BALT vs. DODIX

Last updated Jun 4, 2026

BALT (Innovator Defined Wealth Shield ETF) and DODIX (Dodge & Cox Income Fund) are both funds - BALT is a Defined Outcome fund tracking the S&P 500, while DODIX is a Total Bond Market fund managed by Dodge & Cox. Over the past 3 years, BALT returned 7.27%/yr vs 5.26%/yr for DODIX. At a 0.14 correlation, their price movements are largely independent. BALT charges 0.69%/yr vs 0.41%/yr for DODIX.

Performance

BALT vs. DODIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Defined Wealth Shield ETF (BALT) and Dodge & Cox Income Fund (DODIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BALT achieves a 1.91% return, which is significantly higher than DODIX's 0.51% return.

BALT

• 1D: -0.06%
• 1M: 0.53%
• YTD: 1.91%
• 6M: 2.81%
• 1Y: 6.95%
• 3Y*: 7.27%
• 5Y*: —
• 10Y*: —

DODIX

• 1D: 0.08%
• 1M: 0.55%
• YTD: 0.51%
• 6M: 0.47%
• 1Y: 6.43%
• 3Y*: 5.26%
• 5Y*: 1.31%
• 10Y*: 2.93%

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

BALT vs. DODIX - 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%
DODIX Dodge & Cox Income Fund	0.51%	8.32%	2.25%	7.69%	-11.42%	-0.26%

Correlation

The correlation between BALT and DODIX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.14

The correlation between BALT and DODIX shifts across timeframes, from 0.03 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BALT vs. DODIX — Risk / Return Rank

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

BALT

BALT Risk / Return Rank: 92
BALT Sharpe Ratio Rank: 90
BALT Sortino Ratio Rank: 94
BALT Omega Ratio Rank: 93
BALT Calmar Ratio Rank: 91
BALT Martin Ratio Rank: 91

DODIX

DODIX Risk / Return Rank: 29
DODIX Sharpe Ratio Rank: 30
DODIX Sortino Ratio Rank: 32
DODIX Omega Ratio Rank: 30
DODIX Calmar Ratio Rank: 30
DODIX Martin Ratio Rank: 25

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.

BALT vs. DODIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Defined Wealth Shield ETF (BALT) and Dodge & Cox Income Fund (DODIX). 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	DODIX	Difference
Sharpe ratio: Return per unit of total volatility	3.19	1.57	+1.62
Sortino ratio: Return per unit of downside risk	4.88	2.33	+2.54
Omega ratio: Gain probability vs. loss probability	1.67	1.29	+0.39
Calmar ratio: Return relative to maximum drawdown	6.05	2.04	+4.02
Martin ratio: Return relative to average drawdown	22.58	6.23	+16.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BALT vs. DODIX - Sharpe Ratio Comparison

The current BALT Sharpe Ratio is 3.19, which is higher than the DODIX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of BALT and DODIX, 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

	BALT	DODIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	1.57	+1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.24	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.80	1.47	+0.32

Drawdowns

BALT vs. DODIX - Drawdown Comparison

The maximum BALT drawdown since its inception was -4.89%, smaller than the maximum DODIX drawdown of -16.89%. Use the drawdown chart below to compare losses from any high point for BALT and DODIX.

Drawdown Indicators

	BALT	DODIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.89%	-16.89%	+12.00%
Max Drawdown (1Y) Largest decline over 1 year	-1.15%	-3.17%	+2.02%
Max Drawdown (3Y) Largest decline over 3 years	-4.89%	-5.68%	+0.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.89%	—
Current Drawdown Current decline from peak	-0.06%	-1.63%	+1.57%
Average Drawdown Average peak-to-trough decline	-0.34%	-1.50%	+1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	1.04%	-0.73%

Volatility

BALT vs. DODIX - Volatility Comparison

The current volatility for Innovator Defined Wealth Shield ETF (BALT) is 0.37%, while Dodge & Cox Income Fund (DODIX) has a volatility of 1.43%. This indicates that BALT experiences smaller price fluctuations and is considered to be less risky than DODIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BALT	DODIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	1.43%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	1.56%	3.00%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	2.19%	4.11%	-1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	5.56%	-2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	4.45%	-1.13%

BALT vs. DODIX - Expense Ratio Comparison

BALT has a 0.69% expense ratio, which is higher than DODIX's 0.41% expense ratio.

Dividends

BALT vs. DODIX - Dividend Comparison

BALT has not paid dividends to shareholders, while DODIX's dividend yield for the trailing twelve months is around 4.26%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DODIX Dodge & Cox Income Fund	4.26%	4.23%	4.24%	3.86%	2.19%	3.23%	4.66%	3.63%	3.43%	3.03%	3.25%	3.09%

Frequently Asked Questions

Can I hold both BALT and DODIX in my portfolio?

BALT and DODIX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BALT or DODIX?

DODIX has higher volatility (1.43%) compared to BALT (0.37%). In terms of maximum drawdown, BALT dropped -4.89% vs DODIX's -16.89%.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 vs 1.57), 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.