PFEB vs. BALT

Last updated Jun 24, 2026

PFEB (Innovator U.S. Equity Power Buffer ETF - February) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator tracking the S&P 500. Both are passively managed. Over the past 3 years, PFEB returned 12.04%/yr vs 7.11%/yr for BALT. A 0.73 correlation means they provide meaningful diversification when combined. PFEB charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

PFEB vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - February (PFEB) 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, PFEB achieves a 5.11% return, which is significantly higher than BALT's 2.21% return.

PFEB

• 1D: -0.37%
• 1M: 0.02%
• YTD: 5.11%
• 6M: 5.08%
• 1Y: 14.19%
• 3Y*: 12.04%
• 5Y*: 8.59%
• 10Y*: —

BALT

• 1D: 0.00%
• 1M: 0.47%
• YTD: 2.21%
• 6M: 2.42%
• 1Y: 6.86%
• 3Y*: 7.11%
• 5Y*: —
• 10Y*: —

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

PFEB vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PFEB Innovator U.S. Equity Power Buffer ETF - February	5.11%	10.65%	12.71%	14.96%	-2.84%	3.00%
BALT Innovator Defined Wealth Shield ETF	2.21%	6.65%	9.98%	7.45%	2.54%	0.91%

Correlation

The correlation between PFEB and BALT is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.73

The correlation between PFEB and BALT has been stable across timeframes, ranging from 0.73 to 0.73 - a consistent structural relationship.

Return for Risk

PFEB vs. BALT — Risk / Return Rank

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

PFEB

PFEB Risk / Return Rank: 80
PFEB Sharpe Ratio Rank: 81
PFEB Sortino Ratio Rank: 86
PFEB Omega Ratio Rank: 86
PFEB Calmar Ratio Rank: 66
PFEB Martin Ratio Rank: 84

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: 92
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.

PFEB vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - February (PFEB) 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.

	PFEB	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.36	3.19	-0.83
Sortino ratio: Return per unit of downside risk	3.53	4.88	-1.35
Omega ratio: Gain probability vs. loss probability	1.48	1.69	-0.21
Calmar ratio: Return relative to maximum drawdown	3.02	5.98	-2.95
Martin ratio: Return relative to average drawdown	15.79	22.31	-6.52

PFEB vs. BALT - Sharpe Ratio Comparison

The current PFEB Sharpe Ratio is 2.36, which is comparable to the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of PFEB 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

PFEB vs. BALT - Drawdown Comparison

The maximum PFEB drawdown since its inception was -19.98%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for PFEB and BALT.

Drawdown Indicators

	PFEB	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-4.89%	-15.09%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-1.15%	-3.56%
Max Drawdown (3Y) Largest decline over 3 years	-10.58%	-4.89%	-5.69%
Max Drawdown (5Y) Largest decline over 5 years	-11.05%	—	—
Current Drawdown Current decline from peak	-0.75%	0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-1.82%	-0.34%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.31%	+0.59%

Volatility

PFEB vs. BALT - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - February (PFEB) has a higher volatility of 1.83% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.29%. This indicates that PFEB'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

	PFEB	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	0.29%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	4.83%	1.45%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	6.07%	2.16%	+3.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.26%	3.30%	+4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.29%	3.30%	+7.99%

PFEB vs. BALT - Expense Ratio Comparison

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

Dividends

PFEB vs. BALT - Dividend Comparison

Neither PFEB nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PFEB and BALT in my portfolio?

PFEB and BALT have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFEB or BALT?

PFEB has higher volatility (1.83%) compared to BALT (0.29%). In terms of maximum drawdown, PFEB dropped -19.98% vs BALT's -4.89%.

Which ETF is better, PFEB or BALT?

On 3-year performance, PFEB leads with 12.04% vs 7.11% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFEB or BALT?

Over the 3-year period, PFEB has performed better with a 12.04% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFEB or BALT?

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

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

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

What is the main difference between PFEB and BALT?

Both ETFs track S&P 500. Their fees differ too: 0.79% for PFEB and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 vs 2.36), 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.