FTLS vs. BALT
FTLS (First Trust Long/Short Equity ETF) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - FTLS is a Long-Short fund actively managed by First Trust, while BALT is a Defined Outcome fund tracking the S&P 500. FTLS is actively managed, while BALT is passively managed. Over the past 5 years, FTLS returned 10.06%/yr vs 5.98%/yr for BALT. Their 0.63 correlation means they have sometimes moved together and sometimes differently. FTLS charges 1.38%/yr vs 0.69%/yr for BALT.
Performance
FTLS vs. BALT - Performance Comparison
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Returns By Period
In the year-to-date period, FTLS achieves a 6.03% return, which is significantly higher than BALT's 2.78% return.
FTLS
- 1D
- -0.31%
- 1M
- 1.85%
- 6M
- 4.95%
- YTD
- 6.03%
- 1Y
- 13.39%
- 3Y*
- 13.13%
- 5Y*
- 10.06%
- 10Y*
- 9.59%
- ALL TIME*
- 9.00%
BALT
- 1D
- 0.17%
- 1M
- 0.48%
- 6M
- 2.21%
- YTD
- 2.78%
- 1Y
- 6.56%
- 3Y*
- 6.98%
- 5Y*
- 5.98%
- 10Y*
- —
- ALL TIME*
- 5.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.85M | $18.00M | $16.07M | |
| $8.26M | $8.04M | $8.94M |
FTLS vs. BALT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FTLS First Trust Long/Short Equity ETF | 6.03% | 9.09% | 18.80% | 16.94% | -5.56% | 7.24% |
BALT Innovator Defined Wealth Shield ETF | 2.78% | 6.65% | 9.98% | 7.45% | 2.54% | 0.91% |
Correlation
The correlation between FTLS and BALT is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021 | 0.63 |
The correlation between FTLS and BALT has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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Return for Risk
FTLS vs. BALT — Risk / Return Rank
FTLS
BALT
FTLS vs. BALT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Long/Short Equity ETF (FTLS) 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.
| FTLS | BALT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.62 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 5.71 | -2.16 |
| Martin ratioReturn relative to average drawdown | 10.80 | 21.02 | -10.22 |
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Drawdowns
FTLS vs. BALT - Drawdown Comparison
The maximum FTLS drawdown since its inception was -20.54%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for FTLS and BALT.
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Drawdown Indicators
| FTLS | BALT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.54% | -4.89% | -15.65% |
Max Drawdown (1Y)Largest decline over 1 year | -3.79% | -1.15% | -2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -11.69% | -4.89% | -6.80% |
Max Drawdown (5Y)Largest decline over 5 years | -11.69% | -4.89% | -6.80% |
Max Drawdown (10Y)Largest decline over 10 years | -20.54% | — | — |
Current DrawdownCurrent decline from peak | -0.42% | 0.00% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -0.34% | -2.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 0.31% | +0.93% |
Volatility
FTLS vs. BALT - Volatility Comparison
First Trust Long/Short Equity ETF (FTLS) has a higher volatility of 2.15% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.80%. This indicates that FTLS'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.
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Volatility by Period
| FTLS | BALT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.15% | 0.80% | +1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 5.86% | 1.49% | +4.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.54% | 2.27% | +6.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.53% | 3.30% | +7.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.23% | 3.28% | +7.95% |
FTLS vs. BALT - Expense Ratio Comparison
FTLS has a 1.38% expense ratio, which is higher than BALT's 0.69% expense ratio.
Dividends
FTLS vs. BALT - Dividend Comparison
FTLS's dividend yield for the trailing twelve months is around 0.88%, while BALT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
FTLS First Trust Long/Short Equity ETF | 0.88% | 1.07% | 1.50% | 1.49% | 0.81% | 0.01% | 0.44% | 0.83% | 0.87% | 0.43% | 1.04% | 0.49% |
Frequently Asked Questions
FTLS and BALT have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTLS has higher volatility (2.15%) compared to BALT (0.80%). In terms of maximum drawdown, FTLS dropped -20.54% vs BALT's -4.89%.
On 5-year performance, FTLS leads with 10.06% vs 5.98% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTLS has performed better with a 10.06% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BALT is cheaper with a 0.69% expense ratio, compared with 1.38% for FTLS.
FTLS has the higher dividend yield at 0.88%, compared with 0.00% for BALT.
FTLS is categorized as Long-Short, while BALT is Defined Outcome. They also come from different issuers: First Trust and Innovator. Their fees differ too: 1.38% for FTLS and 0.69% for BALT.
BALT currently has the higher Sharpe Ratio (2.91 vs 1.57), 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.
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