SEPT vs. BALT

Last updated Jun 4, 2026

SEPT (AllianzIM U.S. Equity Buffer10 Sep ETF) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds. SEPT is actively managed, while BALT is passively managed. Over the past year, SEPT returned 19.52% vs 6.95% for BALT. A 0.79 correlation means they provide meaningful diversification when combined. SEPT charges 0.74%/yr vs 0.69%/yr for BALT.

Performance

SEPT vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) 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, SEPT achieves a 6.29% return, which is significantly higher than BALT's 1.91% return.

SEPT

• 1D: -0.14%
• 1M: 2.40%
• YTD: 6.29%
• 6M: 6.89%
• 1Y: 19.52%
• 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)

SEPT vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SEPT AllianzIM U.S. Equity Buffer10 Sep ETF	6.29%	14.95%	16.43%	4.86%
BALT Innovator Defined Wealth Shield ETF	1.91%	6.65%	9.98%	1.46%

Correlation

The correlation between SEPT and BALT is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Sep 5, 2023	0.79

The correlation between SEPT and BALT has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

SEPT vs. BALT - Sectors Allocation Comparison

Sectors	SEPT	BALT
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

SEPT vs. BALT — Risk / Return Rank

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

SEPT

SEPT Risk / Return Rank: 82
SEPT Sharpe Ratio Rank: 81
SEPT Sortino Ratio Rank: 85
SEPT Omega Ratio Rank: 86
SEPT Calmar Ratio Rank: 73
SEPT Martin Ratio Rank: 87

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.

SEPT vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) 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.

	SEPT	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.62	3.19	-0.57
Sortino ratio: Return per unit of downside risk	3.78	4.88	-1.10
Omega ratio: Gain probability vs. loss probability	1.52	1.67	-0.15
Calmar ratio: Return relative to maximum drawdown	3.64	6.05	-2.42
Martin ratio: Return relative to average drawdown	18.48	22.58	-4.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEPT vs. BALT - Sharpe Ratio Comparison

The current SEPT Sharpe Ratio is 2.62, which is comparable to the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of SEPT 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

	SEPT	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	3.19	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	1.80	-0.20

Drawdowns

SEPT vs. BALT - Drawdown Comparison

The maximum SEPT drawdown since its inception was -12.83%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for SEPT and BALT.

Drawdown Indicators

	SEPT	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-12.83%	-4.89%	-7.94%
Max Drawdown (1Y) Largest decline over 1 year	-5.39%	-1.15%	-4.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.89%	—
Current Drawdown Current decline from peak	-0.14%	-0.06%	-0.08%
Average Drawdown Average peak-to-trough decline	-1.09%	-0.34%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.31%	+0.75%

Volatility

SEPT vs. BALT - Volatility Comparison

AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) has a higher volatility of 1.12% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.37%. This indicates that SEPT'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

	SEPT	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	0.37%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	5.61%	1.56%	+4.05%
Volatility (1Y) Calculated over the trailing 1-year period	7.49%	2.19%	+5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.87%	3.32%	+6.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.87%	3.32%	+6.55%

SEPT vs. BALT - Expense Ratio Comparison

SEPT has a 0.74% expense ratio, which is higher than BALT's 0.69% expense ratio.

Dividends

SEPT vs. BALT - Dividend Comparison

Neither SEPT nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SEPT and BALT in my portfolio?

SEPT and BALT have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPT or BALT?

SEPT has higher volatility (1.12%) compared to BALT (0.37%). In terms of maximum drawdown, SEPT dropped -12.83% vs BALT's -4.89%.

Which ETF is better, SEPT or BALT?

On 1-year performance, SEPT leads with 19.52% vs 6.95% for BALT. 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, SEPT or BALT?

Over the 1-year period, SEPT has performed better with a 19.52% return vs 6.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPT or BALT?

BALT is cheaper with a 0.69% expense ratio, compared with 0.74% for SEPT.

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

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

What is the main difference between SEPT and BALT?

They also come from different issuers: Allianz and Innovator. Their fees differ too: 0.74% for SEPT and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 vs 2.62), 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.