PSTP vs. BALT

Last updated Jun 23, 2026

PSTP (Innovator Power Buffer Step-Up Strategy ETF) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator. PSTP is actively managed, while BALT is passively managed. Over the past 3 years, PSTP returned 10.79%/yr vs 7.11%/yr for BALT. A 0.78 correlation means they provide meaningful diversification when combined. PSTP charges 0.89%/yr vs 0.69%/yr for BALT.

Performance

PSTP vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Power Buffer Step-Up Strategy ETF (PSTP) 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, PSTP achieves a 3.77% return, which is significantly higher than BALT's 2.21% return.

PSTP

• 1D: -0.14%
• 1M: 0.37%
• YTD: 3.77%
• 6M: 3.74%
• 1Y: 12.18%
• 3Y*: 10.79%
• 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)

PSTP vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PSTP Innovator Power Buffer Step-Up Strategy ETF	3.77%	10.36%	13.56%	13.64%	-2.85%
BALT Innovator Defined Wealth Shield ETF	2.21%	6.65%	9.98%	7.45%	3.42%

Correlation

The correlation between PSTP and BALT is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Mar 8, 2022	0.78

The correlation between PSTP and BALT has been stable across timeframes, ranging from 0.77 to 0.79 - a consistent structural relationship.

Return for Risk

PSTP vs. BALT — Risk / Return Rank

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

PSTP

PSTP Risk / Return Rank: 58
PSTP Sharpe Ratio Rank: 57
PSTP Sortino Ratio Rank: 58
PSTP Omega Ratio Rank: 59
PSTP Calmar Ratio Rank: 50
PSTP Martin Ratio Rank: 65

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.

PSTP vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Power Buffer Step-Up Strategy ETF (PSTP) 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.

	PSTP	BALT	Difference
Sharpe ratio: Return per unit of total volatility	1.86	3.22	-1.36
Sortino ratio: Return per unit of downside risk	2.66	4.93	-2.27
Omega ratio: Gain probability vs. loss probability	1.35	1.69	-0.34
Calmar ratio: Return relative to maximum drawdown	2.39	6.04	-3.64
Martin ratio: Return relative to average drawdown	11.43	22.52	-11.09

PSTP vs. BALT - Sharpe Ratio Comparison

The current PSTP Sharpe Ratio is 1.86, which is lower than the BALT Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of PSTP 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

PSTP vs. BALT - Drawdown Comparison

The maximum PSTP drawdown since its inception was -12.46%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for PSTP and BALT.

Drawdown Indicators

	PSTP	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-4.89%	-7.57%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	-1.15%	-3.96%
Max Drawdown (3Y) Largest decline over 3 years	-10.38%	-4.89%	-5.49%
Current Drawdown Current decline from peak	-0.47%	0.00%	-0.47%
Average Drawdown Average peak-to-trough decline	-2.40%	-0.34%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.31%	+0.76%

Volatility

PSTP vs. BALT - Volatility Comparison

Innovator Power Buffer Step-Up Strategy ETF (PSTP) has a higher volatility of 2.01% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.30%. This indicates that PSTP'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

	PSTP	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.01%	0.30%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	5.36%	1.47%	+3.89%
Volatility (1Y) Calculated over the trailing 1-year period	6.57%	2.16%	+4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.24%	3.30%	+5.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.24%	3.30%	+5.94%

PSTP vs. BALT - Expense Ratio Comparison

PSTP has a 0.89% expense ratio, which is higher than BALT's 0.69% expense ratio.

Dividends

PSTP vs. BALT - Dividend Comparison

Neither PSTP nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSTP and BALT in my portfolio?

PSTP and BALT have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSTP or BALT?

PSTP has higher volatility (2.01%) compared to BALT (0.30%). In terms of maximum drawdown, PSTP dropped -12.46% vs BALT's -4.89%.

Which ETF is better, PSTP or BALT?

On 3-year performance, PSTP leads with 10.79% 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 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSTP or BALT?

Over the 3-year period, PSTP has performed better with a 10.79% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSTP or BALT?

BALT is cheaper with a 0.69% expense ratio, compared with 0.89% for PSTP.

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

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

What is the main difference between PSTP and BALT?

Their fees differ too: 0.89% for PSTP and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.22 vs 1.86), 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.