BALT vs. HERD

Last updated Aug 1, 2026

BALT (Innovator Defined Wealth Shield ETF) and HERD (Pacer Cash Cows Fund of Funds ETF) are both exchange-traded funds - BALT is a Defined Outcome fund tracking the S&P 500, while HERD is a Global Equities fund tracking the Pacer Cash Cows Fund of Funds Index. Both are passively managed. Over the past 5 years, BALT returned 5.98%/yr vs 10.62%/yr for HERD. Their 0.58 correlation means they have sometimes moved together and sometimes differently. BALT charges 0.69%/yr vs 0.73%/yr for HERD.

Performance

BALT vs. HERD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Defined Wealth Shield ETF (BALT) and Pacer Cash Cows Fund of Funds ETF (HERD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BALT achieves a 2.78% return, which is significantly lower than HERD's 14.97% 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%

HERD

• 1D: -0.45%
• 1M: 5.94%
• 6M: 10.58%
• YTD: 14.97%
• 1Y: 28.32%
• 3Y*: 14.59%
• 5Y*: 10.62%
• 10Y*: —
• ALL TIME*: 12.92%

*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	$14.85M	$18.00M	$16.07M
HERD Pacer Cash Cows Fund of Funds ETF	$194.03K	$197.87K	$182.95K

BALT vs. HERD - 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%
HERD Pacer Cash Cows Fund of Funds ETF	14.97%	19.07%	2.91%	20.72%	-6.96%	5.03%

Correlation

The correlation between BALT and HERD is 0.50, 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.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.58

The correlation between BALT and HERD has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

BALT vs. HERD - Sectors Allocation Comparison

Sectors	BALT	HERD
Technology	37.9%	16.3%
Financial Services	11.7%	0.0%
Communication Services	10.0%	8.8%
Consumer Cyclical	9.6%	17.8%
Healthcare	9.1%	16.9%
Industrials	8.4%	11.9%
Consumer Defensive	4.6%	10.1%
Energy	3.0%	10.4%
Utilities	2.3%	1.3%
Real Estate	1.9%	0.4%
Basic Materials	1.7%	6.2%

Return for Risk

BALT vs. HERD — 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: 96
BALT Omega Ratio Rank: 96
BALT Calmar Ratio Rank: 96
BALT Martin Ratio Rank: 95

HERD

HERD Risk / Return Rank: 92
HERD Sharpe Ratio Rank: 92
HERD Sortino Ratio Rank: 92
HERD Omega Ratio Rank: 91
HERD Calmar Ratio Rank: 94
HERD Martin Ratio Rank: 92

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. HERD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Defined Wealth Shield ETF (BALT) and Pacer Cash Cows Fund of Funds ETF (HERD). 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	HERD	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.42	+0.49
Sortino ratio: Return per unit of downside risk	4.41	3.45	+0.96
Omega ratio: Gain probability vs. loss probability	1.62	1.44	+0.18
Calmar ratio: Return relative to maximum drawdown	5.71	5.01	+0.70
Martin ratio: Return relative to average drawdown	21.02	15.56	+5.47

BALT vs. HERD - Sharpe Ratio Comparison

The current BALT Sharpe Ratio is 2.91, which is comparable to the HERD Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of BALT and HERD, 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. HERD - Drawdown Comparison

The maximum BALT drawdown since its inception was -4.89%, smaller than the maximum HERD drawdown of -39.41%. Use the drawdown chart below to compare losses from any high point for BALT and HERD.

Drawdown Indicators

	BALT	HERD	Difference
Max Drawdown Largest peak-to-trough decline	-4.89%	-39.41%	+34.52%
Max Drawdown (1Y) Largest decline over 1 year	-1.15%	-5.68%	+4.53%
Max Drawdown (3Y) Largest decline over 3 years	-4.89%	-18.90%	+14.01%
Max Drawdown (5Y) Largest decline over 5 years	-4.89%	-21.60%	+16.71%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-0.34%	-4.50%	+4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	1.83%	-1.52%

Volatility

BALT vs. HERD - Volatility Comparison

The current volatility for Innovator Defined Wealth Shield ETF (BALT) is 0.80%, while Pacer Cash Cows Fund of Funds ETF (HERD) has a volatility of 3.60%. This indicates that BALT experiences smaller price fluctuations and is considered to be less risky than HERD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BALT	HERD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	3.60%	-2.80%
Volatility (6M) Calculated over the trailing 6-month period	1.49%	8.72%	-7.23%
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	11.83%	-9.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	17.68%	-14.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	20.36%	-17.08%

BALT vs. HERD - Expense Ratio Comparison

BALT has a 0.69% expense ratio, which is lower than HERD's 0.73% expense ratio.

Dividends

BALT vs. HERD - Dividend Comparison

BALT has not paid dividends to shareholders, while HERD's dividend yield for the trailing twelve months is around 2.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HERD Pacer Cash Cows Fund of Funds ETF	2.73%	3.75%	2.43%	2.54%	2.50%	2.02%	1.95%	1.69%

Frequently Asked Questions

Can I hold both BALT and HERD in my portfolio?

BALT and HERD have a correlation of 0.50, 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 HERD?

HERD has higher volatility (3.60%) compared to BALT (0.80%). In terms of maximum drawdown, BALT dropped -4.89% vs HERD's -39.41%.

Which ETF is better, BALT or HERD?

On 5-year performance, HERD leads with 10.62% 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.

Which ETF has performed better, BALT or HERD?

Over the 5-year period, HERD has performed better with a 10.62% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BALT or HERD?

BALT is cheaper with a 0.69% expense ratio, compared with 0.73% for HERD.

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

HERD has the higher dividend yield at 2.73%, compared with 0.00% for BALT.

What is the main difference between BALT and HERD?

BALT is categorized as Defined Outcome, while HERD is Global Equities. BALT tracks S&P 500, while HERD tracks Pacer Cash Cows Fund of Funds Index. They also come from different issuers: Innovator and Pacer. Their fees differ too: 0.69% for BALT and 0.73% for HERD.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (2.91 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.