaq-100 Managed Floor ETF (QFLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USEP achieves a 4.73% return, which is significantly lower than QFLR's 6.90% return.

USEP

• 1D: -0.08%
• 1M: 1.65%
• YTD: 4.73%
• 6M: 5.26%
• 1Y: 14.66%
• 3Y*: 13.11%
• 5Y*: 8.01%
• 10Y*: —

QFLR

• 1D: 0.01%
• 1M: 3.99%
• YTD: 6.90%
• 6M: 5.88%
• 1Y: 26.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USEP vs. QFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USEP Innovator U.S. Equity Ultra Buffer ETF - September	4.73%	11.75%	10.61%
QFLR Innovator Nasdaq-100 Managed Floor ETF	6.90%	17.27%	16.64%

Correlation

The correlation between USEP and QFLR is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Jan 26, 2024	0.82

The correlation between USEP and QFLR has been stable across timeframes, ranging from 0.82 to 0.82 - a consistent structural relationship.

USEP vs. QFLR - Sectors Allocation Comparison

Sectors	USEP	QFLR
Technology	36.2%	50.8%
Financial Services	11.9%	0.9%
Communication Services	10.9%	18.4%
Consumer Cyclical	10.1%	12.1%
Healthcare	8.4%	3.2%
Industrials	8.1%	2.8%
Consumer Defensive	4.9%	9.2%
Energy	3.5%	1.1%
Utilities	2.3%	1.5%
Real Estate	1.9%	-
Basic Materials	1.8%	0.0%

Return for Risk

USEP vs. QFLR — Risk / Return Rank

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

USEP

USEP Risk / Return Rank: 84
USEP Sharpe Ratio Rank: 83
USEP Sortino Ratio Rank: 87
USEP Omega Ratio Rank: 88
USEP Calmar Ratio Rank: 74
USEP Martin Ratio Rank: 87

QFLR

QFLR Risk / Return Rank: 74
QFLR Sharpe Ratio Rank: 73
QFLR Sortino Ratio Rank: 71
QFLR Omega Ratio Rank: 74
QFLR Calmar Ratio Rank: 71
QFLR Martin Ratio Rank: 78

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.

USEP vs. QFLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and Innovator Nasdaq-100 Managed Floor ETF (QFLR). 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.

	USEP	QFLR	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.41	+0.29
Sortino ratio: Return per unit of downside risk	3.98	3.26	+0.72
Omega ratio: Gain probability vs. loss probability	1.55	1.44	+0.10
Calmar ratio: Return relative to maximum drawdown	3.66	3.56	+0.10
Martin ratio: Return relative to average drawdown	18.85	15.19	+3.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USEP vs. QFLR - Sharpe Ratio Comparison

The current USEP Sharpe Ratio is 2.70, which is comparable to the QFLR Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of USEP and QFLR, 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

	USEP	QFLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.41	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	1.40	-0.39

Drawdowns

USEP vs. QFLR - Drawdown Comparison

The maximum USEP drawdown since its inception was -13.37%, roughly equal to the maximum QFLR drawdown of -13.97%. Use the drawdown chart below to compare losses from any high point for USEP and QFLR.

Drawdown Indicators

	USEP	QFLR	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-13.97%	+0.60%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-7.61%	+3.58%
Max Drawdown (3Y) Largest decline over 3 years	-9.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.84%	—	—
Current Drawdown Current decline from peak	-0.08%	-0.48%	+0.40%
Average Drawdown Average peak-to-trough decline	-1.89%	-2.50%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	1.78%	-1.00%

Volatility

USEP vs. QFLR - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) is 0.62%, while Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a volatility of 2.53%. This indicates that USEP experiences smaller price fluctuations and is considered to be less risky than QFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USEP	QFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	2.53%	-1.91%
Volatility (6M) Calculated over the trailing 6-month period	4.00%	8.05%	-4.05%
Volatility (1Y) Calculated over the trailing 1-year period	5.47%	11.28%	-5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.41%	12.62%	-5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.06%	12.62%	-4.56%

USEP vs. QFLR - Expense Ratio Comparison

USEP has a 0.79% expense ratio, which is lower than QFLR's 0.89% expense ratio.

Dividends

USEP vs. QFLR - Dividend Comparison

Neither USEP nor QFLR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
QFLR Innovator Nasdaq-100 Managed Floor ETF	0.00%	0.02%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%
USEP Innovator U.S. Equity Ultra Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%

Frequently Asked Questions

Can I hold both USEP and QFLR in my portfolio?

USEP and QFLR have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USEP or QFLR?

QFLR has higher volatility (2.53%) compared to USEP (0.62%). In terms of maximum drawdown, USEP dropped -13.37% vs QFLR's -13.97%.

Which ETF is better, USEP or QFLR?

On 1-year performance, QFLR leads with 26.98% vs 14.66% for USEP. On fees, USEP is cheaper at 0.79% per year. On volatility, USEP has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USEP or QFLR?

Over the 1-year period, QFLR has performed better with a 26.98% return vs 14.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USEP or QFLR?

USEP is cheaper with a 0.79% expense ratio, compared with 0.89% for QFLR.

Which ETF pays a higher dividend yield, USEP or QFLR?

USEP and QFLR have nearly identical dividend yields, around 0.00%.

What is the main difference between USEP and QFLR?

USEP is categorized as Defined Outcome, while QFLR is Nasdaq-100. Their fees differ too: 0.79% for USEP and 0.89% for QFLR.

Which has better risk-adjusted returns?

USEP currently has the higher Sharpe Ratio (2.70 vs 2.41), 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.