BJUL vs. BALT

Last updated Jul 14, 2026

BJUL (Innovator U.S. Equity Buffer ETF - July) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator tracking the S&P 500. Both are passively managed. Over the past 5 years, BJUL returned 11.48%/yr vs 5.97%/yr for BALT. A 0.77 correlation means they provide meaningful diversification when combined. BJUL charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

BJUL vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - July (BJUL) 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, BJUL achieves a 7.26% return, which is significantly higher than BALT's 2.57% return.

BJUL

• 1D: -0.48%
• 1M: 0.93%
• 6M: 6.20%
• YTD: 7.26%
• 1Y: 14.74%
• 3Y*: 15.25%
• 5Y*: 11.48%
• 10Y*: —

BALT

• 1D: -0.09%
• 1M: 0.53%
• 6M: 2.12%
• YTD: 2.57%
• 1Y: 6.81%
• 3Y*: 7.15%
• 5Y*: 5.97%
• 10Y*: —

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

BJUL vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BJUL Innovator U.S. Equity Buffer ETF - July	7.26%	13.93%	18.41%	21.73%	-7.38%	6.24%
BALT Innovator Defined Wealth Shield ETF	2.57%	6.65%	9.98%	7.45%	2.54%	0.91%

Correlation

The correlation between BJUL and BALT is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.77

The correlation between BJUL and BALT has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

BJUL vs. BALT - Sectors Allocation Comparison

Sectors	BJUL	BALT
Technology	38.4%	38.4%
Financial Services	11.0%	11.0%
Communication Services	10.8%	10.8%
Consumer Cyclical	10.0%	10.0%
Healthcare	8.4%	8.4%
Industrials	7.9%	7.9%
Consumer Defensive	4.6%	4.6%
Energy	3.2%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

BJUL vs. BALT — Risk / Return Rank

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

BJUL

BJUL Risk / Return Rank: 81
BJUL Sharpe Ratio Rank: 82
BJUL Sortino Ratio Rank: 84
BJUL Omega Ratio Rank: 86
BJUL Calmar Ratio Rank: 69
BJUL Martin Ratio Rank: 87

BALT

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

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.

BJUL vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - July (BJUL) 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.

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.

	BJUL	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.06	3.16	-1.10
Sortino ratio: Return per unit of downside risk	2.98	4.85	-1.87
Omega ratio: Gain probability vs. loss probability	1.41	1.69	-0.28
Calmar ratio: Return relative to maximum drawdown	2.74	5.93	-3.19
Martin ratio: Return relative to average drawdown	14.29	22.12	-7.83

BJUL vs. BALT - Sharpe Ratio Comparison

The current BJUL Sharpe Ratio is 2.06, which is lower than the BALT Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of BJUL 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.

Drawdowns

BJUL vs. BALT - Drawdown Comparison

The maximum BJUL drawdown since its inception was -24.03%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for BJUL and BALT.

Drawdown Indicators

	BJUL	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-24.03%	-4.89%	-19.14%
Max Drawdown (1Y) Largest decline over 1 year	-5.40%	-1.15%	-4.25%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	-4.89%	-9.17%
Max Drawdown (5Y) Largest decline over 5 years	-14.06%	-4.89%	-9.17%
Current Drawdown Current decline from peak	-0.48%	-0.09%	-0.39%
Average Drawdown Average peak-to-trough decline	-2.47%	-0.34%	-2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.31%	+0.72%

Volatility

BJUL vs. BALT - Volatility Comparison

Innovator U.S. Equity Buffer ETF - July (BJUL) has a higher volatility of 1.55% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.36%. This indicates that BJUL'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

	BJUL	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	0.36%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	5.58%	1.40%	+4.18%
Volatility (1Y) Calculated over the trailing 1-year period	7.19%	2.17%	+5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.63%	3.29%	+8.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.56%	3.28%	+10.28%

BJUL vs. BALT - Expense Ratio Comparison

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

Dividends

BJUL vs. BALT - Dividend Comparison

Neither BJUL nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BJUL and BALT in my portfolio?

BJUL and BALT have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BJUL or BALT?

BJUL has higher volatility (1.55%) compared to BALT (0.36%). In terms of maximum drawdown, BJUL dropped -24.03% vs BALT's -4.89%.

Which ETF is better, BJUL or BALT?

On 5-year performance, BJUL leads with 11.48% vs 5.97% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJUL or BALT?

Over the 5-year period, BJUL has performed better with a 11.48% return vs 5.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJUL or BALT?

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

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

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

What is the main difference between BJUL and BALT?

Both ETFs track S&P 500. Their fees differ too: 0.79% for BJUL and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.16 vs 2.06), 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.