BALT vs. SPY

Last updated Jul 29, 2026

BALT (Innovator Defined Wealth Shield ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BALT is a Defined Outcome fund tracking the S&P 500, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, BALT returned 5.92%/yr vs 12.46%/yr for SPY. Their 0.77 correlation means they have sometimes moved together and sometimes differently. BALT charges 0.69%/yr vs 0.09%/yr for SPY.

Performance

BALT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Defined Wealth Shield ETF (BALT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BALT achieves a 2.51% return, which is significantly lower than SPY's 9.22% return.

BALT

• 1D: 0.03%
• 1M: 0.25%
• 6M: 1.90%
• YTD: 2.51%
• 1Y: 6.08%
• 3Y*: 6.90%
• 5Y*: 5.92%
• 10Y*: —
• ALL TIME*: 5.89%

SPY

• 1D: 0.24%
• 1M: 1.63%
• 6M: 7.09%
• YTD: 9.22%
• 1Y: 17.60%
• 3Y*: 18.95%
• 5Y*: 12.46%
• 10Y*: 14.89%
• ALL TIME*: 10.76%

*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	$18.11M	$22.58M	$15.95M
SPY State Street SPDR S&P 500 ETF	$34.03B	$34.70B	$38.77B

BALT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BALT Innovator Defined Wealth Shield ETF	2.51%	6.65%	9.98%	7.45%	2.54%	0.91%
SPY State Street SPDR S&P 500 ETF	9.22%	17.72%	24.89%	26.18%	-18.18%	11.70%

Correlation

The correlation between BALT and SPY is 0.75, 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.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.77

The correlation between BALT and SPY has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

BALT vs. SPY - Sectors Allocation Comparison

Sectors	BALT	SPY
Technology	37.9%	38.4%
Financial Services	11.7%	12.1%
Communication Services	10.0%	9.2%
Consumer Cyclical	9.6%	8.8%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.3%
Consumer Defensive	4.6%	4.5%
Energy	3.0%	3.4%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

BALT vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BALT

BALT Risk / Return Rank: 95
BALT Sharpe Ratio Rank: 95
BALT Sortino Ratio Rank: 96
BALT Omega Ratio Rank: 96
BALT Calmar Ratio Rank: 95
BALT Martin Ratio Rank: 95

SPY

SPY Risk / Return Rank: 61
SPY Sharpe Ratio Rank: 60
SPY Sortino Ratio Rank: 58
SPY Omega Ratio Rank: 58
SPY Calmar Ratio Rank: 57
SPY Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BALT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Defined Wealth Shield ETF (BALT) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.76	1.39	+1.37
Sortino ratio: Return per unit of downside risk	4.15	1.96	+2.20
Omega ratio: Gain probability vs. loss probability	1.58	1.25	+0.33
Calmar ratio: Return relative to maximum drawdown	5.30	1.99	+3.31
Martin ratio: Return relative to average drawdown	19.55	8.54	+11.01

BALT vs. SPY - Sharpe Ratio Comparison

The current BALT Sharpe Ratio is 2.76, which is higher than the SPY Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of BALT and SPY, 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. SPY - Drawdown Comparison

The maximum BALT drawdown since its inception was -4.89%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BALT and SPY.

Drawdown Indicators

	BALT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-4.89%	-55.19%	+50.30%
Max Drawdown (1Y) Largest decline over 1 year	-1.15%	-8.88%	+7.73%
Max Drawdown (3Y) Largest decline over 3 years	-4.89%	-18.76%	+13.87%
Max Drawdown (5Y) Largest decline over 5 years	-4.89%	-24.50%	+19.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.26%	-2.21%	+1.95%
Average Drawdown Average peak-to-trough decline	-0.34%	-9.01%	+8.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	2.07%	-1.76%

Volatility

BALT vs. SPY - Volatility Comparison

The current volatility for Innovator Defined Wealth Shield ETF (BALT) is 0.62%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.18%. This indicates that BALT experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BALT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	3.18%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	1.40%	9.87%	-8.47%
Volatility (1Y) Calculated over the trailing 1-year period	2.21%	12.68%	-10.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	17.15%	-13.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	17.94%	-14.66%

BALT vs. SPY - Expense Ratio Comparison

BALT has a 0.69% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BALT vs. SPY - Dividend Comparison

BALT has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.02%.

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%
SPY State Street SPDR S&P 500 ETF	1.02%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BALT and SPY in my portfolio?

BALT and SPY have a correlation of 0.75, 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 SPY?

SPY has higher volatility (3.18%) compared to BALT (0.62%). In terms of maximum drawdown, BALT dropped -4.89% vs SPY's -55.19%.

Which ETF is better, BALT or SPY?

On 5-year performance, SPY leads with 12.46% vs 5.92% for BALT. On fees, SPY is cheaper at 0.09% per year. On volatility, BALT has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BALT or SPY?

Over the 5-year period, SPY has performed better with a 12.46% return vs 5.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BALT or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.69% for BALT.

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

SPY has the higher dividend yield at 1.02%, compared with 0.00% for BALT.

What is the main difference between BALT and SPY?

BALT is categorized as Defined Outcome, while SPY is S&P 500. BALT tracks S&P 500, while SPY tracks S&P 500 Index. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.69% for BALT and 0.09% for SPY.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (2.76 vs 1.39), 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.