BALT vs. VFLO

Last updated Aug 1, 2026

BALT (Innovator Defined Wealth Shield ETF) and VFLO (VictoryShares Free Cash Flow ETF) are both exchange-traded funds - BALT is a Defined Outcome fund tracking the S&P 500, while VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index. Both are passively managed. Over the past 3 years, BALT returned 6.98%/yr vs 24.37%/yr for VFLO. Their 0.51 correlation means they have sometimes moved together and sometimes differently. BALT charges 0.69%/yr vs 0.39%/yr for VFLO.

Performance

BALT vs. VFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Defined Wealth Shield ETF (BALT) and VictoryShares Free Cash Flow ETF (VFLO). 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 VFLO's 26.80% 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%

VFLO

• 1D: 0.24%
• 1M: 7.67%
• 6M: 26.51%
• YTD: 26.80%
• 1Y: 45.07%
• 3Y*: 24.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.75%

*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
VFLO VictoryShares Free Cash Flow ETF	$86.49M	$72.10M	$51.24M

BALT vs. VFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BALT Innovator Defined Wealth Shield ETF	2.78%	6.65%	9.98%	2.64%
VFLO VictoryShares Free Cash Flow ETF	26.80%	17.51%	21.83%	15.05%

Correlation

The correlation between BALT and VFLO is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.52
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.51

The correlation between BALT and VFLO shifts across timeframes, from 0.40 (1 year) to 0.52 (3 years), reflecting how their relationship changes across market environments.

BALT vs. VFLO - Sectors Allocation Comparison

Sectors	BALT	VFLO
Technology	37.9%	30.4%
Financial Services	11.7%	0.0%
Communication Services	10.0%	4.4%
Consumer Cyclical	9.6%	10.8%
Healthcare	9.1%	21.6%
Industrials	8.4%	0.0%
Consumer Defensive	4.6%	0.0%
Energy	3.0%	22.6%
Utilities	2.3%	3.3%
Real Estate	1.9%	0.0%
Basic Materials	1.7%	7.0%

Return for Risk

BALT vs. VFLO — 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

VFLO

VFLO Risk / Return Rank: 96
VFLO Sharpe Ratio Rank: 96
VFLO Sortino Ratio Rank: 95
VFLO Omega Ratio Rank: 94
VFLO Calmar Ratio Rank: 97
VFLO Martin Ratio Rank: 96

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. VFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Defined Wealth Shield ETF (BALT) and VictoryShares Free Cash Flow ETF (VFLO). 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	VFLO	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.94	-0.02
Sortino ratio: Return per unit of downside risk	4.41	4.10	+0.31
Omega ratio: Gain probability vs. loss probability	1.62	1.52	+0.10
Calmar ratio: Return relative to maximum drawdown	5.71	7.03	-1.32
Martin ratio: Return relative to average drawdown	21.02	23.62	-2.60

BALT vs. VFLO - Sharpe Ratio Comparison

The current BALT Sharpe Ratio is 2.91, which is comparable to the VFLO Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of BALT and VFLO, 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. VFLO - Drawdown Comparison

The maximum BALT drawdown since its inception was -4.89%, smaller than the maximum VFLO drawdown of -17.79%. Use the drawdown chart below to compare losses from any high point for BALT and VFLO.

Drawdown Indicators

	BALT	VFLO	Difference
Max Drawdown Largest peak-to-trough decline	-4.89%	-17.79%	+12.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.15%	-6.44%	+5.29%
Max Drawdown (3Y) Largest decline over 3 years	-4.89%	-17.79%	+12.90%
Max Drawdown (5Y) Largest decline over 5 years	-4.89%	—	—
Current Drawdown Current decline from peak	0.00%	-0.96%	+0.96%
Average Drawdown Average peak-to-trough decline	-0.34%	-2.43%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	1.91%	-1.60%

Volatility

BALT vs. VFLO - Volatility Comparison

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

Volatility by Period

	BALT	VFLO	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%	12.12%	-10.63%
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	15.64%	-13.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	15.98%	-12.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	15.98%	-12.70%

BALT vs. VFLO - Expense Ratio Comparison

BALT has a 0.69% expense ratio, which is higher than VFLO's 0.39% expense ratio.

Dividends

BALT vs. VFLO - Dividend Comparison

BALT has not paid dividends to shareholders, while VFLO's dividend yield for the trailing twelve months is around 1.07%.

Position	TTM	2025	2024	2023
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%	0.00%
VFLO VictoryShares Free Cash Flow ETF	1.07%	1.60%	1.20%	0.71%

Frequently Asked Questions

Can I hold both BALT and VFLO in my portfolio?

BALT and VFLO have a correlation of 0.40, 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 VFLO?

VFLO has higher volatility (4.11%) compared to BALT (0.80%). In terms of maximum drawdown, BALT dropped -4.89% vs VFLO's -17.79%.

Which ETF is better, BALT or VFLO?

On 3-year performance, VFLO leads with 24.37% vs 6.98% for BALT. On fees, VFLO is cheaper at 0.39% 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 VFLO?

Over the 3-year period, VFLO has performed better with a 24.37% return vs 6.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BALT or VFLO?

VFLO is cheaper with a 0.39% expense ratio, compared with 0.69% for BALT.

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

VFLO has the higher dividend yield at 1.07%, compared with 0.00% for BALT.

What is the main difference between BALT and VFLO?

BALT is categorized as Defined Outcome, while VFLO is Large Cap Value Equities. BALT tracks S&P 500, while VFLO tracks Victory U.S. Large Cap Free Cash Flow Index. They also come from different issuers: Innovator and Victory. Their fees differ too: 0.69% for BALT and 0.39% for VFLO.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (2.94 vs 2.91), 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.