KBFR vs. BALT

Last updated Jun 27, 2026

KBFR (Innovator U.S. Small Cap Managed 10 Buffer ETF) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator. KBFR is actively managed, while BALT is passively managed. At a 0.48 correlation, their price movements are largely independent. KBFR charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

KBFR vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Managed 10 Buffer ETF (KBFR) and Innovator Defined Wealth Shield ETF (BALT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KBFR

• 1D: 1.68%
• 1M: 5.22%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BALT

• 1D: 0.06%
• 1M: 0.38%
• YTD: 2.25%
• 6M: 2.35%
• 1Y: 6.84%
• 3Y*: 7.12%
• 5Y*: —
• 10Y*: —

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

KBFR vs. BALT - Yearly Performance Comparison

	2026 (YTD)
KBFR Innovator U.S. Small Cap Managed 10 Buffer ETF	9.80%
BALT Innovator Defined Wealth Shield ETF	1.66%

Correlation

The correlation between KBFR and BALT is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 24, 2026	0.48

Return for Risk

KBFR vs. BALT — Risk / Return Rank

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

KBFR

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BALT

BALT Risk / Return Rank: 95
BALT Sharpe Ratio Rank: 95
BALT Sortino Ratio Rank: 96
BALT Omega Ratio Rank: 96
BALT Calmar Ratio Rank: 94
BALT Martin Ratio Rank: 94

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.

KBFR vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Managed 10 Buffer ETF (KBFR) 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.

	KBFR	BALT	Difference
Sharpe ratio: Return per unit of total volatility	—	3.18	—
Sortino ratio: Return per unit of downside risk	—	4.87	—
Omega ratio: Gain probability vs. loss probability	—	1.69	—
Calmar ratio: Return relative to maximum drawdown	—	5.96	—
Martin ratio: Return relative to average drawdown	—	22.24	—

Drawdowns

KBFR vs. BALT - Drawdown Comparison

The maximum KBFR drawdown since its inception was -4.18%, smaller than the maximum BALT drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for KBFR and BALT.

Drawdown Indicators

	KBFR	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-4.18%	-4.89%	+0.71%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.15%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.89%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.05%	-0.34%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.31%	—

Volatility

Volatility by Period

	KBFR	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.25%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.39%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	2.16%	+8.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.00%	3.29%	+7.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.00%	3.29%	+7.71%

KBFR vs. BALT - Expense Ratio Comparison

KBFR has a 0.79% expense ratio, which is higher than BALT's 0.69% expense ratio.

Dividends

KBFR vs. BALT - Dividend Comparison

KBFR's dividend yield for the trailing twelve months is around 0.10%, while BALT has not paid dividends to shareholders.

Position	TTM
BALT Innovator Defined Wealth Shield ETF	0.00%
KBFR Innovator U.S. Small Cap Managed 10 Buffer ETF	0.10%

Frequently Asked Questions

Can I hold both KBFR and BALT in my portfolio?

KBFR and BALT have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KBFR or BALT?

On fees, BALT is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KBFR or BALT?

BALT is cheaper with a 0.69% expense ratio, compared with 0.79% for KBFR.

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

KBFR has the higher dividend yield at 0.10%, compared with 0.00% for BALT.

What is the main difference between KBFR and BALT?

Their fees differ too: 0.79% for KBFR and 0.69% for BALT.