TOCT vs. BALT

Last updated Jun 6, 2026

TOCT (Innovator Equity Defined Protection ETF - 2 Yr to October 2027) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator. TOCT is actively managed, while BALT is passively managed. A 0.63 correlation means they provide meaningful diversification when combined. TOCT charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

TOCT vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr to October 2027 (TOCT) 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, TOCT achieves a 1.72% return, which is significantly lower than BALT's 1.97% return.

TOCT

• 1D: -0.42%
• 1M: 0.09%
• YTD: 1.72%
• 6M: 1.96%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BALT

• 1D: -0.06%
• 1M: 0.44%
• YTD: 1.97%
• 6M: 2.77%
• 1Y: 7.12%
• 3Y*: 7.31%
• 5Y*: —
• 10Y*: —

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

TOCT vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025
TOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2027	1.72%	0.49%
BALT Innovator Defined Wealth Shield ETF	1.97%	2.06%

Correlation

The correlation between TOCT and BALT is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.63

Return for Risk

TOCT vs. BALT — Risk / Return Rank

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

BALT

BALT Risk / Return Rank: 93
BALT Sharpe Ratio Rank: 93
BALT Sortino Ratio Rank: 95
BALT Omega Ratio Rank: 95
BALT Calmar Ratio Rank: 92
BALT Martin Ratio Rank: 93

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.

TOCT vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr to October 2027 (TOCT) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TOCT	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	1.80	-0.70

Drawdowns

TOCT vs. BALT - Drawdown Comparison

The maximum TOCT drawdown since its inception was -2.02%, smaller than the maximum BALT drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for TOCT and BALT.

Drawdown Indicators

	TOCT	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-2.02%	-4.89%	+2.87%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.15%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.89%	—
Current Drawdown Current decline from peak	-0.42%	-0.06%	-0.36%
Average Drawdown Average peak-to-trough decline	-0.39%	-0.34%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.31%	—

Volatility

Volatility by Period

	TOCT	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.01%	2.19%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.01%	3.31%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.01%	3.31%	-0.30%

TOCT vs. BALT - Expense Ratio Comparison

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

Dividends

TOCT vs. BALT - Dividend Comparison

Neither TOCT nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TOCT and BALT in my portfolio?

TOCT and BALT have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOCT or BALT?

On fees, BALT is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOCT or BALT?

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

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

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

What is the main difference between TOCT and BALT?

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