TFJL vs. BALT

Last updated Jun 3, 2026

TFJL (Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator. TFJL is actively managed, while BALT is passively managed. Over the past 3 years, TFJL returned -1.54%/yr vs 7.29%/yr for BALT. At a correlation of -0.00, they often move in opposite directions. TFJL charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

TFJL vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) 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, TFJL achieves a -1.82% return, which is significantly lower than BALT's 1.97% return.

TFJL

• 1D: 0.26%
• 1M: -0.08%
• YTD: -1.82%
• 6M: -3.43%
• 1Y: -2.22%
• 3Y*: -1.54%
• 5Y*: -3.65%
• 10Y*: —

BALT

• 1D: 0.01%
• 1M: 0.54%
• YTD: 1.97%
• 6M: 2.98%
• 1Y: 7.15%
• 3Y*: 7.29%
• 5Y*: —
• 10Y*: —

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

TFJL vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TFJL Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly	-1.82%	-0.81%	-6.79%	8.23%	-17.17%	3.15%
BALT Innovator Defined Wealth Shield ETF	1.97%	6.65%	9.98%	7.45%	2.54%	0.82%

Correlation

The correlation between TFJL and BALT is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jul 2, 2021	-0.00

The correlation between TFJL and BALT shifts across timeframes, from -0.06 (1 year) to 0.05 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TFJL vs. BALT — Risk / Return Rank

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

TFJL

TFJL Risk / Return Rank: 6
TFJL Sharpe Ratio Rank: 6
TFJL Sortino Ratio Rank: 5
TFJL Omega Ratio Rank: 5
TFJL Calmar Ratio Rank: 6
TFJL Martin Ratio Rank: 5

BALT

BALT Risk / Return Rank: 93
BALT Sharpe Ratio Rank: 91
BALT Sortino Ratio Rank: 94
BALT Omega Ratio Rank: 94
BALT Calmar Ratio Rank: 92
BALT Martin Ratio Rank: 92

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.

TFJL vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) 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.

	TFJL	BALT	Difference
Sharpe ratio Return per unit of total volatility	-0.27	3.28	-3.55
Sortino ratio Return per unit of downside risk	-0.33	5.02	-5.35
Omega ratio Gain probability vs. loss probability	0.96	1.70	-0.73
Calmar ratio Return relative to maximum drawdown	-0.30	6.23	-6.53
Martin ratio Return relative to average drawdown	-0.70	23.27	-23.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFJL vs. BALT - Sharpe Ratio Comparison

The current TFJL Sharpe Ratio is -0.27, which is lower than the BALT Sharpe Ratio of 3.28. The chart below compares the historical Sharpe Ratios of TFJL 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

	TFJL	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.27	3.28	-3.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.47	1.80	-2.27

Drawdowns

TFJL vs. BALT - Drawdown Comparison

The maximum TFJL drawdown since its inception was -25.45%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for TFJL and BALT.

Drawdown Indicators

	TFJL	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-25.45%	-4.89%	-20.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	-1.15%	-7.35%
Max Drawdown (3Y) Largest decline over 3 years	-12.72%	-4.89%	-7.83%
Max Drawdown (5Y) Largest decline over 5 years	-23.45%	—	—
Current Drawdown Current decline from peak	-22.42%	0.00%	-22.42%
Average Drawdown Average peak-to-trough decline	-15.01%	-0.34%	-14.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	0.31%	+3.40%

Volatility

TFJL vs. BALT - Volatility Comparison

Innovator 20+ Year Treasury Bond 5 Floor ETF - Quarterly (TFJL) has a higher volatility of 2.00% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.36%. This indicates that TFJL'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

	TFJL	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	0.36%	+1.64%
Volatility (6M) Calculated over the trailing 6-month period	5.77%	1.56%	+4.21%
Volatility (1Y) Calculated over the trailing 1-year period	8.21%	2.19%	+6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.34%	3.32%	+6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.03%	3.32%	+5.71%

TFJL vs. BALT - Expense Ratio Comparison

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

Dividends

TFJL vs. BALT - Dividend Comparison

Neither TFJL nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TFJL and BALT in my portfolio?

TFJL and BALT have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFJL or BALT?

TFJL has higher volatility (2.00%) compared to BALT (0.36%). In terms of maximum drawdown, TFJL dropped -25.45% vs BALT's -4.89%.

Which ETF is better, TFJL or BALT?

On 3-year performance, BALT leads with 7.29% vs -1.54% for TFJL. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFJL or BALT?

Over the 3-year period, BALT has performed better with a 7.29% return vs -1.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFJL or BALT?

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

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

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

What is the main difference between TFJL and BALT?

Their fees differ too: 0.79% for TFJL and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.28 vs -0.27), 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.