UOCT vs. BALT

Last updated Aug 1, 2026

UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator - UOCT tracks the S&P 500 Index while BALT tracks the S&P 500. Both are passively managed. Over the past 5 years, UOCT returned 8.40%/yr vs 5.98%/yr for BALT. Their 0.71 correlation means they have sometimes moved together and sometimes differently. UOCT charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

UOCT vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF October (UOCT) 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, UOCT achieves a 6.37% return, which is significantly higher than BALT's 2.78% return.

UOCT

• 1D: 0.51%
• 1M: 0.93%
• 6M: 5.62%
• YTD: 6.37%
• 1Y: 12.03%
• 3Y*: 11.31%
• 5Y*: 8.40%
• 10Y*: —
• ALL TIME*: 7.23%

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
UOCT Innovator U.S. Equity Ultra Buffer ETF October	$230.60K	$267.21K	$357.00K

UOCT vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UOCT Innovator U.S. Equity Ultra Buffer ETF October	6.37%	10.67%	8.98%	18.66%	-4.33%	2.85%
BALT Innovator Defined Wealth Shield ETF	2.78%	6.65%	9.98%	7.45%	2.54%	0.91%

Correlation

The correlation between UOCT and BALT is 0.73, 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.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.71

The correlation between UOCT and BALT has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

UOCT vs. BALT - Sectors Allocation Comparison

Sectors	UOCT	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

UOCT vs. BALT — Risk / Return Rank

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

UOCT

UOCT Risk / Return Rank: 83
UOCT Sharpe Ratio Rank: 83
UOCT Sortino Ratio Rank: 83
UOCT Omega Ratio Rank: 85
UOCT Calmar Ratio Rank: 75
UOCT Martin Ratio Rank: 87

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.

UOCT vs. BALT - Risk-Adjusted Trends Comparison

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

	UOCT	BALT	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.91	-0.97
Sortino ratio: Return per unit of downside risk	2.73	4.41	-1.67
Omega ratio: Gain probability vs. loss probability	1.37	1.62	-0.25
Calmar ratio: Return relative to maximum drawdown	2.63	5.71	-3.08
Martin ratio: Return relative to average drawdown	12.75	21.02	-8.28

UOCT vs. BALT - Sharpe Ratio Comparison

The current UOCT Sharpe Ratio is 1.95, which is lower than the BALT Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of UOCT 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

UOCT vs. BALT - Drawdown Comparison

The maximum UOCT drawdown since its inception was -13.68%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for UOCT and BALT.

Drawdown Indicators

	UOCT	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-13.68%	-4.89%	-8.79%
Max Drawdown (1Y) Largest decline over 1 year	-4.24%	-1.15%	-3.09%
Max Drawdown (3Y) Largest decline over 3 years	-9.21%	-4.89%	-4.32%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	-4.89%	-4.32%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.50%	-0.34%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.31%	+0.56%

Volatility

UOCT vs. BALT - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF October (UOCT) has a higher volatility of 1.47% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.80%. This indicates that UOCT'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

	UOCT	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	0.80%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	4.42%	1.49%	+2.93%
Volatility (1Y) Calculated over the trailing 1-year period	5.73%	2.27%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.76%	3.30%	+3.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.62%	3.28%	+4.34%

UOCT vs. BALT - Expense Ratio Comparison

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

Dividends

UOCT vs. BALT - Dividend Comparison

Neither UOCT 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%
UOCT Innovator U.S. Equity Ultra Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.33%

Frequently Asked Questions

Can I hold both UOCT and BALT in my portfolio?

UOCT and BALT have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UOCT or BALT?

UOCT has higher volatility (1.47%) compared to BALT (0.80%). In terms of maximum drawdown, UOCT dropped -13.68% vs BALT's -4.89%.

Which ETF is better, UOCT or BALT?

On 5-year performance, UOCT leads with 8.40% vs 5.98% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, BALT has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UOCT or BALT?

Over the 5-year period, UOCT has performed better with a 8.40% return vs 5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UOCT or BALT?

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

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

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

What is the main difference between UOCT and BALT?

UOCT tracks S&P 500 Index, while BALT tracks S&P 500. Their fees differ too: 0.79% for UOCT and 0.69% for BALT.

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (2.91 vs 1.95), 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.