LOUP vs. BALT

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator Deepwater Frontier Tech ETF (LOUP) and Innovator Defined Wealth Shield ETF (BALT).

LOUP and BALT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LOUP is a passively managed fund by Innovator that tracks the performance of the Deepwater Frontier Tech Index. It was launched on Jul 24, 2018. BALT is a passively managed fund by Innovator that tracks the performance of the S&P 500. It was launched on Jun 30, 2021. Both LOUP and BALT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

LOUP vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Deepwater Frontier Tech ETF (LOUP) and Innovator Defined Wealth Shield ETF (BALT). The values are adjusted to include any dividend payments, if applicable.

LOUP vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
LOUP Innovator Deepwater Frontier Tech ETF	-9.90%	43.24%	21.80%	51.31%	-46.00%	-2.72%
BALT Innovator Defined Wealth Shield ETF	-0.13%	6.65%	9.98%	7.45%	2.54%	0.82%

Returns By Period

In the year-to-date period, LOUP achieves a -9.90% return, which is significantly lower than BALT's -0.13% return.

LOUP

• 1D: 5.39%
• 1M: -8.01%
• YTD: -9.90%
• 6M: -6.82%
• 1Y: 51.60%
• 3Y*: 24.76%
• 5Y*: 4.49%
• 10Y*: —

BALT

• 1D: 0.10%
• 1M: -0.87%
• YTD: -0.13%
• 6M: 1.97%
• 1Y: 6.64%
• 3Y*: 7.11%
• 5Y*: —
• 10Y*: —

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

LOUP vs. BALT - Expense Ratio Comparison

LOUP has a 0.70% expense ratio, which is higher than BALT's 0.69% expense ratio.

LOUP

Innovator Deepwater Frontier Tech ETF

BALT

Innovator Defined Wealth Shield ETF

Return for Risk

LOUP vs. BALT — Risk / Return Rank

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

LOUP

LOUP Risk / Return Rank: 80
LOUP Sharpe Ratio Rank: 80
LOUP Sortino Ratio Rank: 81
LOUP Omega Ratio Rank: 77
LOUP Calmar Ratio Rank: 83
LOUP Martin Ratio Rank: 77

BALT

BALT Risk / Return Rank: 86
BALT Sharpe Ratio Rank: 81
BALT Sortino Ratio Rank: 87
BALT Omega Ratio Rank: 94
BALT Calmar Ratio Rank: 76
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.

LOUP vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Deepwater Frontier Tech ETF (LOUP) 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.

	LOUP	BALT	Difference
Sharpe ratio Return per unit of total volatility	1.48	1.49	-0.01
Sortino ratio Return per unit of downside risk	2.08	2.29	-0.21
Omega ratio Gain probability vs. loss probability	1.29	1.43	-0.14
Calmar ratio Return relative to maximum drawdown	2.34	1.91	+0.43
Martin ratio Return relative to average drawdown	8.09	12.79	-4.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LOUP vs. BALT - Sharpe Ratio Comparison

The current LOUP Sharpe Ratio is 1.48, which is comparable to the BALT Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of LOUP and BALT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LOUP	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	1.49	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.70	-1.27

Correlation

The correlation between LOUP and BALT is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

LOUP vs. BALT - Dividend Comparison

Neither LOUP nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

LOUP vs. BALT - Drawdown Comparison

The maximum LOUP drawdown since its inception was -58.68%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for LOUP and BALT.

Drawdown Indicators

	LOUP	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-4.89%	-53.79%
Max Drawdown (1Y) Largest decline over 1 year	-21.00%	-3.48%	-17.52%
Max Drawdown (5Y) Largest decline over 5 years	-55.63%	—	—
Current Drawdown Current decline from peak	-16.74%	-1.05%	-15.69%
Average Drawdown Average peak-to-trough decline	-20.42%	-0.35%	-20.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.07%	0.52%	+5.55%

Volatility

LOUP vs. BALT - Volatility Comparison

Innovator Deepwater Frontier Tech ETF (LOUP) has a higher volatility of 10.91% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.61%. This indicates that LOUP'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

	LOUP	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.91%	0.61%	+10.30%
Volatility (6M) Calculated over the trailing 6-month period	21.85%	1.84%	+20.01%
Volatility (1Y) Calculated over the trailing 1-year period	35.07%	4.48%	+30.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.19%	3.36%	+28.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.98%	3.36%	+28.62%