HLIPX vs. BALT

Last updated Jun 3, 2026

HLIPX (JPMorgan Core Plus Bond Fund) and BALT (Innovator Defined Wealth Shield ETF) are both funds - HLIPX is a Intermediate Core-Plus Bond fund managed by JPMorgan, while BALT is a Defined Outcome fund tracking the S&P 500. Over the past 3 years, HLIPX returned 4.89%/yr vs 7.29%/yr for BALT. At a 0.10 correlation, their price movements are largely independent. HLIPX charges 0.46%/yr vs 0.69%/yr for BALT.

Performance

HLIPX vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Core Plus Bond Fund (HLIPX) 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, HLIPX achieves a 0.44% return, which is significantly lower than BALT's 1.97% return.

HLIPX

• 1D: -0.14%
• 1M: 0.14%
• YTD: 0.44%
• 6M: 0.45%
• 1Y: 5.96%
• 3Y*: 4.89%
• 5Y*: 0.84%
• 10Y*: 2.33%

BALT

• 1D: 0.01%
• 1M: 0.54%
• YTD: 1.97%
• 6M: 2.98%
• 1Y: 7.15%
• 3Y*: 7.29%
• 5Y*: —
• 10Y*: —

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

HLIPX vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HLIPX JPMorgan Core Plus Bond Fund	0.44%	7.98%	2.64%	6.38%	-12.69%	0.18%
BALT Innovator Defined Wealth Shield ETF	1.97%	6.65%	9.98%	7.45%	2.54%	0.82%

Correlation

The correlation between HLIPX and BALT is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.10

The correlation between HLIPX and BALT shifts across timeframes, from 0.02 (1 year) to 0.12 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HLIPX vs. BALT — Risk / Return Rank

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

HLIPX

HLIPX Risk / Return Rank: 25
HLIPX Sharpe Ratio Rank: 25
HLIPX Sortino Ratio Rank: 26
HLIPX Omega Ratio Rank: 24
HLIPX Calmar Ratio Rank: 26
HLIPX Martin Ratio Rank: 23

BALT

BALT Risk / Return Rank: 93
BALT Sharpe Ratio Rank: 91
BALT Sortino Ratio Rank: 94
BALT Omega Ratio Rank: 94
BALT Calmar Ratio Rank: 92
BALT Martin Ratio Rank: 92

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.

HLIPX vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Core Plus Bond Fund (HLIPX) 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.

	HLIPX	BALT	Difference
Sharpe ratio Return per unit of total volatility	1.47	3.28	-1.81
Sortino ratio Return per unit of downside risk	2.19	5.02	-2.83
Omega ratio Gain probability vs. loss probability	1.26	1.70	-0.44
Calmar ratio Return relative to maximum drawdown	1.95	6.23	-4.27
Martin ratio Return relative to average drawdown	6.01	23.27	-17.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLIPX vs. BALT - Sharpe Ratio Comparison

The current HLIPX Sharpe Ratio is 1.47, which is lower than the BALT Sharpe Ratio of 3.28. The chart below compares the historical Sharpe Ratios of HLIPX 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

	HLIPX	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	3.28	-1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	1.80	-0.70

Drawdowns

HLIPX vs. BALT - Drawdown Comparison

The maximum HLIPX drawdown since its inception was -16.91%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for HLIPX and BALT.

Drawdown Indicators

	HLIPX	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-16.91%	-4.89%	-12.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-1.15%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-6.08%	-4.89%	-1.19%
Max Drawdown (5Y) Largest decline over 5 years	-16.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.91%	—	—
Current Drawdown Current decline from peak	-1.69%	0.00%	-1.69%
Average Drawdown Average peak-to-trough decline	-1.94%	-0.34%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	0.31%	+0.68%

Volatility

HLIPX vs. BALT - Volatility Comparison

JPMorgan Core Plus Bond Fund (HLIPX) has a higher volatility of 1.30% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.36%. This indicates that HLIPX'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

	HLIPX	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	0.36%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	1.56%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	2.19%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	3.32%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	3.32%	+1.32%

HLIPX vs. BALT - Expense Ratio Comparison

HLIPX has a 0.46% expense ratio, which is lower than BALT's 0.69% expense ratio.

Dividends

HLIPX vs. BALT - Dividend Comparison

HLIPX's dividend yield for the trailing twelve months is around 4.58%, 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%
HLIPX JPMorgan Core Plus Bond Fund	4.58%	4.86%	4.88%	4.02%	3.36%	3.25%	4.36%	3.23%	3.08%	2.83%	2.77%	3.25%

Frequently Asked Questions

Can I hold both HLIPX and BALT in my portfolio?

HLIPX and BALT have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLIPX or BALT?

HLIPX has higher volatility (1.30%) compared to BALT (0.36%). In terms of maximum drawdown, HLIPX dropped -16.91% vs BALT's -4.89%.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.28 vs 1.47), 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.