QBF vs. BALT

Last updated Jun 4, 2026

QBF (Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - QBF is a Blockchain fund actively managed by Innovator, while BALT is a Defined Outcome fund tracking the S&P 500. QBF is actively managed, while BALT is passively managed. Over the past year, QBF returned -35.86% vs 6.95% for BALT. At a 0.36 correlation, their price movements are largely independent. QBF charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

QBF vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) 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, QBF achieves a -23.63% return, which is significantly lower than BALT's 1.91% return.

QBF

• 1D: -2.17%
• 1M: -14.35%
• YTD: -23.63%
• 6M: -27.96%
• 1Y: -35.86%
• 3Y*: —
• 5Y*: —
• 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)

QBF vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	-23.63%	-14.22%
BALT Innovator Defined Wealth Shield ETF	1.91%	5.68%

Correlation

The correlation between QBF and BALT is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 7, 2025	0.36

Return for Risk

QBF vs. BALT — Risk / Return Rank

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

QBF

QBF Risk / Return Rank: 1
QBF Sharpe Ratio Rank: 0
QBF Sortino Ratio Rank: 1
QBF Omega Ratio Rank: 1
QBF Calmar Ratio Rank: 2
QBF Martin Ratio Rank: 1

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.

QBF vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) 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.

	QBF	BALT	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	3.19	-4.55
Sortino ratio: Return per unit of downside risk	-2.04	4.88	-6.92
Omega ratio: Gain probability vs. loss probability	0.78	1.67	-0.90
Calmar ratio: Return relative to maximum drawdown	-0.84	6.05	-6.89
Martin ratio: Return relative to average drawdown	-1.48	22.58	-24.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QBF vs. BALT - Sharpe Ratio Comparison

The current QBF Sharpe Ratio is -1.37, which is lower than the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of QBF 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

	QBF	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.37	3.19	-4.55
Sharpe Ratio (All Time) Calculated using the full available price history	-0.97	1.80	-2.76

Drawdowns

QBF vs. BALT - Drawdown Comparison

The maximum QBF drawdown since its inception was -42.92%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for QBF and BALT.

Drawdown Indicators

	QBF	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-42.92%	-4.89%	-38.03%
Max Drawdown (1Y) Largest decline over 1 year	-42.92%	-1.15%	-41.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.89%	—
Current Drawdown Current decline from peak	-42.92%	-0.06%	-42.86%
Average Drawdown Average peak-to-trough decline	-16.82%	-0.34%	-16.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.20%	0.31%	+23.89%

Volatility

QBF vs. BALT - Volatility Comparison

Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) has a higher volatility of 7.09% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.37%. This indicates that QBF'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

	QBF	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	0.37%	+6.72%
Volatility (6M) Calculated over the trailing 6-month period	18.56%	1.56%	+17.00%
Volatility (1Y) Calculated over the trailing 1-year period	26.36%	2.19%	+24.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.53%	3.32%	+25.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.53%	3.32%	+25.21%

QBF vs. BALT - Expense Ratio Comparison

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

Dividends

QBF vs. BALT - Dividend Comparison

QBF's dividend yield for the trailing twelve months is around 1.81%, while BALT has not paid dividends to shareholders.

Position	TTM	2025
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	1.81%	1.38%

Frequently Asked Questions

Can I hold both QBF and BALT in my portfolio?

QBF and BALT have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QBF or BALT?

QBF has higher volatility (7.09%) compared to BALT (0.37%). In terms of maximum drawdown, QBF dropped -42.92% vs BALT's -4.89%.

Which ETF is better, QBF or BALT?

On 1-year performance, BALT leads with 6.95% vs -35.86% for QBF. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QBF or BALT?

Over the 1-year period, BALT has performed better with a 6.95% return vs -35.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBF or BALT?

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

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

QBF has the higher dividend yield at 1.81%, compared with 0.00% for BALT.

What is the main difference between QBF and BALT?

QBF is categorized as Blockchain, while BALT is Defined Outcome. Their fees differ too: 0.79% for QBF and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 vs -1.37), 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.