BNKS.L vs. SHLD

Last updated Jun 5, 2026

BNKS.L (iShares S&P U.S. Banks) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - BNKS.L is a Financials Equities fund tracking the MSCI World/Financials NR USD, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, BNKS.L returned 27.90% vs 11.52% for SHLD. At a 0.24 correlation, their price movements are largely independent. BNKS.L charges 0.35%/yr vs 0.50%/yr for SHLD.

Performance

BNKS.L vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P U.S. Banks (BNKS.L) 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, BNKS.L achieves a 3.61% return, which is significantly higher than SHLD's -0.74% return.

BNKS.L

• 1D: 3.49%
• 1M: 0.99%
• YTD: 3.61%
• 6M: 7.51%
• 1Y: 27.90%
• 3Y*: 26.30%
• 5Y*: 4.76%
• 10Y*: —

SHLD

• 1D: 1.58%
• 1M: -4.77%
• YTD: -0.74%
• 6M: 2.22%
• 1Y: 11.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNKS.L vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BNKS.L iShares S&P U.S. Banks	3.61%	20.45%	28.55%	21.52%
SHLD Global X Defense Tech ETF	-0.74%	74.16%	35.03%	12.89%

Correlation

The correlation between BNKS.L and SHLD is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.24

The correlation between BNKS.L and SHLD shifts across timeframes, from 0.11 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

BNKS.L vs. SHLD - Sectors Allocation Comparison

Sectors	BNKS.L	SHLD
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	88.2%
Real Estate	-	-
Technology	-	11.8%
Utilities	-	-

Return for Risk

BNKS.L vs. SHLD — Risk / Return Rank

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

BNKS.L

BNKS.L Risk / Return Rank: 36
BNKS.L Sharpe Ratio Rank: 38
BNKS.L Sortino Ratio Rank: 39
BNKS.L Omega Ratio Rank: 36
BNKS.L Calmar Ratio Rank: 34
BNKS.L Martin Ratio Rank: 31

SHLD

SHLD Risk / Return Rank: 17
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 18
SHLD Omega Ratio Rank: 17
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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.

BNKS.L vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P U.S. Banks (BNKS.L) 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.

	BNKS.L	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	1.33	0.48	+0.85
Sortino ratio: Return per unit of downside risk	1.96	0.84	+1.12
Omega ratio: Gain probability vs. loss probability	1.23	1.10	+0.13
Calmar ratio: Return relative to maximum drawdown	1.65	0.58	+1.07
Martin ratio: Return relative to average drawdown	4.55	1.52	+3.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNKS.L vs. SHLD - Sharpe Ratio Comparison

The current BNKS.L Sharpe Ratio is 1.33, which is higher than the SHLD Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of BNKS.L 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

	BNKS.L	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	0.48	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	2.03	-1.84

Drawdowns

BNKS.L vs. SHLD - Drawdown Comparison

The maximum BNKS.L drawdown since its inception was -51.35%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for BNKS.L and SHLD.

Drawdown Indicators

	BNKS.L	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-51.35%	-20.10%	-31.25%
Max Drawdown (1Y) Largest decline over 1 year	-16.88%	-20.10%	+3.22%
Max Drawdown (3Y) Largest decline over 3 years	-28.47%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.15%	—	—
Current Drawdown Current decline from peak	-5.58%	-17.57%	+11.99%
Average Drawdown Average peak-to-trough decline	-17.75%	-3.21%	-14.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.12%	7.60%	-1.48%

Volatility

BNKS.L vs. SHLD - Volatility Comparison

The current volatility for iShares S&P U.S. Banks (BNKS.L) is 6.48%, while Global X Defense Tech ETF (SHLD) has a volatility of 8.02%. This indicates that BNKS.L experiences smaller price fluctuations and is considered to be less risky than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNKS.L	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	8.02%	-1.54%
Volatility (6M) Calculated over the trailing 6-month period	15.85%	19.39%	-3.54%
Volatility (1Y) Calculated over the trailing 1-year period	20.82%	24.08%	-3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.66%	21.14%	+6.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.51%	21.14%	+10.37%

BNKS.L vs. SHLD - Expense Ratio Comparison

BNKS.L has a 0.35% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

BNKS.L vs. SHLD - Dividend Comparison

BNKS.L has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.55%.

Position	TTM	2025	2024	2023
BNKS.L iShares S&P U.S. Banks	0.00%	0.00%	0.00%	0.00%
SHLD Global X Defense Tech ETF	0.55%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both BNKS.L and SHLD in my portfolio?

BNKS.L and SHLD have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BNKS.L or SHLD?

On fees, BNKS.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BNKS.L or SHLD?

BNKS.L is cheaper with a 0.35% expense ratio, compared with 0.50% for SHLD.

What is the main difference between BNKS.L and SHLD?

BNKS.L is categorized as Financials Equities, while SHLD is Aerospace & Defense. BNKS.L tracks MSCI World/Financials NR USD, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.35% for BNKS.L and 0.50% for SHLD.