EIPI vs. BALT

Last updated Jun 24, 2026

EIPI (FT Energy Income Partners Enhanced Income ETF) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - EIPI is a Derivative Income fund actively managed by First Trust, while BALT is a Defined Outcome fund tracking the S&P 500. EIPI is actively managed, while BALT is passively managed. Over the past year, EIPI returned 21.10% vs 6.86% for BALT. At a 0.28 correlation, their price movements are largely independent. EIPI charges 1.11%/yr vs 0.69%/yr for BALT.

Performance

EIPI vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Energy Income Partners Enhanced Income ETF (EIPI) 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, EIPI achieves a 14.45% return, which is significantly higher than BALT's 2.21% return.

EIPI

• 1D: 1.28%
• 1M: -2.69%
• YTD: 14.45%
• 6M: 15.14%
• 1Y: 21.10%
• 3Y*: —
• 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)

EIPI vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EIPI FT Energy Income Partners Enhanced Income ETF	14.45%	12.38%	13.14%
BALT Innovator Defined Wealth Shield ETF	2.21%	6.65%	7.68%

Correlation

The correlation between EIPI and BALT is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since May 6, 2024	0.28

The correlation between EIPI and BALT shifts across timeframes, from 0.16 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EIPI vs. BALT — Risk / Return Rank

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

EIPI

EIPI Risk / Return Rank: 76
EIPI Sharpe Ratio Rank: 73
EIPI Sortino Ratio Rank: 78
EIPI Omega Ratio Rank: 66
EIPI Calmar Ratio Rank: 85
EIPI Martin Ratio Rank: 78

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.

EIPI vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Energy Income Partners Enhanced Income ETF (EIPI) 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.

	EIPI	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.19	3.19	-1.00
Sortino ratio: Return per unit of downside risk	3.22	4.88	-1.66
Omega ratio: Gain probability vs. loss probability	1.37	1.69	-0.32
Calmar ratio: Return relative to maximum drawdown	4.44	5.98	-1.54
Martin ratio: Return relative to average drawdown	14.04	22.31	-8.27

EIPI vs. BALT - Sharpe Ratio Comparison

The current EIPI Sharpe Ratio is 2.19, which is lower than the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of EIPI 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

EIPI vs. BALT - Drawdown Comparison

The maximum EIPI drawdown since its inception was -12.33%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for EIPI and BALT.

Drawdown Indicators

	EIPI	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-12.33%	-4.89%	-7.44%
Max Drawdown (1Y) Largest decline over 1 year	-4.77%	-1.15%	-3.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.89%	—
Current Drawdown Current decline from peak	-2.70%	0.00%	-2.70%
Average Drawdown Average peak-to-trough decline	-1.70%	-0.34%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	0.31%	+1.20%

Volatility

EIPI vs. BALT - Volatility Comparison

FT Energy Income Partners Enhanced Income ETF (EIPI) has a higher volatility of 3.51% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.29%. This indicates that EIPI'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

	EIPI	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	0.29%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	1.45%	+5.98%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	2.16%	+7.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.03%	3.30%	+9.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.03%	3.30%	+9.73%

EIPI vs. BALT - Expense Ratio Comparison

EIPI has a 1.11% expense ratio, which is higher than BALT's 0.69% expense ratio.

Dividends

EIPI vs. BALT - Dividend Comparison

EIPI's dividend yield for the trailing twelve months is around 6.79%, while BALT has not paid dividends to shareholders.

Position	TTM	2025	2024
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%
EIPI FT Energy Income Partners Enhanced Income ETF	6.79%	9.71%	6.31%

Frequently Asked Questions

Can I hold both EIPI and BALT in my portfolio?

EIPI and BALT have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIPI or BALT?

EIPI has higher volatility (3.51%) compared to BALT (0.29%). In terms of maximum drawdown, EIPI dropped -12.33% vs BALT's -4.89%.

Which ETF is better, EIPI or BALT?

On 1-year performance, EIPI leads with 21.10% vs 6.86% 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, EIPI or BALT?

Over the 1-year period, EIPI has performed better with a 21.10% return vs 6.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EIPI or BALT?

BALT is cheaper with a 0.69% expense ratio, compared with 1.11% for EIPI.

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

EIPI has the higher dividend yield at 6.79%, compared with 0.00% for BALT.

What is the main difference between EIPI and BALT?

EIPI is categorized as Derivative Income, while BALT is Defined Outcome. They also come from different issuers: First Trust and Innovator. Their fees differ too: 1.11% for EIPI and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 vs 2.19), 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.