PRVBX vs. BALT

Last updated Jun 4, 2026

PRVBX (Permanent Portfolio Versatile Bond Portfolio) and BALT (Innovator Defined Wealth Shield ETF) are both funds - PRVBX is a Short-Term Bond fund managed by Permanent Portfolio, while BALT is a Defined Outcome fund tracking the S&P 500. Over the past 3 years, PRVBX returned 5.62%/yr vs 7.27%/yr for BALT. At a 0.22 correlation, their price movements are largely independent. PRVBX charges 0.64%/yr vs 0.69%/yr for BALT.

Performance

PRVBX vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Permanent Portfolio Versatile Bond Portfolio (PRVBX) 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, PRVBX achieves a 0.91% return, which is significantly lower than BALT's 1.91% return.

PRVBX

• 1D: -0.09%
• 1M: -0.05%
• YTD: 0.91%
• 6M: 1.18%
• 1Y: 5.30%
• 3Y*: 5.62%
• 5Y*: 2.64%
• 10Y*: 4.35%

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)

PRVBX vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PRVBX Permanent Portfolio Versatile Bond Portfolio	0.91%	5.66%	5.78%	6.91%	-5.91%	0.07%
BALT Innovator Defined Wealth Shield ETF	1.91%	6.65%	9.98%	7.45%	2.54%	0.82%

Correlation

The correlation between PRVBX and BALT is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.22

Return for Risk

PRVBX vs. BALT — Risk / Return Rank

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

PRVBX

PRVBX Risk / Return Rank: 85
PRVBX Sharpe Ratio Rank: 91
PRVBX Sortino Ratio Rank: 93
PRVBX Omega Ratio Rank: 89
PRVBX Calmar Ratio Rank: 78
PRVBX Martin Ratio Rank: 73

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.

PRVBX vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Versatile Bond Portfolio (PRVBX) 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.

	PRVBX	BALT	Difference
Sharpe ratio: Return per unit of total volatility	3.01	3.19	-0.18
Sortino ratio: Return per unit of downside risk	4.70	4.88	-0.18
Omega ratio: Gain probability vs. loss probability	1.63	1.67	-0.04
Calmar ratio: Return relative to maximum drawdown	3.54	6.05	-2.52
Martin ratio: Return relative to average drawdown	13.93	22.58	-8.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRVBX vs. BALT - Sharpe Ratio Comparison

The current PRVBX Sharpe Ratio is 3.01, which is comparable to the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of PRVBX 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

	PRVBX	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.01	3.19	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	1.80	-0.51

Drawdowns

PRVBX vs. BALT - Drawdown Comparison

The maximum PRVBX drawdown since its inception was -16.91%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for PRVBX and BALT.

Drawdown Indicators

	PRVBX	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-16.91%	-4.89%	-12.02%
Max Drawdown (1Y) Largest decline over 1 year	-1.51%	-1.15%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-1.51%	-4.89%	+3.38%
Max Drawdown (5Y) Largest decline over 5 years	-8.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.91%	—	—
Current Drawdown Current decline from peak	-0.37%	-0.06%	-0.31%
Average Drawdown Average peak-to-trough decline	-0.72%	-0.34%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.31%	+0.07%

Volatility

PRVBX vs. BALT - Volatility Comparison

Permanent Portfolio Versatile Bond Portfolio (PRVBX) has a higher volatility of 0.71% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.37%. This indicates that PRVBX'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

	PRVBX	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	0.37%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	1.39%	1.56%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	1.77%	2.19%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.36%	3.32%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.36%	3.32%	+1.04%

PRVBX vs. BALT - Expense Ratio Comparison

PRVBX has a 0.64% expense ratio, which is lower than BALT's 0.69% expense ratio.

Dividends

PRVBX vs. BALT - Dividend Comparison

PRVBX's dividend yield for the trailing twelve months is around 4.14%, while BALT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PRVBX Permanent Portfolio Versatile Bond Portfolio	4.14%	4.18%	3.61%	3.16%	1.83%	0.85%	4.73%	2.51%	1.71%	3.30%	3.27%	5.71%

Frequently Asked Questions

Can I hold both PRVBX and BALT in my portfolio?

PRVBX and BALT have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRVBX or BALT?

PRVBX has higher volatility (0.71%) compared to BALT (0.37%). In terms of maximum drawdown, PRVBX dropped -16.91% vs BALT's -4.89%.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 vs 3.01), 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.