ZJUL vs. BALT

Last updated Jun 4, 2026

ZJUL (Innovator Equity Defined Protection ETF - 1 Yr July) and BALT (Innovator Defined Wealth Shield ETF) are both Defined Outcome funds from Innovator. ZJUL is actively managed, while BALT is passively managed. Over the past year, ZJUL returned 7.56% vs 6.95% for BALT. A 0.69 correlation means they provide meaningful diversification when combined. ZJUL charges 0.79%/yr vs 0.69%/yr for BALT.

Performance

ZJUL vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) 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, ZJUL achieves a 2.58% return, which is significantly higher than BALT's 1.91% return.

ZJUL

• 1D: 0.02%
• 1M: 0.66%
• YTD: 2.58%
• 6M: 2.81%
• 1Y: 7.56%
• 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)

ZJUL vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZJUL Innovator Equity Defined Protection ETF - 1 Yr July	2.58%	7.47%	4.02%
BALT Innovator Defined Wealth Shield ETF	1.91%	6.65%	4.42%

Correlation

The correlation between ZJUL and BALT is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.69

The correlation between ZJUL and BALT shifts across timeframes, from 0.57 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZJUL vs. BALT — Risk / Return Rank

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

ZJUL

ZJUL Risk / Return Rank: 91
ZJUL Sharpe Ratio Rank: 87
ZJUL Sortino Ratio Rank: 94
ZJUL Omega Ratio Rank: 92
ZJUL Calmar Ratio Rank: 89
ZJUL Martin Ratio Rank: 95

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.

ZJUL vs. BALT - Risk-Adjusted Trends Comparison

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

	ZJUL	BALT	Difference
Sharpe ratio: Return per unit of total volatility	2.91	3.19	-0.28
Sortino ratio: Return per unit of downside risk	4.78	4.88	-0.10
Omega ratio: Gain probability vs. loss probability	1.62	1.67	-0.06
Calmar ratio: Return relative to maximum drawdown	5.29	6.05	-0.76
Martin ratio: Return relative to average drawdown	28.77	22.58	+6.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZJUL vs. BALT - Sharpe Ratio Comparison

The current ZJUL Sharpe Ratio is 2.91, which is comparable to the BALT Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of ZJUL 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

	ZJUL	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	3.19	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	1.80	-0.20

Drawdowns

ZJUL vs. BALT - Drawdown Comparison

The maximum ZJUL drawdown since its inception was -5.51%, which is greater than BALT's maximum drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for ZJUL and BALT.

Drawdown Indicators

	ZJUL	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-4.89%	-0.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.43%	-1.15%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.89%	—
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.47%	-0.34%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.31%	-0.05%

Volatility

ZJUL vs. BALT - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) is 0.24%, while Innovator Defined Wealth Shield ETF (BALT) has a volatility of 0.37%. This indicates that ZJUL 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

	ZJUL	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	0.37%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	1.56%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	2.19%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.65%	3.32%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	3.32%	+1.33%

ZJUL vs. BALT - Expense Ratio Comparison

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

Dividends

ZJUL vs. BALT - Dividend Comparison

Neither ZJUL nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZJUL and BALT in my portfolio?

ZJUL and BALT have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZJUL or BALT?

BALT has higher volatility (0.37%) compared to ZJUL (0.24%). In terms of maximum drawdown, ZJUL dropped -5.51% vs BALT's -4.89%.

Which ETF is better, ZJUL or BALT?

On 1-year performance, ZJUL leads with 7.56% vs 6.95% for BALT. On fees, BALT is cheaper at 0.69% per year. On volatility, ZJUL has been the lower-risk option at 0.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZJUL or BALT?

Over the 1-year period, ZJUL has performed better with a 7.56% return vs 6.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZJUL or BALT?

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

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

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

What is the main difference between ZJUL and BALT?

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

Which has better risk-adjusted returns?

BALT currently has the higher Sharpe Ratio (3.19 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.