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BALT vs OCTW

Innovator Defined Wealth Shield ETF

BALTBCboe

AllianzIM U.S. Equity Buffer20 Oct ETF

OCTWCCboe

Overlap

Expense ratio

BALT −0.05pt a year

BALT0.69%OCTW0.74%

Avg volume · 30D

BALT 10.0×the volume

BALT569KOCTW57.1K

5Y return · a year

OCTW +2.7pt

BALT+6.2%OCTW+8.9%

BALT vs OCTW Performance

Oct 29, 2021 – Oct 30, 2026

+35.2%BALT+52.8%OCTW

Oct 29, 2021 to Oct 30, 2026. BALT +35.2%. OCTW +52.8%. Use the arrow keys to read each point.0%10%20%Oct 2021Apr 2024Oct 2026
Expense ratio
BALT 0.69%, better
OCTW 0.74%
Fund size
BALT $3.47B
OCTW $448M
1Y total return
BALT +5.9%
OCTW +8.6%, better
Holdings
BALT 3
OCTW 3
Avg volume (30D)
BALT 569K sh, better
OCTW 57.1K sh
NAV per share
BALT $34.93
OCTW $42.27
52W range

ETF.net Grade

BALT: Cost 65, Risk 65, Mission 78, Tradability 66, Holdings not scored, Durability 82. OCTW: Cost 37, Risk 47, Mission 61, Tradability 80, Holdings 67, Durability 80.
Pillar letters and Scores for BALT, OCTW, with each pillar’s weight
PillarBALTOCTW
Cost30% weightB65HigherD37
Mission25% weightA78HigherB61
Risk15% weightB65HigherC47
Tradability15% weightB66A80Higher
Holdings10% weightNot scoredB67
Durability5% weightA82HigherA80

Rank among S&P 500 Buffer 20% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BALT and OCTW are both graded against the same 24 S&P 500 Buffer 20% funds, so their Grades compare head to head.

S&P 500 Buffer 20%⁠

Category · 24 funds
See all 24 ›

BALT ranks 1st and OCTW 8th of 24 funds in the S&P 500 Buffer 20% Category.

  1. Rank 1BBALTInnovator Defined Wealth Shield ETFScore 66
  2. Rank 2BPSFDPacer Swan SOS Flex (January) ETFScore 61
  3. Rank 7BPBJNPGIM S&P 500 Buffer 20 ETF - JuneScore 56
  4. Rank 8COCTWAllianzIM U.S. Equity Buffer20 Oct ETFScore 54
  5. Rank 9CJANWAllianzIM U.S. Equity Buffer20 Jan ETFScore 53

Our read on each fund

ETF.net Research

BALTBInnovator Defined Wealth Shield ETF

OCTWCAllianzIM U.S. Equity Buffer20 Oct ETF

In short

BALT Most buffer ETFs hand you a cushion once a year. BALT rebuilds a 20% one every three months: four fresh starts against S&P 500 drawdowns. The trade-off is that the cap resets with it, and it starts low.

OCTW A 20% buffer against S&P 500 price losses over a 12-month stretch that resets every October 1, built by Allianz Life's investment arm. Deep-end downside protection, paid for with a cap and no dividends.

Stated mandate

BALT The fund seeks to track the return of SPDR S&P 500 ETF Trust (SPY), subject to a cap, while buffering investors against losses. It targets a 20% buffer during each three-month outcome period and resets quarterly.

OCTW The Fund seeks to match the S&P 500 Price Index over a complete one-year outcome period, subject to an upside cap, while buffering the first 20% of index losses.

Why people hold it

  • BALT Deep and short-dated: it targets a 20% buffer against losses in the S&P 500 ETF it references, over a three-month outcome period, then resets for the next quarter.innovatoretfs.com
  • 0.69% a year, under the typical fee in its deep-buffer group, and it has been running the quarterly reset since launching in 2021.
  • One of the larger funds doing 20% buffers on the S&P 500, and one of the strongest implementations in that peer group.
  • OCTW Buffers the first 20% of S&P 500 price-index losses over each 12-month outcome period, the deep end of the buffer range, with the clock resetting every October 1.
  • Run by the investment arm of Allianz Life, which builds and manages the hedge in-house, and has been resetting this October series since 2020.allianzlife.com
  • The 0.74% fee sits right at the median for deep-buffer funds, and the overall build ranks in the upper half of that peer group.

Worth knowing

  • BALT A deep buffer over a short window buys a low ceiling. The cap is set fresh each three-month period, and it is far tighter than what annual buffer funds start with.
  • The 20% cushion is measured from the start of each outcome period. Buy mid-quarter and the buffer and cap you actually own differ from the headline terms.innovatoretfs.com
  • Cheaper 20% buffer options exist: PBFR at 0.50%, Pacer's Swan SOS Flex funds (PSFJ, PSFM) at 0.49%.
  • OCTW The upside is capped, and a fresh cap is set each October based on market conditions. Full buffer and full cap apply only if you hold the whole outcome period.allianzim.com
  • The reference is the S&P 500 price index, which excludes reinvested dividends, and the fund has not been paying distributions.allianzim.com
  • Cheaper 20% buffer wrappers exist, including PBFR at 0.50% and PSFJ at 0.49%.

Full BALT profile⁠

Full OCTW profile⁠

BALT vs OCTW Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BALT vs OCTW Cost

Overpaying OCTW vs BALT

$878

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BALT 0.69%

    $13,429

  • OCTW 0.74%

    $14,307

$10,000
30 years

Cost over time

  • BALT 0.69%
  • OCTW 0.74%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530OCTW $14,307BALT $13,429

Year by year

YearBALTOCTWOverpaying
10$1,232$1,319$87
20$4,697$5,015$318
30$13,429$14,307$878

Expense ratio

  • 0.69%BALT, cheaper
  • 0.74%OCTW
  • Middle half of S&P 500 Buffer 20% funds
  • Median 0.74%

BALT 9th cheapest of 24 funds

OCTW 10th cheapest of 24 funds

BALT vs OCTW Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BALT None
OCTW None

Distribution history

BALTAll BALT payments⁠

No distribution history available.

OCTWAll OCTW payments⁠

No distribution history available.

BALT vs OCTW Risk

Fall from peak · 5 years

  • BALT
  • OCTW
Oct 29, 2021 to Oct 30, 2026. Worst fall: OCTW −8.4% · Apr 2025. Use the arrow keys to read each point.−6%−4%−2%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
BALT 2.4%, betterOCTW 4.7%
Return per unit of riskSharpe ratio, 3 years
BALT 1.37, betterOCTW 1.28
Worst fallMax drawdown, 5 years
BALT −4.9%, betterOCTW −8.4%
Market sensitivityBeta, 5 years
BALT 0.18OCTW 0.34

BALT and OCTW in the news

All news⁠

Popular comparisons

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    Expense ratio
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