ZFEB vs. BALT

Last updated Jun 4, 2026

ZFEB (Innovator Equity Defined Protection ETF - 1 Yr February) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator. ZFEB is actively managed, while BALT is passively managed. Over the past year, ZFEB returned 7.80% vs 6.95% for BALT. A 0.71 correlation means they provide meaningful diversification when combined. ZFEB charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

ZFEB vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) 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, ZFEB achieves a 2.36% return, which is significantly higher than BALT's 1.91% return.

ZFEB

• 1D: -0.04%
• 1M: 0.81%
• YTD: 2.36%
• 6M: 3.03%
• 1Y: 7.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BALT

• 1D: -0.06%
• 1M: 0.53%
• YTD: 1.91%
• 6M: 2.81%
• 1Y: 6.95%
• 3Y*: 7.27%
• 5Y*: —
• 10Y*: —

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

ZFEB vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025
ZFEB Innovator Equity Defined Protection ETF - 1 Yr February	2.36%	6.10%
BALT Innovator Defined Wealth Shield ETF	1.91%	5.94%

Correlation

The correlation between ZFEB and BALT is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.71

The correlation between ZFEB and BALT has been stable across timeframes, ranging from 0.70 to 0.71 - a consistent structural relationship.

Return for Risk

ZFEB vs. BALT — Risk / Return Rank

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

ZFEB

ZFEB Risk / Return Rank: 94
ZFEB Sharpe Ratio Rank: 94
ZFEB Sortino Ratio Rank: 96
ZFEB Omega Ratio Rank: 96
ZFEB Calmar Ratio Rank: 91
ZFEB Martin Ratio Rank: 94

BALT

BALT Risk / Return Rank: 92
BALT Sharpe Ratio Rank: 90
BALT Sortino Ratio Rank: 94
BALT Omega Ratio Rank: 93
BALT Calmar Ratio Rank: 91
BALT Martin Ratio Rank: 91

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.

ZFEB vs. BALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) 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.

	ZFEB	BALT	Difference
Sharpe ratio Return per unit of total volatility	3.55	3.19	+0.37
Sortino ratio Return per unit of downside risk	5.61	4.88	+0.73
Omega ratio Gain probability vs. loss probability	1.79	1.67	+0.11
Calmar ratio Return relative to maximum drawdown	5.81	6.05	-0.25
Martin ratio Return relative to average drawdown	28.36	22.58	+5.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZFEB vs. BALT - Sharpe Ratio Comparison

The current ZFEB Sharpe Ratio is 3.55, which is comparable to the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of ZFEB 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

	ZFEB	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.55	3.19	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	1.80	+0.44

Drawdowns

ZFEB vs. BALT - Drawdown Comparison

The maximum ZFEB drawdown since its inception was -3.00%, smaller than the maximum BALT drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for ZFEB and BALT.

Drawdown Indicators

	ZFEB	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-3.00%	-4.89%	+1.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-1.15%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.89%	—
Current Drawdown Current decline from peak	-0.04%	-0.06%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.36%	-0.34%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.31%	-0.03%

Volatility

ZFEB vs. BALT - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) and Innovator Defined Wealth Shield ETF (BALT) have volatilities of 0.38% and 0.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZFEB	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	0.37%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	1.56%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	2.21%	2.19%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.88%	3.32%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.88%	3.32%	-0.44%

ZFEB vs. BALT - Expense Ratio Comparison

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

Dividends

ZFEB vs. BALT - Dividend Comparison

Neither ZFEB nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZFEB and BALT in my portfolio?

ZFEB and BALT have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZFEB or BALT?

ZFEB has higher volatility (0.38%) compared to BALT (0.37%). In terms of maximum drawdown, ZFEB dropped -3.00% vs BALT's -4.89%.

Which ETF is better, ZFEB or BALT?

On 1-year performance, ZFEB leads with 7.80% vs 6.95% for BALT. On fees, BALT is cheaper at 0.69% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZFEB or BALT?

Over the 1-year period, ZFEB has performed better with a 7.80% return vs 6.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZFEB or BALT?

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

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

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

What is the main difference between ZFEB and BALT?

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

Which has better risk-adjusted returns?

ZFEB currently has the higher Sharpe Ratio (3.55 vs 3.19), 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.