SCHD vs. BALT

Last updated Aug 1, 2026

SCHD (Schwab U.S. Dividend Equity ETF) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index, while BALT is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 5 years, SCHD returned 9.54%/yr vs 5.98%/yr for BALT. Their 0.54 correlation means they have sometimes moved together and sometimes differently. SCHD charges 0.06%/yr vs 0.69%/yr for BALT.

Performance

SCHD vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Dividend Equity ETF (SCHD) 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, SCHD achieves a 24.03% return, which is significantly higher than BALT's 2.78% return.

SCHD

• 1D: 0.18%
• 1M: 5.09%
• 6M: 14.09%
• YTD: 24.03%
• 1Y: 30.94%
• 3Y*: 14.19%
• 5Y*: 9.54%
• 10Y*: 12.76%
• ALL TIME*: 13.39%

BALT

• 1D: 0.17%
• 1M: 0.48%
• 6M: 2.21%
• YTD: 2.78%
• 1Y: 6.56%
• 3Y*: 6.98%
• 5Y*: 5.98%
• 10Y*: —
• ALL TIME*: 5.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BALT Innovator Defined Wealth Shield ETF	$14.85M	$18.00M	$16.07M
SCHD Schwab U.S. Dividend Equity ETF	$786.88M	$715.86M	$685.58M

SCHD vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SCHD Schwab U.S. Dividend Equity ETF	24.03%	4.34%	11.66%	4.54%	-3.26%	8.60%
BALT Innovator Defined Wealth Shield ETF	2.78%	6.65%	9.98%	7.45%	2.54%	0.91%

Correlation

The correlation between SCHD and BALT is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.54

Over the past year, the correlation between SCHD and BALT has dropped to 0.27 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

SCHD vs. BALT - Sectors Allocation Comparison

Sectors	SCHD	BALT
Healthcare	20.8%	9.1%
Consumer Defensive	20.6%	4.6%
Energy	14.1%	3.0%
Technology	12.7%	37.9%
Financial Services	9.9%	11.7%
Industrials	7.8%	8.4%
Consumer Cyclical	7.7%	9.6%
Communication Services	6.2%	10.0%
Basic Materials	1.2%	1.7%
Utilities	0.1%	2.3%
Real Estate	-	1.9%

Return for Risk

SCHD vs. BALT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SCHD

SCHD Risk / Return Rank: 95
SCHD Sharpe Ratio Rank: 96
SCHD Sortino Ratio Rank: 96
SCHD Omega Ratio Rank: 94
SCHD Calmar Ratio Rank: 96
SCHD Martin Ratio Rank: 93

BALT

BALT Risk / Return Rank: 96
BALT Sharpe Ratio Rank: 96
BALT Sortino Ratio Rank: 96
BALT Omega Ratio Rank: 96
BALT Calmar Ratio Rank: 96
BALT Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SCHD vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Dividend Equity ETF (SCHD) 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.

	SCHD	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.81	2.91	-0.10
Sortino ratio: Return per unit of downside risk	4.37	4.41	-0.04
Omega ratio: Gain probability vs. loss probability	1.51	1.62	-0.11
Calmar ratio: Return relative to maximum drawdown	6.74	5.71	+1.02
Martin ratio: Return relative to average drawdown	17.01	21.02	-4.01

SCHD vs. BALT - Sharpe Ratio Comparison

The current SCHD Sharpe Ratio is 2.81, which is comparable to the BALT Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of SCHD 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

SCHD vs. BALT - Drawdown Comparison

The maximum SCHD drawdown since its inception was -33.37%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for SCHD and BALT.

Drawdown Indicators

	SCHD	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-33.37%	-4.89%	-28.48%
Max Drawdown (1Y) Largest decline over 1 year	-4.61%	-1.15%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-4.89%	-11.24%
Max Drawdown (5Y) Largest decline over 5 years	-16.85%	-4.89%	-11.96%
Max Drawdown (10Y) Largest decline over 10 years	-33.37%	—	—
Current Drawdown Current decline from peak	-1.24%	0.00%	-1.24%
Average Drawdown Average peak-to-trough decline	-3.30%	-0.34%	-2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	0.31%	+1.51%

Volatility

SCHD vs. BALT - Volatility Comparison

Schwab U.S. Dividend Equity ETF (SCHD) has a higher volatility of 4.11% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.80%. This indicates that SCHD'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

	SCHD	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	0.80%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	8.11%	1.49%	+6.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.13%	2.27%	+8.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.39%	3.30%	+11.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	3.28%	+13.44%

SCHD vs. BALT - Expense Ratio Comparison

SCHD has a 0.06% expense ratio, which is lower than BALT's 0.69% expense ratio.

Dividends

SCHD vs. BALT - Dividend Comparison

SCHD's dividend yield for the trailing twelve months is around 3.13%, 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%
SCHD Schwab U.S. Dividend Equity ETF	3.13%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both SCHD and BALT in my portfolio?

SCHD and BALT have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCHD or BALT?

SCHD has higher volatility (4.11%) compared to BALT (0.80%). In terms of maximum drawdown, SCHD dropped -33.37% vs BALT's -4.89%.

Which ETF is better, SCHD or BALT?

On 5-year performance, SCHD leads with 9.54% vs 5.98% for BALT. On fees, SCHD is cheaper at 0.06% per year. On volatility, BALT has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHD or BALT?

Over the 5-year period, SCHD has performed better with a 9.54% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHD or BALT?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.69% for BALT.

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

SCHD has the higher dividend yield at 3.13%, compared with 0.00% for BALT.

What is the main difference between SCHD and BALT?

SCHD is categorized as Dividend, while BALT is Defined Outcome. SCHD tracks Dow Jones U.S. Dividend 100 Index, while BALT tracks S&P 500. They also come from different issuers: Charles Schwab and Innovator. Their fees differ too: 0.06% for SCHD and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (2.91 vs 2.81), 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.