ZSEP vs. BALT

Last updated Apr 2, 2026

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

ZSEP and BALT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZSEP is an actively managed fund by Innovator. It was launched on Sep 1, 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

ZSEP vs. BALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) and Innovator Defined Wealth Shield ETF (BALT). The values are adjusted to include any dividend payments, if applicable.

ZSEP vs. BALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September	-0.07%	6.78%	2.12%
BALT Innovator Defined Wealth Shield ETF	-0.00%	6.65%	3.37%

Returns By Period

ZSEP

• 1D: 0.14%
• 1M: -0.56%
• YTD: -0.07%
• 6M: 0.87%
• 1Y: 7.12%
• 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)

ZSEP vs. BALT - Expense Ratio Comparison

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

ZSEP

Innovator Equity Defined Protection ETF - 1 Yr September

BALT

Innovator Defined Wealth Shield ETF

Return for Risk

ZSEP vs. BALT — Risk / Return Rank

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

ZSEP

ZSEP Risk / Return Rank: 91
ZSEP Sharpe Ratio Rank: 88
ZSEP Sortino Ratio Rank: 92
ZSEP Omega Ratio Rank: 93
ZSEP Calmar Ratio Rank: 87
ZSEP Martin Ratio Rank: 94

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.

ZSEP vs. BALT - Risk-Adjusted Trends Comparison

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

	ZSEP	BALT	Difference
Sharpe ratio Return per unit of total volatility	1.95	1.51	+0.44
Sortino ratio Return per unit of downside risk	2.86	2.32	+0.54
Omega ratio Gain probability vs. loss probability	1.45	1.43	+0.01
Calmar ratio Return relative to maximum drawdown	2.99	1.95	+1.04
Martin ratio Return relative to average drawdown	15.25	12.95	+2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZSEP vs. BALT - Sharpe Ratio Comparison

The current ZSEP Sharpe Ratio is 1.95, which is comparable to the BALT Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of ZSEP 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

	ZSEP	BALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	1.51	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	1.65	1.71	-0.06

Correlation

The correlation between ZSEP and BALT is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZSEP vs. BALT - Dividend Comparison

Neither ZSEP nor BALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ZSEP vs. BALT - Drawdown Comparison

The maximum ZSEP drawdown since its inception was -3.97%, smaller than the maximum BALT drawdown of -4.89%. Use the drawdown chart below to compare losses from any high point for ZSEP and BALT.

Drawdown Indicators

	ZSEP	BALT	Difference
Max Drawdown Largest peak-to-trough decline	-3.97%	-4.89%	+0.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-3.48%	+1.02%
Current Drawdown Current decline from peak	-0.74%	-0.92%	+0.18%
Average Drawdown Average peak-to-trough decline	-0.39%	-0.35%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.52%	-0.04%

Volatility

ZSEP vs. BALT - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) has a higher volatility of 1.17% compared to Innovator Defined Wealth Shield ETF (BALT) at 0.62%. This indicates that ZSEP'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

	ZSEP	BALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	0.62%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	1.99%	1.84%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	3.67%	4.48%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.41%	3.36%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.41%	3.36%	+0.05%