BALT vs. DBE
BALT (Innovator Defined Wealth Shield ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - BALT is a Defined Outcome fund tracking the S&P 500, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 3 years, BALT returned 7.27%/yr vs 23.42%/yr for DBE. At a 0.07 correlation, their price movements are largely independent. BALT charges 0.69%/yr vs 0.78%/yr for DBE.
Performance
BALT vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, BALT achieves a 1.91% return, which is significantly lower than DBE's 83.68% return.
BALT
- 1D
- -0.06%
- 1M
- 0.53%
- YTD
- 1.91%
- 6M
- 2.81%
- 1Y
- 6.95%
- 3Y*
- 7.27%
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
BALT vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BALT Innovator Defined Wealth Shield ETF | 1.91% | 6.65% | 9.98% | 7.45% | 2.54% | 0.82% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 8.72% |
Correlation
The correlation between BALT and DBE is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021 | 0.07 |
The correlation between BALT and DBE shifts across timeframes, from -0.15 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BALT vs. DBE — Risk / Return Rank
BALT
DBE
BALT vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Defined Wealth Shield ETF (BALT) and Invesco DB Energy Fund (DBE). 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.
| BALT | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.40 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 6.05 | 5.89 | +0.16 |
| Martin ratioReturn relative to average drawdown | 22.58 | 11.53 | +11.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BALT | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.19 | 2.43 | +0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.80 | 0.09 | +1.70 |
Drawdowns
BALT vs. DBE - Drawdown Comparison
The maximum BALT drawdown since its inception was -4.89%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for BALT and DBE.
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Drawdown Indicators
| BALT | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.89% | -86.69% | +81.80% |
Max Drawdown (1Y)Largest decline over 1 year | -1.15% | -14.41% | +13.26% |
Max Drawdown (3Y)Largest decline over 3 years | -4.89% | -23.89% | +19.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.06% | -30.27% | +30.21% |
Average DrawdownAverage peak-to-trough decline | -0.34% | -57.31% | +56.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 7.35% | -7.04% |
Volatility
BALT vs. DBE - Volatility Comparison
The current volatility for Innovator Defined Wealth Shield ETF (BALT) is 0.37%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that BALT experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BALT | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 12.95% | -12.58% |
Volatility (6M)Calculated over the trailing 6-month period | 1.56% | 30.86% | -29.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.19% | 34.97% | -32.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 29.39% | -26.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.32% | 28.33% | -25.01% |
BALT vs. DBE - Expense Ratio Comparison
BALT has a 0.69% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
BALT vs. DBE - Dividend Comparison
BALT has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BALT Innovator Defined Wealth Shield ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
BALT and DBE have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to BALT (0.37%). In terms of maximum drawdown, BALT dropped -4.89% vs DBE's -86.69%.
On 3-year performance, DBE leads with 23.42% vs 7.27% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBE has performed better with a 23.42% return vs 7.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BALT is cheaper with a 0.69% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.00% for BALT.
BALT is categorized as Defined Outcome, while DBE is Oil & Gas. BALT tracks S&P 500, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.69% for BALT and 0.78% for DBE.
BALT currently has the higher Sharpe Ratio (3.19 vs 2.43), 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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