DDTO vs. BALT

Last updated Jul 11, 2026

DDTO (Innovator Equity Dual Directional 10 Buffer ETF - October) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator. DDTO is actively managed, while BALT is passively managed. A 0.75 correlation means they provide meaningful diversification when combined. DDTO charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

DDTO vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 10 Buffer ETF - October (DDTO) 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, DDTO achieves a 6.64% return, which is significantly higher than BALT's 2.66% return.

DDTO

• 1D: 0.22%
• 1M: 1.42%
• 6M: 5.61%
• YTD: 6.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BALT

• 1D: 0.17%
• 1M: 0.64%
• 6M: 2.26%
• YTD: 2.66%
• 1Y: 6.90%
• 3Y*: 7.28%
• 5Y*: 5.99%
• 10Y*: —

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

DDTO vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025
DDTO Innovator Equity Dual Directional 10 Buffer ETF - October	6.64%	2.21%
BALT Innovator Defined Wealth Shield ETF	2.66%	2.10%

Correlation

The correlation between DDTO and BALT is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.75

Return for Risk

DDTO vs. BALT — Risk / Return Rank

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

DDTO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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: 94

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.

DDTO vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 10 Buffer ETF - October (DDTO) 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.

	DDTO	BALT	Difference
Sharpe ratio: Return per unit of total volatility	—	3.17	—
Sortino ratio: Return per unit of downside risk	—	4.86	—
Omega ratio: Gain probability vs. loss probability	—	1.69	—
Calmar ratio: Return relative to maximum drawdown	—	5.93	—
Martin ratio: Return relative to average drawdown	—	22.16	—

Drawdowns

DDTO vs. BALT - Drawdown Comparison

The maximum DDTO drawdown since its inception was -4.98%, roughly equal to the maximum BALT drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for DDTO and BALT.

Drawdown Indicators

	DDTO	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-4.98%	-4.89%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.15%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-4.89%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.34%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.31%	—

Volatility

Volatility by Period

	DDTO	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.11%	2.16%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.11%	3.29%	+3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.11%	3.28%	+3.83%

DDTO vs. BALT - Expense Ratio Comparison

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

Dividends

DDTO vs. BALT - Dividend Comparison

Neither DDTO nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DDTO and BALT in my portfolio?

DDTO and BALT have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDTO or BALT?

On fees, BALT is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DDTO or BALT?

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

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

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

What is the main difference between DDTO and BALT?

Their fees differ too: 0.79% for DDTO and 0.69% for BALT.