BALT vs. SCHD

Last updated Aug 1, 2026

BALT (Innovator Defined Wealth Shield ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - BALT is a Defined Outcome fund tracking the S&P 500, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 5 years, BALT returned 5.98%/yr vs 9.54%/yr for SCHD. Their 0.54 correlation means they have sometimes moved together and sometimes differently. BALT charges 0.69%/yr vs 0.06%/yr for SCHD.

Performance

BALT vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Defined Wealth Shield ETF (BALT) and Schwab U.S. Dividend Equity ETF (SCHD). 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 SCHD's 24.03% 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%

SCHD

• 1D: 0.18%
• 1M: 5.09%
• 6M: 14.09%
• YTD: 24.03%
• 1Y: 30.94%
• 3Y*: 14.19%
• 5Y*: 9.54%
• 10Y*: 12.76%
• ALL TIME*: 13.39%

*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
SCHD Schwab U.S. Dividend Equity ETF	$786.88M	$715.86M	$685.58M

BALT vs. SCHD - 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%
SCHD Schwab U.S. Dividend Equity ETF	24.03%	4.34%	11.66%	4.54%	-3.26%	8.60%

Correlation

The correlation between BALT and SCHD is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.54

Over the past year, the correlation between BALT and SCHD has dropped to 0.27 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

BALT vs. SCHD - Sectors Allocation Comparison

Sectors	BALT	SCHD
Technology	37.9%	12.7%
Financial Services	11.7%	9.9%
Communication Services	10.0%	6.2%
Consumer Cyclical	9.6%	7.7%
Healthcare	9.1%	20.8%
Industrials	8.4%	7.8%
Consumer Defensive	4.6%	20.6%
Energy	3.0%	14.1%
Utilities	2.3%	0.1%
Real Estate	1.9%	-
Basic Materials	1.7%	1.2%

Return for Risk

BALT vs. SCHD — 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

SCHD

SCHD Risk / Return Rank: 95
SCHD Sharpe Ratio Rank: 96
SCHD Sortino Ratio Rank: 96
SCHD Omega Ratio Rank: 94
SCHD Calmar Ratio Rank: 96
SCHD Martin Ratio Rank: 93

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Defined Wealth Shield ETF (BALT) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.81	+0.10
Sortino ratio: Return per unit of downside risk	4.41	4.37	+0.04
Omega ratio: Gain probability vs. loss probability	1.62	1.51	+0.11
Calmar ratio: Return relative to maximum drawdown	5.71	6.74	-1.02
Martin ratio: Return relative to average drawdown	21.02	17.01	+4.01

BALT vs. SCHD - Sharpe Ratio Comparison

The current BALT Sharpe Ratio is 2.91, which is comparable to the SCHD Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of BALT and SCHD, 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. SCHD - Drawdown Comparison

The maximum BALT drawdown since its inception was -4.89%, smaller than the maximum SCHD drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for BALT and SCHD.

Drawdown Indicators

	BALT	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-4.89%	-33.37%	+28.48%
Max Drawdown (1Y) Largest decline over 1 year	-1.15%	-4.61%	+3.46%
Max Drawdown (3Y) Largest decline over 3 years	-4.89%	-16.13%	+11.24%
Max Drawdown (5Y) Largest decline over 5 years	-4.89%	-16.85%	+11.96%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	0.00%	-1.24%	+1.24%
Average Drawdown Average peak-to-trough decline	-0.34%	-3.30%	+2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	1.82%	-1.51%

Volatility

BALT vs. SCHD - Volatility Comparison

The current volatility for Innovator Defined Wealth Shield ETF (BALT) is 0.80%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 4.11%. This indicates that BALT experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BALT	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	4.11%	-3.31%
Volatility (6M) Calculated over the trailing 6-month period	1.49%	8.11%	-6.62%
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	11.13%	-8.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	14.39%	-11.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	16.72%	-13.44%

BALT vs. SCHD - Expense Ratio Comparison

BALT has a 0.69% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

BALT vs. SCHD - Dividend Comparison

BALT has not paid dividends to shareholders, while SCHD's dividend yield for the trailing twelve months is around 3.13%.

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%
SCHD Schwab U.S. Dividend Equity ETF	3.13%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both BALT and SCHD in my portfolio?

BALT and SCHD have a correlation of 0.27, 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 SCHD?

SCHD has higher volatility (4.11%) compared to BALT (0.80%). In terms of maximum drawdown, BALT dropped -4.89% vs SCHD's -33.37%.

Which ETF is better, BALT or SCHD?

On 5-year performance, SCHD leads with 9.54% vs 5.98% for BALT. On fees, SCHD is cheaper at 0.06% 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 SCHD?

Over the 5-year period, SCHD has performed better with a 9.54% 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 SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.69% for BALT.

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

SCHD has the higher dividend yield at 3.13%, compared with 0.00% for BALT.

What is the main difference between BALT and SCHD?

BALT is categorized as Defined Outcome, while SCHD is Dividend. BALT tracks S&P 500, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Innovator and Charles Schwab. Their fees differ too: 0.69% for BALT and 0.06% for SCHD.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (2.91 vs 2.81), 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.