BALT vs. FTLS
BALT (Innovator Defined Wealth Shield ETF) and FTLS (First Trust Long/Short Equity ETF) are both exchange-traded funds - BALT is a Defined Outcome fund tracking the S&P 500, while FTLS is a Long-Short fund actively managed by First Trust. BALT is passively managed, while FTLS is actively managed. Over the past 5 years, BALT returned 5.98%/yr vs 10.06%/yr for FTLS. Their 0.63 correlation means they have sometimes moved together and sometimes differently. BALT charges 0.69%/yr vs 1.38%/yr for FTLS.
Performance
BALT vs. FTLS - Performance Comparison
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Returns By Period
In the year-to-date period, BALT achieves a 2.78% return, which is significantly lower than FTLS's 6.03% return.
BALT
- 1D
- 0.17%
- 1M
- 0.48%
- 6M
- 2.21%
- YTD
- 2.78%
- 1Y
- 6.56%
- 3Y*
- 6.98%
- 5Y*
- 5.98%
- 10Y*
- —
- ALL TIME*
- 5.93%
FTLS
- 1D
- -0.31%
- 1M
- 1.85%
- 6M
- 4.95%
- YTD
- 6.03%
- 1Y
- 13.39%
- 3Y*
- 13.13%
- 5Y*
- 10.06%
- 10Y*
- 9.59%
- ALL TIME*
- 9.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.85M | $18.00M | $16.07M | |
| $8.26M | $8.04M | $8.94M |
BALT vs. FTLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BALT Innovator Defined Wealth Shield ETF | 2.78% | 6.65% | 9.98% | 7.45% | 2.54% | 0.91% |
FTLS First Trust Long/Short Equity ETF | 6.03% | 9.09% | 18.80% | 16.94% | -5.56% | 7.24% |
Correlation
The correlation between BALT and FTLS is 0.66, 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. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021 | 0.63 |
The correlation between BALT and FTLS has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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Return for Risk
BALT vs. FTLS — Risk / Return Rank
BALT
FTLS
BALT vs. FTLS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Defined Wealth Shield ETF (BALT) and First Trust Long/Short Equity ETF (FTLS). 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 | FTLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.28 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 5.71 | 3.55 | +2.16 |
| Martin ratioReturn relative to average drawdown | 21.02 | 10.80 | +10.22 |
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Drawdowns
BALT vs. FTLS - Drawdown Comparison
The maximum BALT drawdown since its inception was -4.89%, smaller than the maximum FTLS drawdown of -20.54%. Use the drawdown chart below to compare losses from any high point for BALT and FTLS.
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Drawdown Indicators
| BALT | FTLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.89% | -20.54% | +15.65% |
Max Drawdown (1Y)Largest decline over 1 year | -1.15% | -3.79% | +2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -4.89% | -11.69% | +6.80% |
Max Drawdown (5Y)Largest decline over 5 years | -4.89% | -11.69% | +6.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.54% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.42% | +0.42% |
Average DrawdownAverage peak-to-trough decline | -0.34% | -2.67% | +2.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 1.24% | -0.93% |
Volatility
BALT vs. FTLS - Volatility Comparison
The current volatility for Innovator Defined Wealth Shield ETF (BALT) is 0.80%, while First Trust Long/Short Equity ETF (FTLS) has a volatility of 2.15%. This indicates that BALT experiences smaller price fluctuations and is considered to be less risky than FTLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BALT | FTLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 2.15% | -1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 1.49% | 5.86% | -4.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 8.54% | -6.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 10.53% | -7.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.28% | 11.23% | -7.95% |
BALT vs. FTLS - Expense Ratio Comparison
BALT has a 0.69% expense ratio, which is lower than FTLS's 1.38% expense ratio.
Dividends
BALT vs. FTLS - Dividend Comparison
BALT has not paid dividends to shareholders, while FTLS's dividend yield for the trailing twelve months is around 0.88%.
| 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% |
FTLS First Trust Long/Short Equity ETF | 0.88% | 1.07% | 1.50% | 1.49% | 0.81% | 0.01% | 0.44% | 0.83% | 0.87% | 0.43% | 1.04% | 0.49% |
Frequently Asked Questions
BALT and FTLS have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTLS has higher volatility (2.15%) compared to BALT (0.80%). In terms of maximum drawdown, BALT dropped -4.89% vs FTLS's -20.54%.
On 5-year performance, FTLS leads with 10.06% vs 5.98% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTLS has performed better with a 10.06% return vs 5.98%. 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 1.38% for FTLS.
FTLS has the higher dividend yield at 0.88%, compared with 0.00% for BALT.
BALT is categorized as Defined Outcome, while FTLS is Long-Short. They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.69% for BALT and 1.38% for FTLS.
BALT currently has the higher Sharpe Ratio (2.91 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.
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