BALT vs. TRSY

Last updated Jun 24, 2026

BALT (Innovator Defined Wealth Shield ETF) and TRSY (Xtrackers US 0-1 Year Treasury ETF) are both exchange-traded funds - BALT is a Defined Outcome fund tracking the S&P 500, while TRSY is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past year, BALT returned 6.86% vs 3.88% for TRSY. At a correlation of -0.08, they often move in opposite directions. BALT charges 0.69%/yr vs 0.06%/yr for TRSY.

Performance

BALT vs. TRSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Defined Wealth Shield ETF (BALT) and Xtrackers US 0-1 Year Treasury ETF (TRSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BALT achieves a 2.21% return, which is significantly higher than TRSY's 1.63% return.

BALT

• 1D: 0.00%
• 1M: 0.47%
• YTD: 2.21%
• 6M: 2.42%
• 1Y: 6.86%
• 3Y*: 7.11%
• 5Y*: —
• 10Y*: —

TRSY

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.63%
• 6M: 1.72%
• 1Y: 3.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BALT vs. TRSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BALT Innovator Defined Wealth Shield ETF	2.21%	6.65%	1.95%
TRSY Xtrackers US 0-1 Year Treasury ETF	1.63%	4.22%	1.49%

Correlation

The correlation between BALT and TRSY is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Oct 9, 2024	-0.08

Return for Risk

BALT vs. TRSY — Risk / Return Rank

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

BALT

BALT Risk / Return Rank: 94
BALT Sharpe Ratio Rank: 93
BALT Sortino Ratio Rank: 95
BALT Omega Ratio Rank: 95
BALT Calmar Ratio Rank: 92
BALT Martin Ratio Rank: 93

TRSY

TRSY Risk / Return Rank: 99
TRSY Sharpe Ratio Rank: 99
TRSY Sortino Ratio Rank: 99
TRSY Omega Ratio Rank: 99
TRSY Calmar Ratio Rank: 99
TRSY Martin Ratio Rank: 100

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. TRSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Defined Wealth Shield ETF (BALT) and Xtrackers US 0-1 Year Treasury ETF (TRSY). 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	TRSY	Difference
Sharpe ratio: Return per unit of total volatility	3.19	10.07	-6.88
Sortino ratio: Return per unit of downside risk	4.88	25.97	-21.09
Omega ratio: Gain probability vs. loss probability	1.69	6.16	-4.47
Calmar ratio: Return relative to maximum drawdown	5.98	58.82	-52.84
Martin ratio: Return relative to average drawdown	22.31	353.48	-331.18

BALT vs. TRSY - Sharpe Ratio Comparison

The current BALT Sharpe Ratio is 3.19, which is lower than the TRSY Sharpe Ratio of 10.07. The chart below compares the historical Sharpe Ratios of BALT and TRSY, 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. TRSY - Drawdown Comparison

The maximum BALT drawdown since its inception was -4.89%, which is greater than TRSY's maximum drawdown of -0.82%. Use the drawdown chart below to compare losses from any high point for BALT and TRSY.

Drawdown Indicators

	BALT	TRSY	Difference
Max Drawdown Largest peak-to-trough decline	-4.89%	-0.82%	-4.07%
Max Drawdown (1Y) Largest decline over 1 year	-1.15%	-0.07%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-4.89%	—	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.34%	-0.06%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	0.01%	+0.30%

Volatility

BALT vs. TRSY - Volatility Comparison

Innovator Defined Wealth Shield ETF (BALT) has a higher volatility of 0.29% compared to Xtrackers US 0-1 Year Treasury ETF (TRSY) at 0.12%. This indicates that BALT's price experiences larger fluctuations and is considered to be riskier than TRSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BALT	TRSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.29%	0.12%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	0.24%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	2.16%	0.39%	+1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	1.10%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.30%	1.10%	+2.20%

BALT vs. TRSY - Expense Ratio Comparison

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

Dividends

BALT vs. TRSY - Dividend Comparison

BALT has not paid dividends to shareholders, while TRSY's dividend yield for the trailing twelve months is around 3.72%.

Position	TTM	2025	2024
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%
TRSY Xtrackers US 0-1 Year Treasury ETF	3.72%	4.00%	0.96%

Frequently Asked Questions

Can I hold both BALT and TRSY in my portfolio?

BALT and TRSY have a correlation of -0.10, 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 TRSY?

BALT has higher volatility (0.29%) compared to TRSY (0.12%). In terms of maximum drawdown, BALT dropped -4.89% vs TRSY's -0.82%.

Which ETF is better, BALT or TRSY?

On 1-year performance, BALT leads with 6.86% vs 3.88% for TRSY. On fees, TRSY is cheaper at 0.06% per year. On volatility, TRSY has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BALT or TRSY?

Over the 1-year period, BALT has performed better with a 6.86% return vs 3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BALT or TRSY?

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

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

TRSY has the higher dividend yield at 3.72%, compared with 0.00% for BALT.

What is the main difference between BALT and TRSY?

BALT is categorized as Defined Outcome, while TRSY is Government Bonds. BALT tracks S&P 500, while TRSY tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: Innovator and Xtrackers. Their fees differ too: 0.69% for BALT and 0.06% for TRSY.

Which has better risk-adjusted returns?

TRSY currently has the higher Sharpe Ratio (10.07 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.