BALT vs. SMH
BALT (Innovator Defined Wealth Shield ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - BALT is a Defined Outcome fund tracking the S&P 500, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 3 years, BALT returned 7.11%/yr vs 62.28%/yr for SMH. A 0.63 correlation means they provide meaningful diversification when combined. BALT charges 0.69%/yr vs 0.35%/yr for SMH.
Performance
BALT vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, BALT achieves a 2.21% return, which is significantly lower than SMH's 72.73% return.
BALT
- 1D
- 0.00%
- 1M
- 0.47%
- YTD
- 2.21%
- 6M
- 2.42%
- 1Y
- 6.86%
- 3Y*
- 7.11%
- 5Y*
- —
- 10Y*
- —
SMH
- 1D
- -7.01%
- 1M
- 7.93%
- YTD
- 72.73%
- 6M
- 71.29%
- 1Y
- 138.23%
- 3Y*
- 62.28%
- 5Y*
- 38.18%
- 10Y*
- 37.85%
BALT vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BALT Innovator Defined Wealth Shield ETF | 2.21% | 6.65% | 9.98% | 7.45% | 2.54% | 0.91% |
SMH VanEck Semiconductor ETF | 72.73% | 49.17% | 39.10% | 73.38% | -33.53% | 18.38% |
Correlation
The correlation between BALT and SMH is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021 | 0.63 |
The correlation between BALT and SMH shifts across timeframes, from 0.52 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BALT vs. SMH — Risk / Return Rank
BALT
SMH
BALT vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Defined Wealth Shield ETF (BALT) and VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.58 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 5.98 | 9.31 | -3.34 |
| Martin ratioReturn relative to average drawdown | 22.31 | 33.88 | -11.57 |
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Drawdowns
BALT vs. SMH - Drawdown Comparison
The maximum BALT drawdown since its inception was -4.89%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for BALT and SMH.
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Drawdown Indicators
| BALT | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.89% | -84.96% | +80.07% |
Max Drawdown (1Y)Largest decline over 1 year | -1.15% | -14.93% | +13.78% |
Max Drawdown (3Y)Largest decline over 3 years | -4.89% | -35.74% | +30.85% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | 0.00% | -7.01% | +7.01% |
Average DrawdownAverage peak-to-trough decline | -0.34% | -41.01% | +40.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 4.10% | -3.79% |
Volatility
BALT vs. SMH - Volatility Comparison
The current volatility for Innovator Defined Wealth Shield ETF (BALT) is 0.29%, while VanEck Semiconductor ETF (SMH) has a volatility of 19.08%. This indicates that BALT experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BALT | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.29% | 19.08% | -18.79% |
Volatility (6M)Calculated over the trailing 6-month period | 1.45% | 29.18% | -27.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.16% | 34.87% | -32.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 35.83% | -32.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.30% | 32.97% | -29.67% |
BALT vs. SMH - Expense Ratio Comparison
BALT has a 0.69% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
BALT vs. SMH - Dividend Comparison
BALT has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.
| 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% |
SMH VanEck Semiconductor ETF | 0.18% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
BALT and SMH have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (19.08%) compared to BALT (0.29%). In terms of maximum drawdown, BALT dropped -4.89% vs SMH's -84.96%.
On 3-year performance, SMH leads with 62.28% vs 7.11% for BALT. On fees, SMH is cheaper at 0.35% per year. On volatility, BALT has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SMH has performed better with a 62.28% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.69% for BALT.
SMH has the higher dividend yield at 0.18%, compared with 0.00% for BALT.
BALT is categorized as Defined Outcome, while SMH is Semiconductors. BALT tracks S&P 500, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Innovator and VanEck. Their fees differ too: 0.69% for BALT and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (3.99 vs 3.19), 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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