XTR vs. RFLR

Last updated Jun 25, 2026

XTR (Global X S&P 500 Tail Risk ETF) and RFLR (Innovator U.S. Small Cap Managed Floor ETF) are both Equity Hedged funds. XTR is passively managed, while RFLR is actively managed. Over the past year, XTR returned 17.69% vs 28.42% for RFLR. A 0.71 correlation means they provide meaningful diversification when combined. XTR charges 0.25%/yr vs 0.89%/yr for RFLR.

Performance

XTR vs. RFLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Tail Risk ETF (XTR) and Innovator U.S. Small Cap Managed Floor ETF (RFLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XTR achieves a 5.85% return, which is significantly lower than RFLR's 12.46% return.

XTR

• 1D: -0.42%
• 1M: -1.44%
• YTD: 5.85%
• 6M: 4.51%
• 1Y: 17.69%
• 3Y*: 16.87%
• 5Y*: —
• 10Y*: —

RFLR

• 1D: 0.84%
• 1M: 4.80%
• YTD: 12.46%
• 6M: 10.27%
• 1Y: 28.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XTR vs. RFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XTR Global X S&P 500 Tail Risk ETF	5.85%	13.66%	3.67%
RFLR Innovator U.S. Small Cap Managed Floor ETF	12.46%	11.81%	1.78%

Correlation

The correlation between XTR and RFLR 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 (All Time) Calculated using the full available price history since Sep 17, 2024	0.71

The correlation between XTR and RFLR has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

Return for Risk

XTR vs. RFLR — Risk / Return Rank

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

XTR

XTR Risk / Return Rank: 50
XTR Sharpe Ratio Rank: 51
XTR Sortino Ratio Rank: 49
XTR Omega Ratio Rank: 48
XTR Calmar Ratio Rank: 47
XTR Martin Ratio Rank: 55

RFLR

RFLR Risk / Return Rank: 85
RFLR Sharpe Ratio Rank: 82
RFLR Sortino Ratio Rank: 84
RFLR Omega Ratio Rank: 79
RFLR Calmar Ratio Rank: 90
RFLR Martin Ratio Rank: 89

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.

XTR vs. RFLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) and Innovator U.S. Small Cap Managed Floor ETF (RFLR). 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.

	XTR	RFLR	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.28	-0.72
Sortino ratio: Return per unit of downside risk	2.18	3.25	-1.07
Omega ratio: Gain probability vs. loss probability	1.28	1.41	-0.13
Calmar ratio: Return relative to maximum drawdown	2.09	4.93	-2.84
Martin ratio: Return relative to average drawdown	8.57	17.39	-8.81

XTR vs. RFLR - Sharpe Ratio Comparison

The current XTR Sharpe Ratio is 1.56, which is lower than the RFLR Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of XTR and RFLR, 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

XTR vs. RFLR - Drawdown Comparison

The maximum XTR drawdown since its inception was -20.83%, which is greater than RFLR's maximum drawdown of -15.48%. Use the drawdown chart below to compare losses from any high point for XTR and RFLR.

Drawdown Indicators

	XTR	RFLR	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-15.48%	-5.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-5.79%	-2.72%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	—	—
Current Drawdown Current decline from peak	-3.22%	0.00%	-3.22%
Average Drawdown Average peak-to-trough decline	-5.90%	-3.73%	-2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.64%	+0.43%

Volatility

XTR vs. RFLR - Volatility Comparison

Global X S&P 500 Tail Risk ETF (XTR) has a higher volatility of 4.66% compared to Innovator U.S. Small Cap Managed Floor ETF (RFLR) at 3.79%. This indicates that XTR's price experiences larger fluctuations and is considered to be riskier than RFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTR	RFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	3.79%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	9.02%	8.79%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	11.39%	12.54%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	12.27%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.85%	12.27%	+1.58%

XTR vs. RFLR - Expense Ratio Comparison

XTR has a 0.25% expense ratio, which is lower than RFLR's 0.89% expense ratio.

Dividends

XTR vs. RFLR - Dividend Comparison

XTR's dividend yield for the trailing twelve months is around 16.84%, more than RFLR's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021
RFLR Innovator U.S. Small Cap Managed Floor ETF	0.60%	0.67%	0.26%	0.00%	0.00%	0.00%
XTR Global X S&P 500 Tail Risk ETF	16.84%	17.82%	20.89%	1.09%	1.08%	2.32%

Frequently Asked Questions

Can I hold both XTR and RFLR in my portfolio?

XTR and RFLR 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.

Which is riskier, XTR or RFLR?

XTR has higher volatility (4.66%) compared to RFLR (3.79%). In terms of maximum drawdown, XTR dropped -20.83% vs RFLR's -15.48%.

Which ETF is better, XTR or RFLR?

On 1-year performance, RFLR leads with 28.42% vs 17.69% for XTR. On fees, XTR is cheaper at 0.25% per year. On volatility, RFLR has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTR or RFLR?

Over the 1-year period, RFLR has performed better with a 28.42% return vs 17.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTR or RFLR?

XTR is cheaper with a 0.25% expense ratio, compared with 0.89% for RFLR.

Which ETF pays a higher dividend yield, XTR or RFLR?

XTR has the higher dividend yield at 16.84%, compared with 0.60% for RFLR.

What is the main difference between XTR and RFLR?

They also come from different issuers: Global X and Innovator. Their fees differ too: 0.25% for XTR and 0.89% for RFLR.

Which has better risk-adjusted returns?

RFLR currently has the higher Sharpe Ratio (2.28 vs 1.56), 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.