EPRF vs. BALT

Last updated Jun 4, 2026

EPRF (Innovator S&P High Quality Preferred ETF) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - EPRF is a Preferred Stock/Convertible Bonds fund tracking the S&P U.S. High Quality Preferred Stock Index, while BALT is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 3 years, EPRF returned 2.39%/yr vs 7.27%/yr for BALT. At a 0.40 correlation, their price movements are largely independent. EPRF charges 0.47%/yr vs 0.69%/yr for BALT.

Performance

EPRF vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator S&P High Quality Preferred ETF (EPRF) 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, EPRF achieves a -2.39% return, which is significantly lower than BALT's 1.91% return.

EPRF

• 1D: -0.41%
• 1M: -1.18%
• YTD: -2.39%
• 6M: -2.28%
• 1Y: 2.04%
• 3Y*: 2.39%
• 5Y*: -1.97%
• 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)

EPRF vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EPRF Innovator S&P High Quality Preferred ETF	-2.39%	2.69%	3.46%	9.43%	-20.68%	-0.29%
BALT Innovator Defined Wealth Shield ETF	1.91%	6.65%	9.98%	7.45%	2.54%	0.82%

Correlation

The correlation between EPRF and BALT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.40

EPRF vs. BALT - Sectors Allocation Comparison

Sectors	EPRF	BALT
Financial Services	55.9%	11.9%
Real Estate	7.6%	1.9%
Basic Materials	-	1.8%
Communication Services	-	10.9%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.4%
Industrials	-	8.1%
Technology	-	36.2%
Utilities	-	2.3%

Return for Risk

EPRF vs. BALT — Risk / Return Rank

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

EPRF

EPRF Risk / Return Rank: 12
EPRF Sharpe Ratio Rank: 13
EPRF Sortino Ratio Rank: 11
EPRF Omega Ratio Rank: 11
EPRF Calmar Ratio Rank: 11
EPRF Martin Ratio Rank: 11

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.

EPRF vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator S&P High Quality Preferred ETF (EPRF) 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.

	EPRF	BALT	Difference
Sharpe ratio: Return per unit of total volatility	0.27	3.19	-2.92
Sortino ratio: Return per unit of downside risk	0.44	4.88	-4.44
Omega ratio: Gain probability vs. loss probability	1.05	1.67	-0.62
Calmar ratio: Return relative to maximum drawdown	0.24	6.05	-5.82
Martin ratio: Return relative to average drawdown	0.51	22.58	-22.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPRF vs. BALT - Sharpe Ratio Comparison

The current EPRF Sharpe Ratio is 0.27, which is lower than the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of EPRF 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

	EPRF	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	3.19	-2.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	1.80	-1.71

Drawdowns

EPRF vs. BALT - Drawdown Comparison

The maximum EPRF drawdown since its inception was -26.82%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for EPRF and BALT.

Drawdown Indicators

	EPRF	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-26.82%	-4.89%	-21.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-1.15%	-7.44%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-4.89%	-7.40%
Max Drawdown (5Y) Largest decline over 5 years	-25.23%	—	—
Current Drawdown Current decline from peak	-11.06%	-0.06%	-11.00%
Average Drawdown Average peak-to-trough decline	-7.37%	-0.34%	-7.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	0.31%	+3.70%

Volatility

EPRF vs. BALT - Volatility Comparison

Innovator S&P High Quality Preferred ETF (EPRF) has a higher volatility of 2.14% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.37%. This indicates that EPRF'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

	EPRF	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	0.37%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	1.56%	+3.90%
Volatility (1Y) Calculated over the trailing 1-year period	7.55%	2.19%	+5.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.81%	3.32%	+8.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.49%	3.32%	+10.17%

EPRF vs. BALT - Expense Ratio Comparison

EPRF has a 0.47% expense ratio, which is lower than BALT's 0.69% expense ratio.

Dividends

EPRF vs. BALT - Dividend Comparison

EPRF's dividend yield for the trailing twelve months is around 6.18%, while BALT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EPRF Innovator S&P High Quality Preferred ETF	6.18%	6.03%	6.13%	5.71%	5.67%	4.70%	4.92%	5.01%	5.27%	2.59%

Frequently Asked Questions

Can I hold both EPRF and BALT in my portfolio?

EPRF and BALT have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPRF or BALT?

EPRF has higher volatility (2.14%) compared to BALT (0.37%). In terms of maximum drawdown, EPRF dropped -26.82% vs BALT's -4.89%.

Which ETF is better, EPRF or BALT?

On 3-year performance, BALT leads with 7.27% vs 2.39% for EPRF. On fees, EPRF is cheaper at 0.47% 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, EPRF or BALT?

Over the 3-year period, BALT has performed better with a 7.27% return vs 2.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPRF or BALT?

EPRF is cheaper with a 0.47% expense ratio, compared with 0.69% for BALT.

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

EPRF has the higher dividend yield at 6.18%, compared with 0.00% for BALT.

What is the main difference between EPRF and BALT?

EPRF is categorized as Preferred Stock/Convertible Bonds, while BALT is Defined Outcome. EPRF tracks S&P U.S. High Quality Preferred Stock Index, while BALT tracks S&P 500. Their fees differ too: 0.47% for EPRF and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 vs 0.27), 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.