BUFT vs. BALT

Last updated Jun 24, 2026

BUFT (FT Cboe Vest Buffered Allocation Defensive ETF) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - BUFT is a Options Trading fund actively managed by FT Vest, while BALT is a Defined Outcome fund tracking the S&P 500. BUFT is actively managed, while BALT is passively managed. Over the past 3 years, BUFT returned 9.48%/yr vs 7.11%/yr for BALT. A 0.68 correlation means they provide meaningful diversification when combined. BUFT charges 1.05%/yr vs 0.69%/yr for BALT.

Performance

BUFT vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest Buffered Allocation Defensive ETF (BUFT) 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, BUFT achieves a 4.84% return, which is significantly higher than BALT's 2.21% return.

BUFT

• 1D: -0.41%
• 1M: -0.12%
• YTD: 4.84%
• 6M: 4.87%
• 1Y: 10.43%
• 3Y*: 9.48%
• 5Y*: —
• 10Y*: —

BALT

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

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

BUFT vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BUFT FT Cboe Vest Buffered Allocation Defensive ETF	4.84%	9.67%	7.72%	12.88%	-8.41%	0.70%
BALT Innovator Defined Wealth Shield ETF	2.21%	6.65%	9.98%	7.45%	2.54%	0.23%

Correlation

The correlation between BUFT and BALT is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 27, 2021	0.68

The correlation between BUFT and BALT has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

Return for Risk

BUFT vs. BALT — Risk / Return Rank

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

BUFT

BUFT Risk / Return Rank: 95
BUFT Sharpe Ratio Rank: 94
BUFT Sortino Ratio Rank: 96
BUFT Omega Ratio Rank: 97
BUFT Calmar Ratio Rank: 91
BUFT Martin Ratio Rank: 98

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

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.

BUFT vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest Buffered Allocation Defensive ETF (BUFT) 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.

	BUFT	BALT	Difference
Sharpe ratio: Return per unit of total volatility	3.18	3.19	-0.01
Sortino ratio: Return per unit of downside risk	5.31	4.88	+0.43
Omega ratio: Gain probability vs. loss probability	1.93	1.69	+0.24
Calmar ratio: Return relative to maximum drawdown	5.20	5.98	-0.78
Martin ratio: Return relative to average drawdown	45.15	22.31	+22.85

BUFT vs. BALT - Sharpe Ratio Comparison

The current BUFT Sharpe Ratio is 3.18, which is comparable to the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of BUFT 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

BUFT vs. BALT - Drawdown Comparison

The maximum BUFT drawdown since its inception was -10.40%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for BUFT and BALT.

Drawdown Indicators

	BUFT	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-10.40%	-4.89%	-5.51%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-1.15%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-7.97%	-4.89%	-3.08%
Current Drawdown Current decline from peak	-0.54%	0.00%	-0.54%
Average Drawdown Average peak-to-trough decline	-2.11%	-0.34%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.31%	-0.08%

Volatility

BUFT vs. BALT - Volatility Comparison

FT Cboe Vest Buffered Allocation Defensive ETF (BUFT) has a higher volatility of 0.63% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.29%. This indicates that BUFT'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

	BUFT	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.29%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	1.45%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	2.16%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	3.30%	+3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.90%	3.30%	+3.60%

BUFT vs. BALT - Expense Ratio Comparison

BUFT has a 1.05% expense ratio, which is higher than BALT's 0.69% expense ratio.

Dividends

BUFT vs. BALT - Dividend Comparison

Neither BUFT nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BUFT and BALT in my portfolio?

BUFT and BALT have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFT or BALT?

BUFT has higher volatility (0.63%) compared to BALT (0.29%). In terms of maximum drawdown, BUFT dropped -10.40% vs BALT's -4.89%.

Which ETF is better, BUFT or BALT?

On 3-year performance, BUFT leads with 9.48% vs 7.11% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFT or BALT?

Over the 3-year period, BUFT has performed better with a 9.48% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFT or BALT?

BALT is cheaper with a 0.69% expense ratio, compared with 1.05% for BUFT.

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

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

What is the main difference between BUFT and BALT?

BUFT is categorized as Options Trading, while BALT is Defined Outcome. They also come from different issuers: FT Vest and Innovator. Their fees differ too: 1.05% for BUFT and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 vs 3.18), 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.