UAUG vs. BALT

Last updated Aug 2, 2026

UAUG (Innovator U.S. Equity Ultra Buffer ETF - August) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator tracking the S&P 500. Both are passively managed. Over the past 5 years, UAUG returned 8.19%/yr vs 5.98%/yr for BALT. Their 0.75 correlation means they have sometimes moved together and sometimes differently. UAUG charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

UAUG vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) 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, UAUG achieves a 6.34% return, which is significantly higher than BALT's 2.78% return.

UAUG

• 1D: 0.21%
• 1M: 0.84%
• 6M: 5.54%
• YTD: 6.34%
• 1Y: 11.67%
• 3Y*: 12.57%
• 5Y*: 8.19%
• 10Y*: —
• ALL TIME*: 7.99%

BALT

• 1D: 0.17%
• 1M: 0.45%
• 6M: 2.21%
• YTD: 2.78%
• 1Y: 6.82%
• 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
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	$1.28M	$713.51K	$430.25K

UAUG vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	6.34%	12.42%	15.51%	17.71%	-10.81%	2.52%
BALT Innovator Defined Wealth Shield ETF	2.78%	6.65%	9.98%	7.45%	2.54%	0.91%

Correlation

The correlation between UAUG and BALT is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.75

The correlation between UAUG and BALT has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

UAUG vs. BALT - Sectors Allocation Comparison

Sectors	UAUG	BALT
Technology	37.9%	37.9%
Financial Services	11.7%	11.7%
Communication Services	10.0%	10.0%
Consumer Cyclical	9.6%	9.6%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.0%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

UAUG vs. BALT — Risk / Return Rank

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

UAUG

UAUG Risk / Return Rank: 88
UAUG Sharpe Ratio Rank: 89
UAUG Sortino Ratio Rank: 90
UAUG Omega Ratio Rank: 91
UAUG Calmar Ratio Rank: 78
UAUG Martin Ratio Rank: 91

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.

UAUG vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) 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.

	UAUG	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.91	-0.76
Sortino ratio: Return per unit of downside risk	3.16	4.41	-1.24
Omega ratio: Gain probability vs. loss probability	1.44	1.62	-0.18
Calmar ratio: Return relative to maximum drawdown	2.78	5.71	-2.93
Martin ratio: Return relative to average drawdown	14.78	21.02	-6.24

UAUG vs. BALT - Sharpe Ratio Comparison

The current UAUG Sharpe Ratio is 2.16, which is comparable to the BALT Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of UAUG 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

UAUG vs. BALT - Drawdown Comparison

The maximum UAUG drawdown since its inception was -13.91%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for UAUG and BALT.

Drawdown Indicators

	UAUG	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-13.91%	-4.89%	-9.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-1.15%	-2.81%
Max Drawdown (3Y) Largest decline over 3 years	-10.35%	-4.89%	-5.46%
Max Drawdown (5Y) Largest decline over 5 years	-13.91%	-4.89%	-9.02%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.31%	-0.34%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.31%	+0.44%

Volatility

UAUG vs. BALT - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) is 0.41%, while Innovator Defined Wealth Shield ETF (BALT) has a volatility of 0.80%. This indicates that UAUG experiences smaller price fluctuations and is considered to be less risky than BALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAUG	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.80%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	1.49%	+2.50%
Volatility (1Y) Calculated over the trailing 1-year period	5.11%	2.27%	+2.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.91%	3.30%	+4.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.62%	3.28%	+5.34%

UAUG vs. BALT - Expense Ratio Comparison

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

Dividends

UAUG vs. BALT - Dividend Comparison

Neither UAUG nor BALT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UAUG Innovator U.S. Equity Ultra Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%

Frequently Asked Questions

Can I hold both UAUG and BALT in my portfolio?

UAUG and BALT have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UAUG or BALT?

BALT has higher volatility (0.80%) compared to UAUG (0.41%). In terms of maximum drawdown, UAUG dropped -13.91% vs BALT's -4.89%.

Which ETF is better, UAUG or BALT?

On 5-year performance, UAUG leads with 8.19% vs 5.98% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, UAUG has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAUG or BALT?

Over the 5-year period, UAUG has performed better with a 8.19% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAUG or BALT?

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

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

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

What is the main difference between UAUG and BALT?

Both ETFs track S&P 500. Their fees differ too: 0.79% for UAUG and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (2.91 vs 2.16), 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.