BALT vs. HGER
BALT (Innovator Defined Wealth Shield ETF) and HGER (Harbor Commodity All-Weather Strategy ETF) are both exchange-traded funds - BALT is a Defined Outcome fund tracking the S&P 500, while HGER is a Commodities fund tracking the Quantix Commodity Index - Benchmark TR Net. Both are passively managed. Over the past 3 years, BALT returned 6.98%/yr vs 18.61%/yr for HGER. Their 0.09 correlation means their historical movements had little consistent relationship. BALT charges 0.69%/yr vs 0.68%/yr for HGER.
Performance
BALT vs. HGER - 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 HGER's 29.53% 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%
HGER
- 1D
- 0.00%
- 1M
- 8.95%
- 6M
- 20.19%
- YTD
- 29.53%
- 1Y
- 40.17%
- 3Y*
- 18.61%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.85M | $18.00M | $16.07M | |
| $46.51M | $66.72M | $45.77M |
BALT vs. HGER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BALT Innovator Defined Wealth Shield ETF | 2.78% | 6.65% | 9.98% | 7.45% | 2.74% |
HGER Harbor Commodity All-Weather Strategy ETF | 29.53% | 20.08% | 9.25% | 1.93% | 9.66% |
Correlation
The correlation between BALT and HGER is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2022 | 0.09 |
The correlation between BALT and HGER shifts across timeframes, from -0.03 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BALT vs. HGER — Risk / Return Rank
BALT
HGER
BALT vs. HGER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Defined Wealth Shield ETF (BALT) and Harbor Commodity All-Weather Strategy ETF (HGER). 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 | HGER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.41 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 5.71 | 2.87 | +2.84 |
| Martin ratioReturn relative to average drawdown | 21.02 | 10.23 | +10.79 |
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Drawdowns
BALT vs. HGER - Drawdown Comparison
The maximum BALT drawdown since its inception was -4.89%, smaller than the maximum HGER drawdown of -23.31%. Use the drawdown chart below to compare losses from any high point for BALT and HGER.
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Drawdown Indicators
| BALT | HGER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.89% | -23.31% | +18.42% |
Max Drawdown (1Y)Largest decline over 1 year | -1.15% | -14.04% | +12.89% |
Max Drawdown (3Y)Largest decline over 3 years | -4.89% | -14.04% | +9.15% |
Max Drawdown (5Y)Largest decline over 5 years | -4.89% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.94% | +3.94% |
Average DrawdownAverage peak-to-trough decline | -0.34% | -7.66% | +7.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 3.94% | -3.63% |
Volatility
BALT vs. HGER - Volatility Comparison
The current volatility for Innovator Defined Wealth Shield ETF (BALT) is 0.80%, while Harbor Commodity All-Weather Strategy ETF (HGER) has a volatility of 5.64%. This indicates that BALT experiences smaller price fluctuations and is considered to be less risky than HGER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BALT | HGER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 5.64% | -4.84% |
Volatility (6M)Calculated over the trailing 6-month period | 1.49% | 15.43% | -13.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 17.71% | -15.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 17.67% | -14.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.28% | 17.67% | -14.39% |
BALT vs. HGER - Expense Ratio Comparison
BALT has a 0.69% expense ratio, which is higher than HGER's 0.68% expense ratio.
Dividends
BALT vs. HGER - Dividend Comparison
BALT has not paid dividends to shareholders, while HGER's dividend yield for the trailing twelve months is around 5.47%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BALT Innovator Defined Wealth Shield ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HGER Harbor Commodity All-Weather Strategy ETF | 5.47% | 7.09% | 3.28% | 7.24% | 0.64% |
Frequently Asked Questions
BALT and HGER 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.
HGER has higher volatility (5.64%) compared to BALT (0.80%). In terms of maximum drawdown, BALT dropped -4.89% vs HGER's -23.31%.
On 3-year performance, HGER leads with 18.61% vs 6.98% for BALT. On fees, HGER is cheaper at 0.68% 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 3-year period, HGER has performed better with a 18.61% return vs 6.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HGER is cheaper with a 0.68% expense ratio, compared with 0.69% for BALT.
HGER has the higher dividend yield at 5.47%, compared with 0.00% for BALT.
BALT is categorized as Defined Outcome, while HGER is Commodities. BALT tracks S&P 500, while HGER tracks Quantix Commodity Index - Benchmark TR Net. They also come from different issuers: Innovator and Harbor. Their fees differ too: 0.69% for BALT and 0.68% for HGER.
BALT currently has the higher Sharpe Ratio (2.91 vs 2.28), 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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