AJAN vs. BALT

Last updated Jun 23, 2026

AJAN (Innovator Equity Defined Protection ETF - 2 Yr To January 2026) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - AJAN is a Options Trading fund actively managed by Innovator, while BALT is a Defined Outcome fund tracking the S&P 500. AJAN is actively managed, while BALT is passively managed. Over the past year, AJAN returned 5.56% vs 6.93% for BALT. A 0.62 correlation means they provide meaningful diversification when combined. AJAN charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

AJAN vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) and Innovator Defined Wealth Shield ETF (BALT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AJAN achieves a 1.79% return, which is significantly lower than BALT's 2.21% return.

AJAN

• 1D: -0.00%
• 1M: 0.04%
• YTD: 1.79%
• 6M: 1.93%
• 1Y: 5.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BALT

• 1D: 0.00%
• 1M: 0.47%
• YTD: 2.21%
• 6M: 2.54%
• 1Y: 6.93%
• 3Y*: 7.11%
• 5Y*: —
• 10Y*: —

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

AJAN vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AJAN Innovator Equity Defined Protection ETF - 2 Yr To January 2026	1.79%	6.12%	7.61%
BALT Innovator Defined Wealth Shield ETF	2.21%	6.65%	9.98%

Correlation

The correlation between AJAN and BALT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jan 2, 2024	0.62

The correlation between AJAN and BALT shifts across timeframes, from 0.46 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AJAN vs. BALT — Risk / Return Rank

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

AJAN

AJAN Risk / Return Rank: 72
AJAN Sharpe Ratio Rank: 73
AJAN Sortino Ratio Rank: 81
AJAN Omega Ratio Rank: 86
AJAN Calmar Ratio Rank: 52
AJAN Martin Ratio Rank: 68

BALT

BALT Risk / Return Rank: 94
BALT Sharpe Ratio Rank: 93
BALT Sortino Ratio Rank: 95
BALT Omega Ratio Rank: 95
BALT Calmar Ratio Rank: 93
BALT Martin Ratio Rank: 93

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.

AJAN vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) and Innovator Defined Wealth Shield ETF (BALT). 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.

	AJAN	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.26	3.22	-0.96
Sortino ratio: Return per unit of downside risk	3.45	4.93	-1.48
Omega ratio: Gain probability vs. loss probability	1.50	1.69	-0.19
Calmar ratio: Return relative to maximum drawdown	2.49	6.04	-3.55
Martin ratio: Return relative to average drawdown	12.30	22.52	-10.22

AJAN vs. BALT - Sharpe Ratio Comparison

The current AJAN Sharpe Ratio is 2.26, which is comparable to the BALT Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of AJAN and BALT, 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

AJAN vs. BALT - Drawdown Comparison

The maximum AJAN drawdown since its inception was -4.11%, smaller than the maximum BALT drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for AJAN and BALT.

Drawdown Indicators

	AJAN	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-4.11%	-4.89%	+0.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-1.15%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.89%	—
Current Drawdown Current decline from peak	-0.33%	0.00%	-0.33%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.34%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	0.31%	+0.14%

Volatility

AJAN vs. BALT - Volatility Comparison

Innovator Equity Defined Protection ETF - 2 Yr To January 2026 (AJAN) has a higher volatility of 1.10% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.30%. This indicates that AJAN's price experiences larger fluctuations and is considered to be riskier than BALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AJAN	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	0.30%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	1.47%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	2.16%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	3.30%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.82%	3.30%	+0.52%

AJAN vs. BALT - Expense Ratio Comparison

AJAN has a 0.79% expense ratio, which is higher than BALT's 0.69% expense ratio.

Dividends

AJAN vs. BALT - Dividend Comparison

Neither AJAN nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AJAN and BALT in my portfolio?

AJAN and BALT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AJAN or BALT?

AJAN has higher volatility (1.10%) compared to BALT (0.30%). In terms of maximum drawdown, AJAN dropped -4.11% vs BALT's -4.89%.

Which ETF is better, AJAN or BALT?

On 1-year performance, BALT leads with 6.93% vs 5.56% for AJAN. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AJAN or BALT?

Over the 1-year period, BALT has performed better with a 6.93% return vs 5.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AJAN or BALT?

BALT is cheaper with a 0.69% expense ratio, compared with 0.79% for AJAN.

Which ETF pays a higher dividend yield, AJAN or BALT?

AJAN and BALT have nearly identical dividend yields, around 0.00%.

What is the main difference between AJAN and BALT?

AJAN is categorized as Options Trading, while BALT is Defined Outcome. Their fees differ too: 0.79% for AJAN and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.22 vs 2.26), 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.