BDEC vs. BALT

Last updated Jun 4, 2026

BDEC (Innovator U.S. Equity Buffer ETF - December) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator - BDEC tracks the Cboe S&P 500 Buffer Protect Index December while BALT tracks the S&P 500. Both are passively managed. Over the past 3 years, BDEC returned 15.01%/yr vs 7.27%/yr for BALT. A 0.77 correlation means they provide meaningful diversification when combined. BDEC charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

BDEC vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - December (BDEC) and Innovator Defined Wealth Shield ETF (BALT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDEC achieves a 7.48% return, which is significantly higher than BALT's 1.91% return.

BDEC

• 1D: -0.25%
• 1M: 3.22%
• YTD: 7.48%
• 6M: 7.80%
• 1Y: 21.54%
• 3Y*: 15.01%
• 5Y*: 10.16%
• 10Y*: —

BALT

• 1D: -0.06%
• 1M: 0.53%
• YTD: 1.91%
• 6M: 2.81%
• 1Y: 6.95%
• 3Y*: 7.27%
• 5Y*: —
• 10Y*: —

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

BDEC vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BDEC Innovator U.S. Equity Buffer ETF - December	7.48%	14.96%	12.71%	19.86%	-9.42%	6.05%
BALT Innovator Defined Wealth Shield ETF	1.91%	6.65%	9.98%	7.45%	2.54%	0.82%

Correlation

The correlation between BDEC and BALT is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.77

The correlation between BDEC and BALT has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

BDEC vs. BALT - Sectors Allocation Comparison

Sectors	BDEC	BALT
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BDEC vs. BALT — Risk / Return Rank

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

BDEC

BDEC Risk / Return Rank: 76
BDEC Sharpe Ratio Rank: 76
BDEC Sortino Ratio Rank: 77
BDEC Omega Ratio Rank: 79
BDEC Calmar Ratio Rank: 67
BDEC Martin Ratio Rank: 80

BALT

BALT Risk / Return Rank: 92
BALT Sharpe Ratio Rank: 90
BALT Sortino Ratio Rank: 94
BALT Omega Ratio Rank: 93
BALT Calmar Ratio Rank: 91
BALT Martin Ratio Rank: 91

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.

BDEC vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - December (BDEC) and Innovator Defined Wealth Shield ETF (BALT). 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.

	BDEC	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.47	3.19	-0.72
Sortino ratio: Return per unit of downside risk	3.48	4.88	-1.40
Omega ratio: Gain probability vs. loss probability	1.47	1.67	-0.20
Calmar ratio: Return relative to maximum drawdown	3.32	6.05	-2.73
Martin ratio: Return relative to average drawdown	15.88	22.58	-6.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDEC vs. BALT - Sharpe Ratio Comparison

The current BDEC Sharpe Ratio is 2.47, which is comparable to the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of BDEC and BALT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BDEC	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	3.19	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	1.80	-0.99

Drawdowns

BDEC vs. BALT - Drawdown Comparison

The maximum BDEC drawdown since its inception was -25.60%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for BDEC and BALT.

Drawdown Indicators

	BDEC	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-25.60%	-4.89%	-20.71%
Max Drawdown (1Y) Largest decline over 1 year	-6.52%	-1.15%	-5.37%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-4.89%	-9.06%
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	—	—
Current Drawdown Current decline from peak	-0.25%	-0.06%	-0.19%
Average Drawdown Average peak-to-trough decline	-3.05%	-0.34%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.31%	+1.05%

Volatility

BDEC vs. BALT - Volatility Comparison

Innovator U.S. Equity Buffer ETF - December (BDEC) has a higher volatility of 1.53% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.37%. This indicates that BDEC's price experiences larger fluctuations and is considered to be riskier than BALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDEC	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	0.37%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	6.34%	1.56%	+4.78%
Volatility (1Y) Calculated over the trailing 1-year period	8.78%	2.19%	+6.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.96%	3.32%	+8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.27%	3.32%	+10.95%

BDEC vs. BALT - Expense Ratio Comparison

BDEC has a 0.79% expense ratio, which is higher than BALT's 0.69% expense ratio.

Dividends

BDEC vs. BALT - Dividend Comparison

Neither BDEC nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BDEC and BALT in my portfolio?

BDEC and BALT have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDEC or BALT?

BDEC has higher volatility (1.53%) compared to BALT (0.37%). In terms of maximum drawdown, BDEC dropped -25.60% vs BALT's -4.89%.

Which ETF is better, BDEC or BALT?

On 3-year performance, BDEC leads with 15.01% vs 7.27% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDEC or BALT?

Over the 3-year period, BDEC has performed better with a 15.01% return vs 7.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDEC or BALT?

BALT is cheaper with a 0.69% expense ratio, compared with 0.79% for BDEC.

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

BDEC and BALT have nearly identical dividend yields, around 0.00%.

What is the main difference between BDEC and BALT?

BDEC tracks Cboe S&P 500 Buffer Protect Index December, while BALT tracks S&P 500. Their fees differ too: 0.79% for BDEC and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 vs 2.47), 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.