AA vs. SHLD

Last updated Jun 9, 2026

AA (Alcoa Corporation) is a stock, while SHLD (Global X Defense Tech ETF) is Aerospace & Defense fund tracking the Global X Defense Tech Index. Over the past year, AA returned 164.65% vs 8.97% for SHLD. At a 0.27 correlation, their price movements are largely independent.

Performance

AA vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alcoa Corporation (AA) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AA achieves a 38.65% return, which is significantly higher than SHLD's -2.65% return.

AA

• 1D: 2.16%
• 1M: 16.43%
• YTD: 38.65%
• 6M: 65.72%
• 1Y: 164.65%
• 3Y*: 29.24%
• 5Y*: 15.22%
• 10Y*: —

SHLD

• 1D: 0.03%
• 1M: -3.34%
• YTD: -2.65%
• 6M: -0.77%
• 1Y: 8.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AA vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AA Alcoa Corporation	38.65%	42.46%	12.43%	19.18%
SHLD Global X Defense Tech ETF	-2.65%	74.16%	35.03%	12.89%

Correlation

The correlation between AA and SHLD is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.27

Return for Risk

AA vs. SHLD — Risk / Return Rank

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

AA

AA Risk / Return Rank: 95
AA Sharpe Ratio Rank: 96
AA Sortino Ratio Rank: 92
AA Omega Ratio Rank: 90
AA Calmar Ratio Rank: 98
AA Martin Ratio Rank: 97

SHLD

SHLD Risk / Return Rank: 15
SHLD Sharpe Ratio Rank: 15
SHLD Sortino Ratio Rank: 16
SHLD Omega Ratio Rank: 15
SHLD Calmar Ratio Rank: 15
SHLD Martin Ratio Rank: 15

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.

AA vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alcoa Corporation (AA) and Global X Defense Tech ETF (SHLD). 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.

	AA	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	3.11	0.37	+2.74
Sortino ratio: Return per unit of downside risk	3.46	0.70	+2.76
Omega ratio: Gain probability vs. loss probability	1.41	1.08	+0.33
Calmar ratio: Return relative to maximum drawdown	10.49	0.45	+10.04
Martin ratio: Return relative to average drawdown	25.51	1.16	+24.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AA vs. SHLD - Sharpe Ratio Comparison

The current AA Sharpe Ratio is 3.11, which is higher than the SHLD Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of AA and SHLD, 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

	AA	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	0.37	+2.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	1.98	-1.74

Drawdowns

AA vs. SHLD - Drawdown Comparison

The maximum AA drawdown since its inception was -90.90%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for AA and SHLD.

Drawdown Indicators

	AA	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-90.90%	-20.10%	-70.80%
Max Drawdown (1Y) Largest decline over 1 year	-15.80%	-20.10%	+4.30%
Max Drawdown (3Y) Largest decline over 3 years	-52.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-75.46%	—	—
Current Drawdown Current decline from peak	-19.12%	-19.16%	+0.04%
Average Drawdown Average peak-to-trough decline	-46.18%	-3.26%	-42.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	7.78%	-1.30%

Volatility

AA vs. SHLD - Volatility Comparison

Alcoa Corporation (AA) has a higher volatility of 18.33% compared to Global X Defense Tech ETF (SHLD) at 7.64%. This indicates that AA's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AA	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.33%	7.64%	+10.69%
Volatility (6M) Calculated over the trailing 6-month period	39.63%	19.39%	+20.24%
Volatility (1Y) Calculated over the trailing 1-year period	53.40%	24.20%	+29.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.08%	21.14%	+34.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.59%	21.14%	+34.45%

Dividends

AA vs. SHLD - Dividend Comparison

AA's dividend yield for the trailing twelve months is around 0.54%, less than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AA Alcoa Corporation	0.54%	0.75%	1.06%	1.18%	0.88%	0.17%	0.00%	0.00%	0.00%	0.00%	0.32%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AA and SHLD in my portfolio?

AA and SHLD have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AA or SHLD?

AA has higher volatility (18.33%) compared to SHLD (7.64%). In terms of maximum drawdown, AA dropped -90.90% vs SHLD's -20.10%.

Which has better risk-adjusted returns?

AA currently has the higher Sharpe Ratio (3.11 vs 0.37), 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.