VFLO vs. BALT

Last updated Aug 1, 2026

VFLO (VictoryShares Free Cash Flow ETF) and BALT (Innovator Defined Wealth Shield ETF) are both exchange-traded funds - VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index, while BALT is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 3 years, VFLO returned 24.37%/yr vs 6.98%/yr for BALT. Their 0.51 correlation means they have sometimes moved together and sometimes differently. VFLO charges 0.39%/yr vs 0.69%/yr for BALT.

Performance

VFLO vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Free Cash Flow ETF (VFLO) 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, VFLO achieves a 26.80% return, which is significantly higher than BALT's 2.78% return.

VFLO

• 1D: 0.24%
• 1M: 7.67%
• 6M: 26.51%
• YTD: 26.80%
• 1Y: 45.07%
• 3Y*: 24.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.75%

BALT

• 1D: 0.17%
• 1M: 0.48%
• 6M: 2.21%
• YTD: 2.78%
• 1Y: 6.56%
• 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
VFLO VictoryShares Free Cash Flow ETF	$86.49M	$72.10M	$51.24M

VFLO vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VFLO VictoryShares Free Cash Flow ETF	26.80%	17.51%	21.83%	15.05%
BALT Innovator Defined Wealth Shield ETF	2.78%	6.65%	9.98%	2.64%

Correlation

The correlation between VFLO and BALT is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.52
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.51

The correlation between VFLO and BALT shifts across timeframes, from 0.40 (1 year) to 0.52 (3 years), reflecting how their relationship changes across market environments.

VFLO vs. BALT - Sectors Allocation Comparison

Sectors	VFLO	BALT
Technology	30.4%	37.9%
Energy	22.6%	3.0%
Healthcare	21.6%	9.1%
Consumer Cyclical	10.8%	9.6%
Basic Materials	7.0%	1.7%
Communication Services	4.4%	10.0%
Utilities	3.3%	2.3%
Financial Services	0.0%	11.7%
Industrials	0.0%	8.4%
Consumer Defensive	0.0%	4.6%
Real Estate	0.0%	1.9%

Return for Risk

VFLO vs. BALT — Risk / Return Rank

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

VFLO

VFLO Risk / Return Rank: 96
VFLO Sharpe Ratio Rank: 96
VFLO Sortino Ratio Rank: 95
VFLO Omega Ratio Rank: 94
VFLO Calmar Ratio Rank: 97
VFLO Martin Ratio Rank: 96

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.

VFLO vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Free Cash Flow ETF (VFLO) 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.

	VFLO	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.91	+0.02
Sortino ratio: Return per unit of downside risk	4.10	4.41	-0.31
Omega ratio: Gain probability vs. loss probability	1.52	1.62	-0.10
Calmar ratio: Return relative to maximum drawdown	7.03	5.71	+1.32
Martin ratio: Return relative to average drawdown	23.62	21.02	+2.60

VFLO vs. BALT - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 2.94, which is comparable to the BALT Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of VFLO 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

VFLO vs. BALT - Drawdown Comparison

The maximum VFLO drawdown since its inception was -17.79%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for VFLO and BALT.

Drawdown Indicators

	VFLO	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-4.89%	-12.90%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-1.15%	-5.29%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	-4.89%	-12.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-4.89%	—
Current Drawdown Current decline from peak	-0.96%	0.00%	-0.96%
Average Drawdown Average peak-to-trough decline	-2.43%	-0.34%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	0.31%	+1.60%

Volatility

VFLO vs. BALT - Volatility Comparison

VictoryShares Free Cash Flow ETF (VFLO) has a higher volatility of 4.11% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.80%. This indicates that VFLO'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

	VFLO	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	0.80%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	1.49%	+10.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	2.27%	+13.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.98%	3.30%	+12.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	3.28%	+12.70%

VFLO vs. BALT - Expense Ratio Comparison

VFLO has a 0.39% expense ratio, which is lower than BALT's 0.69% expense ratio.

Dividends

VFLO vs. BALT - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.07%, while BALT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BALT Innovator Defined Wealth Shield ETF	0.00%	0.00%	0.00%	0.00%
VFLO VictoryShares Free Cash Flow ETF	1.07%	1.60%	1.20%	0.71%

Frequently Asked Questions

Can I hold both VFLO and BALT in my portfolio?

VFLO and BALT have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFLO or BALT?

VFLO has higher volatility (4.11%) compared to BALT (0.80%). In terms of maximum drawdown, VFLO dropped -17.79% vs BALT's -4.89%.

Which ETF is better, VFLO or BALT?

On 3-year performance, VFLO leads with 24.37% vs 6.98% for BALT. On fees, VFLO is cheaper at 0.39% 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, VFLO or BALT?

Over the 3-year period, VFLO has performed better with a 24.37% return vs 6.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFLO or BALT?

VFLO is cheaper with a 0.39% expense ratio, compared with 0.69% for BALT.

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

VFLO has the higher dividend yield at 1.07%, compared with 0.00% for BALT.

What is the main difference between VFLO and BALT?

VFLO is categorized as Large Cap Value Equities, while BALT is Defined Outcome. VFLO tracks Victory U.S. Large Cap Free Cash Flow Index, while BALT tracks S&P 500. They also come from different issuers: Victory and Innovator. Their fees differ too: 0.39% for VFLO and 0.69% for BALT.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (2.94 vs 2.91), 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.