NJUL vs. BALT

Last updated Jun 4, 2026

NJUL (Innovator Nasdaq-100 Power Buffer ETF - July) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - NJUL is a Nasdaq-100 fund tracking the Invesco QQQ Trust, while BALT is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 3 years, NJUL returned 14.95%/yr vs 7.27%/yr for BALT. A 0.73 correlation means they provide meaningful diversification when combined. NJUL charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

NJUL vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) 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, NJUL achieves a 6.16% return, which is significantly higher than BALT's 1.91% return.

NJUL

• 1D: 0.02%
• 1M: 1.39%
• YTD: 6.16%
• 6M: 6.40%
• 1Y: 18.75%
• 3Y*: 14.95%
• 5Y*: 10.86%
• 10Y*: —

BALT

• 1D: -0.06%
• 1M: 0.53%
• YTD: 1.91%
• 6M: 2.81%
• 1Y: 6.95%
• 3Y*: 7.27%
• 5Y*: —
• 10Y*: —

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

NJUL vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NJUL Innovator Nasdaq-100 Power Buffer ETF - July	6.16%	15.67%	13.93%	29.52%	-11.67%	4.46%
BALT Innovator Defined Wealth Shield ETF	1.91%	6.65%	9.98%	7.45%	2.54%	0.82%

Correlation

The correlation between NJUL and BALT is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.73

The correlation between NJUL and BALT has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

NJUL vs. BALT - Sectors Allocation Comparison

Sectors	NJUL	BALT
Technology	54.2%	36.2%
Communication Services	15.5%	10.9%
Consumer Cyclical	12.2%	10.1%
Consumer Defensive	7.6%	4.9%
Healthcare	4.2%	8.4%
Industrials	2.8%	8.1%
Utilities	1.4%	2.3%
Basic Materials	1.2%	1.8%
Energy	0.6%	3.5%
Financial Services	0.2%	11.9%
Real Estate	0.1%	1.9%

Return for Risk

NJUL vs. BALT — Risk / Return Rank

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

NJUL

NJUL Risk / Return Rank: 80
NJUL Sharpe Ratio Rank: 75
NJUL Sortino Ratio Rank: 79
NJUL Omega Ratio Rank: 81
NJUL Calmar Ratio Rank: 76
NJUL Martin Ratio Rank: 88

BALT

BALT Risk / Return Rank: 92
BALT Sharpe Ratio Rank: 90
BALT Sortino Ratio Rank: 94
BALT Omega Ratio Rank: 93
BALT Calmar Ratio Rank: 91
BALT Martin Ratio Rank: 91

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.

NJUL vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) 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.

	NJUL	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.45	3.19	-0.74
Sortino ratio: Return per unit of downside risk	3.56	4.88	-1.32
Omega ratio: Gain probability vs. loss probability	1.49	1.67	-0.19
Calmar ratio: Return relative to maximum drawdown	3.82	6.05	-2.23
Martin ratio: Return relative to average drawdown	19.60	22.58	-2.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NJUL vs. BALT - Sharpe Ratio Comparison

The current NJUL Sharpe Ratio is 2.45, which is comparable to the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of NJUL 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

	NJUL	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	3.19	-0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	1.80	-0.79

Drawdowns

NJUL vs. BALT - Drawdown Comparison

The maximum NJUL drawdown since its inception was -14.37%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for NJUL and BALT.

Drawdown Indicators

	NJUL	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-14.37%	-4.89%	-9.48%
Max Drawdown (1Y) Largest decline over 1 year	-4.93%	-1.15%	-3.78%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	-4.89%	-8.69%
Max Drawdown (5Y) Largest decline over 5 years	-14.37%	—	—
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-2.31%	-0.34%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.31%	+0.65%

Volatility

NJUL vs. BALT - Volatility Comparison

Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) has a higher volatility of 0.40% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.37%. This indicates that NJUL'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

	NJUL	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.37%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	5.33%	1.56%	+3.77%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	2.19%	+5.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.56%	3.32%	+8.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	3.32%	+7.74%

NJUL vs. BALT - Expense Ratio Comparison

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

Dividends

NJUL vs. BALT - Dividend Comparison

Neither NJUL nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NJUL and BALT in my portfolio?

NJUL and BALT have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NJUL or BALT?

NJUL has higher volatility (0.40%) compared to BALT (0.37%). In terms of maximum drawdown, NJUL dropped -14.37% vs BALT's -4.89%.

Which ETF is better, NJUL or BALT?

On 3-year performance, NJUL leads with 14.95% vs 7.27% for BALT. 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, NJUL or BALT?

Over the 3-year period, NJUL has performed better with a 14.95% return vs 7.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJUL or BALT?

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

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

NJUL and BALT have nearly identical dividend yields, around 0.00%.

What is the main difference between NJUL and BALT?

NJUL is categorized as Nasdaq-100, while BALT is Defined Outcome. NJUL tracks Invesco QQQ Trust, while BALT tracks S&P 500. Their fees differ too: 0.79% for NJUL and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 vs 2.45), 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.