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BALT vs PQXX

Innovator Defined Wealth Shield ETF

BALTBCboe

PGIM S&P 500 Quarterly Buffer 20 ETF

PQXXCCboe

Overlap

Expense ratio

PQXX −0.19pt a year

BALT0.69%PQXX0.50%

Avg volume · 30D

BALT 558.8×the volume

BALT569KPQXX1.02K

BALT vs PQXX Performance

Jul 31, 2026 – Oct 30, 2026

+1.5%BALT+1.6%PQXX

Jul 31, 2026 to Oct 30, 2026. BALT +1.5%. PQXX +1.6%. Use the arrow keys to read each point.0%0.5%1%2%Jul 2026Sep 2026Oct 2026
Expense ratio
BALT 0.69%
PQXX 0.50%, better
Fund size
BALT $3.47B
PQXX $4M
1Y total return
BALT +5.9%
PQXX No data
Holdings
BALT 3
PQXX 4
Avg volume (30D)
BALT 569K sh, better
PQXX 1.02K sh
NAV per share
BALT $34.93
PQXX $25.62
52W range

ETF.net Grade

BALT: Cost 65, Risk 65, Mission 78, Tradability 66, Holdings not scored, Durability 82. PQXX: Cost 85, Risk 63, Mission not scored, Tradability 8, Holdings not scored, Durability 20.
Pillar letters and Scores for BALT, PQXX, with each pillar’s weight
PillarBALTPQXX
Cost30% weightB65A85Higher
Mission25% weightA78Not scored
Risk15% weightB65HigherB63
Tradability15% weightB66HigherF8
Holdings10% weightNot scoredNot scored
Durability5% weightA82HigherF20

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 PQXX 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 PQXX 20th 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 19CMARWAllianzIM U.S. Equity Buffer20 Mar ETFScore 42
  4. Rank 20CPQXXPGIM S&P 500 Quarterly Buffer 20 ETFScore 40
  5. Rank 21DAPRHInnovator Premium Income 20 Barrier ETFScore 33

Our read on each fund

ETF.net Research

BALTBInnovator Defined Wealth Shield ETF

PQXXCPGIM S&P 500 Quarterly Buffer 20 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.

PQXX No data

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.

PQXX No data

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.

PQXX No data

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%.

PQXX No data

Full BALT profile⁠

Full PQXX profile⁠

BALT vs PQXX 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 PQXX Cost

Overpaying BALT vs PQXX

$3,450

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

  • BALT 0.69%

    $13,429

  • PQXX 0.50%

    $9,979

$10,000
30 years

Cost over time

  • BALT 0.69%
  • PQXX 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530BALT $13,429PQXX $9,979

Year by year

YearBALTPQXXOverpaying
10$1,232$900$332
20$4,697$3,460$1,237
30$13,429$9,979$3,450

Expense ratio

  • 0.69%BALT
  • 0.50%PQXX, cheaper
  • Middle half of S&P 500 Buffer 20% funds
  • Median 0.74%

PQXX 5th cheapest of 24 funds

BALT 9th cheapest of 24 funds

BALT vs PQXX Dividends

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

Distribution history

BALTAll BALT payments⁠

No distribution history available.

PQXXAll PQXX payments⁠

No distribution history available.

BALT vs PQXX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BALT 2.4%PQXX No data
Return per unit of riskSharpe ratio, 3 years
BALT 1.37PQXX No data
Worst fallMax drawdown, 5 years
BALT −4.9%PQXX No data
Market sensitivityBeta, 5 years
BALT 0.18PQXX 0.00

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