HERD vs. BALT

Last updated Aug 1, 2026

HERD (Pacer Cash Cows Fund of Funds ETF) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - HERD is a Global Equities fund tracking the Pacer Cash Cows Fund of Funds Index, while BALT is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 5 years, HERD returned 10.62%/yr vs 5.98%/yr for BALT. Their 0.58 correlation means they have sometimes moved together and sometimes differently. HERD charges 0.73%/yr vs 0.69%/yr for BALT.

Performance

HERD vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Cash Cows Fund of Funds ETF (HERD) 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, HERD achieves a 14.97% return, which is significantly higher than BALT's 2.78% return.

HERD

• 1D: -0.45%
• 1M: 5.94%
• 6M: 10.58%
• YTD: 14.97%
• 1Y: 28.32%
• 3Y*: 14.59%
• 5Y*: 10.62%
• 10Y*: —
• ALL TIME*: 12.92%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BALT Innovator Defined Wealth Shield ETF	$14.85M	$18.00M	$16.07M
HERD Pacer Cash Cows Fund of Funds ETF	$194.03K	$197.87K	$182.95K

HERD vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HERD Pacer Cash Cows Fund of Funds ETF	14.97%	19.07%	2.91%	20.72%	-6.96%	5.03%
BALT Innovator Defined Wealth Shield ETF	2.78%	6.65%	9.98%	7.45%	2.54%	0.91%

Correlation

The correlation between HERD and BALT is 0.50, 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.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.58

The correlation between HERD and BALT has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

HERD vs. BALT - Sectors Allocation Comparison

Sectors	HERD	BALT
Consumer Cyclical	17.8%	9.6%
Healthcare	16.9%	9.1%
Technology	16.3%	37.9%
Industrials	11.9%	8.4%
Energy	10.4%	3.0%
Consumer Defensive	10.1%	4.6%
Communication Services	8.8%	10.0%
Basic Materials	6.2%	1.7%
Utilities	1.3%	2.3%
Real Estate	0.4%	1.9%
Financial Services	0.0%	11.7%

Return for Risk

HERD vs. BALT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HERD

HERD Risk / Return Rank: 92
HERD Sharpe Ratio Rank: 92
HERD Sortino Ratio Rank: 92
HERD Omega Ratio Rank: 91
HERD Calmar Ratio Rank: 94
HERD Martin Ratio Rank: 92

BALT

BALT Risk / Return Rank: 96
BALT Sharpe Ratio Rank: 96
BALT Sortino Ratio Rank: 96
BALT Omega Ratio Rank: 96
BALT Calmar Ratio Rank: 96
BALT Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HERD vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Cash Cows Fund of Funds ETF (HERD) 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.

	HERD	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.91	-0.49
Sortino ratio: Return per unit of downside risk	3.45	4.41	-0.96
Omega ratio: Gain probability vs. loss probability	1.44	1.62	-0.18
Calmar ratio: Return relative to maximum drawdown	5.01	5.71	-0.70
Martin ratio: Return relative to average drawdown	15.56	21.02	-5.47

HERD vs. BALT - Sharpe Ratio Comparison

The current HERD Sharpe Ratio is 2.42, which is comparable to the BALT Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of HERD 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

HERD vs. BALT - Drawdown Comparison

The maximum HERD drawdown since its inception was -39.41%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for HERD and BALT.

Drawdown Indicators

	HERD	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-39.41%	-4.89%	-34.52%
Max Drawdown (1Y) Largest decline over 1 year	-5.68%	-1.15%	-4.53%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-4.89%	-14.01%
Max Drawdown (5Y) Largest decline over 5 years	-21.60%	-4.89%	-16.71%
Current Drawdown Current decline from peak	-0.70%	0.00%	-0.70%
Average Drawdown Average peak-to-trough decline	-4.50%	-0.34%	-4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	0.31%	+1.52%

Volatility

HERD vs. BALT - Volatility Comparison

Pacer Cash Cows Fund of Funds ETF (HERD) has a higher volatility of 3.60% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.80%. This indicates that HERD'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

	HERD	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	0.80%	+2.80%
Volatility (6M) Calculated over the trailing 6-month period	8.72%	1.49%	+7.23%
Volatility (1Y) Calculated over the trailing 1-year period	11.83%	2.27%	+9.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.68%	3.30%	+14.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.36%	3.28%	+17.08%

HERD vs. BALT - Expense Ratio Comparison

HERD has a 0.73% expense ratio, which is higher than BALT's 0.69% expense ratio.

Dividends

HERD vs. BALT - Dividend Comparison

HERD's dividend yield for the trailing twelve months is around 2.73%, while BALT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HERD Pacer Cash Cows Fund of Funds ETF	2.73%	3.75%	2.43%	2.54%	2.50%	2.02%	1.95%	1.69%

Frequently Asked Questions

Can I hold both HERD and BALT in my portfolio?

HERD and BALT have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HERD or BALT?

HERD has higher volatility (3.60%) compared to BALT (0.80%). In terms of maximum drawdown, HERD dropped -39.41% vs BALT's -4.89%.

Which ETF is better, HERD or BALT?

On 5-year performance, HERD leads with 10.62% 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.

Which ETF has performed better, HERD or BALT?

Over the 5-year period, HERD has performed better with a 10.62% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HERD or BALT?

BALT is cheaper with a 0.69% expense ratio, compared with 0.73% for HERD.

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

HERD has the higher dividend yield at 2.73%, compared with 0.00% for BALT.

What is the main difference between HERD and BALT?

HERD is categorized as Global Equities, while BALT is Defined Outcome. HERD tracks Pacer Cash Cows Fund of Funds Index, while BALT tracks S&P 500. They also come from different issuers: Pacer and Innovator. Their fees differ too: 0.73% for HERD and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (2.91 vs 2.42), 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.