AJUL vs. BALT

Last updated Aug 5, 2026

AJUL (Innovator Equity Defined Protection ETF - 2 Yr To July 2026) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - AJUL is a Options Trading fund actively managed by Innovator, while BALT is a Defined Outcome fund tracking the S&P 500. AJUL is actively managed, while BALT is passively managed. Over the past year, AJUL returned 7.79% vs 7.05% for BALT. Their 0.77 correlation means they have sometimes moved together and sometimes differently. AJUL charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

AJUL 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 July 2026 (AJUL) 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, AJUL achieves a 4.37% return, which is significantly higher than BALT's 3.34% return.

AJUL

• 1D: 0.46%
• 1M: 1.05%
• 6M: 3.88%
• YTD: 4.37%
• 1Y: 7.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.02%

BALT

• 1D: 0.26%
• 1M: 1.01%
• 6M: 2.94%
• YTD: 3.34%
• 1Y: 7.05%
• 3Y*: 7.30%
• 5Y*: 6.09%
• 10Y*: —
• ALL TIME*: 6.04%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AJUL Innovator Equity Defined Protection ETF - 2 Yr To July 2026	$2.73M	$1.59M	$738.84K
BALT Innovator Defined Wealth Shield ETF	$15.28M	$17.39M	$16.03M

AJUL vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AJUL Innovator Equity Defined Protection ETF - 2 Yr To July 2026	4.37%	7.63%	4.61%
BALT Innovator Defined Wealth Shield ETF	3.34%	6.65%	4.63%

Correlation

The correlation between AJUL and BALT is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.77

The correlation between AJUL and BALT has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

Return for Risk

AJUL vs. BALT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AJUL

AJUL Risk / Return Rank: 91
AJUL Sharpe Ratio Rank: 90
AJUL Sortino Ratio Rank: 93
AJUL Omega Ratio Rank: 94
AJUL Calmar Ratio Rank: 85
AJUL Martin Ratio Rank: 94

BALT

BALT Risk / Return Rank: 96
BALT Sharpe Ratio Rank: 96
BALT Sortino Ratio Rank: 96
BALT Omega Ratio Rank: 96
BALT Calmar Ratio Rank: 96
BALT Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AJUL 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 July 2026 (AJUL) 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.

	AJUL	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.42	3.15	-0.72
Sortino ratio: Return per unit of downside risk	3.82	4.79	-0.97
Omega ratio: Gain probability vs. loss probability	1.54	1.68	-0.14
Calmar ratio: Return relative to maximum drawdown	3.57	6.14	-2.56
Martin ratio: Return relative to average drawdown	20.34	22.59	-2.25

AJUL vs. BALT - Sharpe Ratio Comparison

The current AJUL Sharpe Ratio is 2.42, which is comparable to the BALT Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of AJUL 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

AJUL vs. BALT - Drawdown Comparison

The maximum AJUL drawdown since its inception was -6.06%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for AJUL and BALT.

Drawdown Indicators

	AJUL	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-6.06%	-4.89%	-1.17%
Max Drawdown (1Y) Largest decline over 1 year	-2.19%	-1.15%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-4.89%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.48%	-0.34%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.31%	+0.07%

Volatility

AJUL vs. BALT - Volatility Comparison

Innovator Equity Defined Protection ETF - 2 Yr To July 2026 (AJUL) has a higher volatility of 1.21% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.86%. This indicates that AJUL'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

	AJUL	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	0.86%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	1.52%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	2.27%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.87%	3.31%	+1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.87%	3.28%	+1.59%

AJUL vs. BALT - Expense Ratio Comparison

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

Dividends

AJUL vs. BALT - Dividend Comparison

Neither AJUL nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AJUL and BALT in my portfolio?

AJUL and BALT have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AJUL or BALT?

AJUL has higher volatility (1.21%) compared to BALT (0.86%). In terms of maximum drawdown, AJUL dropped -6.06% vs BALT's -4.89%.

Which ETF is better, AJUL or BALT?

On 1-year performance, AJUL leads with 7.79% vs 7.05% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AJUL or BALT?

Over the 1-year period, AJUL has performed better with a 7.79% return vs 7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AJUL or BALT?

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

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

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

What is the main difference between AJUL and BALT?

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

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.15 vs 2.42), 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.