BALT vs. FNOV

Last updated Aug 4, 2026

BALT (Innovator Defined Wealth Shield ETF) and FNOV (FT Vest U.S. Equity Buffer ETF - November) are both Defined Outcome funds tracking the S&P 500, from Innovator and FT Vest respectively. Both are passively managed. Over the past 5 years, BALT returned 6.03%/yr vs 9.31%/yr for FNOV. Their 0.76 correlation means they have sometimes moved together and sometimes differently. BALT charges 0.69%/yr vs 0.85%/yr for FNOV.

Performance

BALT vs. FNOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Defined Wealth Shield ETF (BALT) and FT Vest U.S. Equity Buffer ETF - November (FNOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BALT achieves a 3.07% return, which is significantly lower than FNOV's 8.05% return.

BALT

• 1D: 0.29%
• 1M: 0.74%
• 6M: 2.34%
• YTD: 3.07%
• 1Y: 7.13%
• 3Y*: 7.21%
• 5Y*: 6.03%
• 10Y*: —
• ALL TIME*: 5.98%

FNOV

• 1D: 0.61%
• 1M: 1.41%
• 6M: 6.79%
• YTD: 8.05%
• 1Y: 17.46%
• 3Y*: 13.52%
• 5Y*: 9.31%
• 10Y*: —
• ALL TIME*: 10.35%

*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)
BALT Innovator Defined Wealth Shield ETF	$15.46M	$17.58M	$15.99M
FNOV FT Vest U.S. Equity Buffer ETF - November	$650.46K	$550.52K	$1.96M

BALT vs. FNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BALT Innovator Defined Wealth Shield ETF	3.07%	6.65%	9.98%	7.45%	2.54%	0.91%
FNOV FT Vest U.S. Equity Buffer ETF - November	8.05%	14.66%	12.48%	19.69%	-8.88%	3.20%

Correlation

The correlation between BALT and FNOV is 0.78, 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.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.76

The correlation between BALT and FNOV has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.

BALT vs. FNOV - Sectors Allocation Comparison

Sectors	BALT	FNOV
Technology	37.9%	37.9%
Financial Services	11.7%	11.7%
Communication Services	10.0%	10.0%
Consumer Cyclical	9.6%	9.6%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.0%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

BALT vs. FNOV — Risk / Return Rank

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

BALT

BALT Risk / Return Rank: 96
BALT Sharpe Ratio Rank: 96
BALT Sortino Ratio Rank: 97
BALT Omega Ratio Rank: 97
BALT Calmar Ratio Rank: 96
BALT Martin Ratio Rank: 96

FNOV

FNOV Risk / Return Rank: 87
FNOV Sharpe Ratio Rank: 88
FNOV Sortino Ratio Rank: 90
FNOV Omega Ratio Rank: 89
FNOV Calmar Ratio Rank: 79
FNOV Martin Ratio Rank: 91

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.

BALT vs. FNOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Defined Wealth Shield ETF (BALT) and FT Vest U.S. Equity Buffer ETF - November (FNOV). 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.

	BALT	FNOV	Difference
Sharpe ratio: Return per unit of total volatility	3.17	2.29	+0.88
Sortino ratio: Return per unit of downside risk	4.85	3.33	+1.52
Omega ratio: Gain probability vs. loss probability	1.69	1.44	+0.25
Calmar ratio: Return relative to maximum drawdown	6.21	3.07	+3.14
Martin ratio: Return relative to average drawdown	22.86	15.88	+6.98

BALT vs. FNOV - Sharpe Ratio Comparison

The current BALT Sharpe Ratio is 3.17, which is higher than the FNOV Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of BALT and FNOV, 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

BALT vs. FNOV - Drawdown Comparison

The maximum BALT drawdown since its inception was -4.89%, smaller than the maximum FNOV drawdown of -24.41%. Use the drawdown chart below to compare losses from any high point for BALT and FNOV.

Drawdown Indicators

	BALT	FNOV	Difference
Max Drawdown Largest peak-to-trough decline	-4.89%	-24.41%	+19.52%
Max Drawdown (1Y) Largest decline over 1 year	-1.15%	-5.71%	+4.56%
Max Drawdown (3Y) Largest decline over 3 years	-4.89%	-13.11%	+8.22%
Max Drawdown (5Y) Largest decline over 5 years	-4.89%	-15.87%	+10.98%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.34%	-2.86%	+2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	1.10%	-0.79%

Volatility

BALT vs. FNOV - Volatility Comparison

The current volatility for Innovator Defined Wealth Shield ETF (BALT) is 0.85%, while FT Vest U.S. Equity Buffer ETF - November (FNOV) has a volatility of 1.98%. This indicates that BALT experiences smaller price fluctuations and is considered to be less risky than FNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BALT	FNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	1.98%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	1.51%	6.11%	-4.60%
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	7.67%	-5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	11.55%	-8.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	13.56%	-10.28%

BALT vs. FNOV - Expense Ratio Comparison

BALT has a 0.69% expense ratio, which is lower than FNOV's 0.85% expense ratio.

Dividends

BALT vs. FNOV - Dividend Comparison

Neither BALT nor FNOV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BALT and FNOV in my portfolio?

BALT and FNOV have a correlation of 0.78, 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 FNOV?

FNOV has higher volatility (1.98%) compared to BALT (0.85%). In terms of maximum drawdown, BALT dropped -4.89% vs FNOV's -24.41%.

Which ETF is better, BALT or FNOV?

On 5-year performance, FNOV leads with 9.31% vs 6.03% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BALT or FNOV?

Over the 5-year period, FNOV has performed better with a 9.31% return vs 6.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BALT or FNOV?

BALT is cheaper with a 0.69% expense ratio, compared with 0.85% for FNOV.

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

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

What is the main difference between BALT and FNOV?

Both ETFs track S&P 500. They also come from different issuers: Innovator and FT Vest. Their fees differ too: 0.69% for BALT and 0.85% for FNOV.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.17 vs 2.29), 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.