ZJUL vs. BALT

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) and Innovator Defined Wealth Shield ETF (BALT).

ZJUL and BALT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZJUL is an actively managed fund by Innovator. It was launched on Jun 28, 2024. BALT is a passively managed fund by Innovator that tracks the performance of the S&P 500. It was launched on Jun 30, 2021.

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.

ZJUL vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZJUL Innovator Equity Defined Protection ETF - 1 Yr July	-0.02%	7.47%	4.02%
BALT Innovator Defined Wealth Shield ETF	-0.00%	6.65%	4.42%

Returns By Period

ZJUL

• 1D: -0.03%
• 1M: -0.70%
• YTD: -0.02%
• 6M: 1.11%
• 1Y: 8.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BALT

• 1D: 0.13%
• 1M: -0.77%
• YTD: -0.00%
• 6M: 2.06%
• 1Y: 6.74%
• 3Y*: 7.16%
• 5Y*: —
• 10Y*: —

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

ZJUL vs. BALT - Expense Ratio Comparison

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

ZJUL

Innovator Equity Defined Protection ETF - 1 Yr July

BALT

Innovator Defined Wealth Shield ETF

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: 85
ZJUL Sharpe Ratio Rank: 81
ZJUL Sortino Ratio Rank: 87
ZJUL Omega Ratio Rank: 91
ZJUL Calmar Ratio Rank: 76
ZJUL Martin Ratio Rank: 89

BALT

BALT Risk / Return Rank: 84
BALT Sharpe Ratio Rank: 79
BALT Sortino Ratio Rank: 85
BALT Omega Ratio Rank: 93
BALT Calmar Ratio Rank: 73
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	1.63	1.51	+0.12
Sortino ratio Return per unit of downside risk	2.48	2.32	+0.16
Omega ratio Gain probability vs. loss probability	1.41	1.43	-0.02
Calmar ratio Return relative to maximum drawdown	2.35	1.95	+0.41
Martin ratio Return relative to average drawdown	12.52	12.95	-0.43
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 1.63, which is comparable to the BALT Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of ZJUL and BALT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZJUL	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.51	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	1.71	-0.34

Correlation

The correlation between ZJUL and BALT is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZJUL vs. BALT - Dividend Comparison

Neither ZJUL nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

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	-3.64%	-3.48%	-0.16%
Current Drawdown Current decline from peak	-0.80%	-0.92%	+0.12%
Average Drawdown Average peak-to-trough decline	-0.51%	-0.35%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.52%	+0.16%

Volatility

ZJUL vs. BALT - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) has a higher volatility of 1.23% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.62%. This indicates that ZJUL'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

	ZJUL	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.62%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	1.84%	1.84%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	5.11%	4.48%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.82%	3.36%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.82%	3.36%	+1.46%