TBJL vs. BALT

Last updated Jun 4, 2026

TBJL (Innovator 20+ Year Treasury Bond Buffer ETF – July) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator - TBJL tracks the iShares 20+ Year Treasury Bond ETF while BALT tracks the S&P 500. Both are passively managed. Over the past 3 years, TBJL returned -1.05%/yr vs 7.27%/yr for BALT. At a 0.03 correlation, their price movements are largely independent. TBJL charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

TBJL vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) 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, TBJL achieves a -0.50% return, which is significantly lower than BALT's 1.91% return.

TBJL

• 1D: -0.08%
• 1M: 0.18%
• YTD: -0.50%
• 6M: -1.61%
• 1Y: 0.30%
• 3Y*: -1.05%
• 5Y*: -3.20%
• 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)

TBJL vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBJL Innovator 20+ Year Treasury Bond Buffer ETF – July	-0.50%	1.74%	-3.16%	4.12%	-20.82%	3.53%
BALT Innovator Defined Wealth Shield ETF	1.91%	6.65%	9.98%	7.45%	2.54%	0.82%

Correlation

The correlation between TBJL and BALT is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	0.03

The correlation between TBJL and BALT shifts across timeframes, from -0.08 (1 year) to 0.08 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TBJL vs. BALT — Risk / Return Rank

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

TBJL

TBJL Risk / Return Rank: 9
TBJL Sharpe Ratio Rank: 9
TBJL Sortino Ratio Rank: 8
TBJL Omega Ratio Rank: 9
TBJL Calmar Ratio Rank: 10
TBJL Martin Ratio Rank: 9

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.

TBJL vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) 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.

	TBJL	BALT	Difference
Sharpe ratio: Return per unit of total volatility	0.05	3.19	-3.14
Sortino ratio: Return per unit of downside risk	0.11	4.88	-4.76
Omega ratio: Gain probability vs. loss probability	1.01	1.67	-0.66
Calmar ratio: Return relative to maximum drawdown	0.07	6.05	-5.99
Martin ratio: Return relative to average drawdown	0.12	22.58	-22.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBJL vs. BALT - Sharpe Ratio Comparison

The current TBJL Sharpe Ratio is 0.05, which is lower than the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of TBJL 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

	TBJL	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	3.19	-3.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.38	1.80	-2.17

Drawdowns

TBJL vs. BALT - Drawdown Comparison

The maximum TBJL drawdown since its inception was -29.36%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for TBJL and BALT.

Drawdown Indicators

	TBJL	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-29.36%	-4.89%	-24.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-1.15%	-3.31%
Max Drawdown (3Y) Largest decline over 3 years	-15.01%	-4.89%	-10.12%
Max Drawdown (5Y) Largest decline over 5 years	-28.57%	—	—
Current Drawdown Current decline from peak	-20.98%	-0.06%	-20.92%
Average Drawdown Average peak-to-trough decline	-15.63%	-0.34%	-15.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	0.31%	+2.18%

Volatility

TBJL vs. BALT - Volatility Comparison

Innovator 20+ Year Treasury Bond Buffer ETF – July (TBJL) has a higher volatility of 0.70% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.37%. This indicates that TBJL'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

	TBJL	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.37%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	3.19%	1.56%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	5.95%	2.19%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.91%	3.32%	+7.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.67%	3.32%	+7.35%

TBJL vs. BALT - Expense Ratio Comparison

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

Dividends

TBJL vs. BALT - Dividend Comparison

Neither TBJL nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TBJL and BALT in my portfolio?

TBJL and BALT have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBJL or BALT?

TBJL has higher volatility (0.70%) compared to BALT (0.37%). In terms of maximum drawdown, TBJL dropped -29.36% vs BALT's -4.89%.

Which ETF is better, TBJL or BALT?

On 3-year performance, BALT leads with 7.27% vs -1.05% for TBJL. 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, TBJL or BALT?

Over the 3-year period, BALT has performed better with a 7.27% return vs -1.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBJL or BALT?

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

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

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

What is the main difference between TBJL and BALT?

TBJL tracks iShares 20+ Year Treasury Bond ETF, while BALT tracks S&P 500. Their fees differ too: 0.79% for TBJL and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 vs 0.05), 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.