LOCT vs. BALT

Last updated Jun 23, 2026

LOCT (Innovator Premium Income 15 Buffer ETF - October) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - LOCT is a Options Trading fund actively managed by Innovator, while BALT is a Defined Outcome fund tracking the S&P 500. LOCT is actively managed, while BALT is passively managed. Over the past year, LOCT returned 5.80% vs 6.93% for BALT. A 0.58 correlation means they provide meaningful diversification when combined. LOCT charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

LOCT vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 15 Buffer ETF - October (LOCT) 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, LOCT achieves a 2.55% return, which is significantly higher than BALT's 2.21% return.

LOCT

• 1D: 0.00%
• 1M: 0.39%
• YTD: 2.55%
• 6M: 2.56%
• 1Y: 5.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BALT

• 1D: 0.00%
• 1M: 0.47%
• YTD: 2.21%
• 6M: 2.54%
• 1Y: 6.93%
• 3Y*: 7.11%
• 5Y*: —
• 10Y*: —

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

LOCT vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LOCT Innovator Premium Income 15 Buffer ETF - October	2.55%	5.56%	5.21%	2.86%
BALT Innovator Defined Wealth Shield ETF	2.21%	6.65%	9.98%	2.77%

Correlation

The correlation between LOCT and BALT is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.58

The correlation between LOCT and BALT has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

Return for Risk

LOCT vs. BALT — Risk / Return Rank

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

LOCT

LOCT Risk / Return Rank: 91
LOCT Sharpe Ratio Rank: 86
LOCT Sortino Ratio Rank: 91
LOCT Omega Ratio Rank: 94
LOCT Calmar Ratio Rank: 87
LOCT Martin Ratio Rank: 94

BALT

BALT Risk / Return Rank: 94
BALT Sharpe Ratio Rank: 93
BALT Sortino Ratio Rank: 95
BALT Omega Ratio Rank: 95
BALT Calmar Ratio Rank: 93
BALT Martin Ratio Rank: 93

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.

LOCT vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 15 Buffer ETF - October (LOCT) 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.

	LOCT	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.70	3.22	-0.52
Sortino ratio: Return per unit of downside risk	4.15	4.93	-0.77
Omega ratio: Gain probability vs. loss probability	1.67	1.69	-0.02
Calmar ratio: Return relative to maximum drawdown	4.74	6.04	-1.29
Martin ratio: Return relative to average drawdown	25.31	22.52	+2.79

LOCT vs. BALT - Sharpe Ratio Comparison

The current LOCT Sharpe Ratio is 2.70, which is comparable to the BALT Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of LOCT 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

LOCT vs. BALT - Drawdown Comparison

The maximum LOCT drawdown since its inception was -4.69%, roughly equal to the maximum BALT drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for LOCT and BALT.

Drawdown Indicators

	LOCT	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-4.69%	-4.89%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-1.23%	-1.15%	-0.08%
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	-0.14%	-0.34%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	0.31%	-0.08%

Volatility

LOCT vs. BALT - Volatility Comparison

Innovator Premium Income 15 Buffer ETF - October (LOCT) and Innovator Defined Wealth Shield ETF (BALT) have volatilities of 0.31% and 0.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LOCT	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.30%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.66%	1.47%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.16%	2.16%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.57%	3.30%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.57%	3.30%	+0.27%

LOCT vs. BALT - Expense Ratio Comparison

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

Dividends

LOCT vs. BALT - Dividend Comparison

LOCT's dividend yield for the trailing twelve months is around 5.13%, while BALT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%	0.00%
LOCT Innovator Premium Income 15 Buffer ETF - October	5.13%	5.12%	6.27%	1.64%

Frequently Asked Questions

Can I hold both LOCT and BALT in my portfolio?

LOCT and BALT have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LOCT or BALT?

LOCT has higher volatility (0.31%) compared to BALT (0.30%). In terms of maximum drawdown, LOCT dropped -4.69% vs BALT's -4.89%.

Which ETF is better, LOCT or BALT?

On 1-year performance, BALT leads with 6.93% vs 5.80% for LOCT. On fees, BALT is cheaper at 0.69% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LOCT or BALT?

Over the 1-year period, BALT has performed better with a 6.93% return vs 5.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LOCT or BALT?

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

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

LOCT has the higher dividend yield at 5.13%, compared with 0.00% for BALT.

What is the main difference between LOCT and BALT?

LOCT is categorized as Options Trading, while BALT is Defined Outcome. Their fees differ too: 0.79% for LOCT and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.22 vs 2.70), 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.