CZAR vs. SHLD

Last updated Jun 26, 2026

CZAR (Themes Natural Monopoly ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - CZAR is a Large Cap Blend Equities fund tracking the Solactive Natural Monopoly Index - Benchmark TR Gross, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, CZAR returned 1.03% vs -0.23% for SHLD. At a 0.44 correlation, their price movements are largely independent. CZAR charges 0.35%/yr vs 0.50%/yr for SHLD.

Performance

CZAR vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Natural Monopoly ETF (CZAR) 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, CZAR achieves a -3.09% return, which is significantly higher than SHLD's -10.17% return.

CZAR

• 1D: 0.08%
• 1M: -2.57%
• YTD: -3.09%
• 6M: -3.79%
• 1Y: 1.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHLD

• 1D: -1.15%
• 1M: -11.99%
• YTD: -10.17%
• 6M: -12.31%
• 1Y: -0.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CZAR vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CZAR Themes Natural Monopoly ETF	-3.09%	13.32%	10.92%	3.83%
SHLD Global X Defense Tech ETF	-10.17%	74.16%	35.03%	1.93%

Correlation

The correlation between CZAR and SHLD is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.44

CZAR vs. SHLD - Sectors Allocation Comparison

Sectors	CZAR	SHLD
Industrials	27.5%	87.8%
Technology	19.6%	12.2%
Financial Services	18.0%	-
Healthcare	8.3%	-
Consumer Cyclical	6.2%	-
Consumer Defensive	5.9%	-
Basic Materials	3.6%	-
Energy	3.5%	-
Utilities	2.7%	-
Communication Services	2.2%	-
Real Estate	-	-

Return for Risk

CZAR vs. SHLD — Risk / Return Rank

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

CZAR

CZAR Risk / Return Rank: 10
CZAR Sharpe Ratio Rank: 10
CZAR Sortino Ratio Rank: 9
CZAR Omega Ratio Rank: 9
CZAR Calmar Ratio Rank: 10
CZAR Martin Ratio Rank: 10

SHLD

SHLD Risk / Return Rank: 9
SHLD Sharpe Ratio Rank: 9
SHLD Sortino Ratio Rank: 9
SHLD Omega Ratio Rank: 9
SHLD Calmar Ratio Rank: 9
SHLD Martin Ratio Rank: 9

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.

CZAR vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Natural Monopoly ETF (CZAR) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CZAR	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.09	-0.01	+0.10
Sortino ratio: Return per unit of downside risk	0.21	0.17	+0.04
Omega ratio: Gain probability vs. loss probability	1.02	1.02	+0.01
Calmar ratio: Return relative to maximum drawdown	0.11	-0.01	+0.12
Martin ratio: Return relative to average drawdown	0.32	-0.03	+0.34

CZAR vs. SHLD - Sharpe Ratio Comparison

The current CZAR Sharpe Ratio is 0.09, which is higher than the SHLD Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of CZAR 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.

Drawdowns

CZAR vs. SHLD - Drawdown Comparison

The maximum CZAR drawdown since its inception was -13.38%, smaller than the maximum SHLD drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for CZAR and SHLD.

Drawdown Indicators

	CZAR	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-25.40%	+12.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-25.40%	+15.86%
Current Drawdown Current decline from peak	-5.77%	-25.40%	+19.63%
Average Drawdown Average peak-to-trough decline	-2.24%	-3.55%	+1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	8.97%	-5.70%

Volatility

CZAR vs. SHLD - Volatility Comparison

The current volatility for Themes Natural Monopoly ETF (CZAR) is 2.86%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.01%. This indicates that CZAR 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

	CZAR	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	9.01%	-6.15%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	20.22%	-10.26%
Volatility (1Y) Calculated over the trailing 1-year period	12.07%	24.85%	-12.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.96%	21.39%	-6.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.96%	21.39%	-6.43%

CZAR vs. SHLD - Expense Ratio Comparison

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

Dividends

CZAR vs. SHLD - Dividend Comparison

CZAR's dividend yield for the trailing twelve months is around 1.52%, more than SHLD's 0.61% yield.

Position	TTM	2025	2024	2023
CZAR Themes Natural Monopoly ETF	1.52%	1.47%	0.94%	0.00%
SHLD Global X Defense Tech ETF	0.61%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both CZAR and SHLD in my portfolio?

CZAR and SHLD have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CZAR or SHLD?

SHLD has higher volatility (9.01%) compared to CZAR (2.86%). In terms of maximum drawdown, CZAR dropped -13.38% vs SHLD's -25.40%.

Which ETF is better, CZAR or SHLD?

On 1-year performance, CZAR leads with 1.03% vs -0.23% for SHLD. On fees, CZAR is cheaper at 0.35% per year. On volatility, CZAR has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CZAR or SHLD?

Over the 1-year period, CZAR has performed better with a 1.03% return vs -0.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CZAR or SHLD?

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

Which ETF pays a higher dividend yield, CZAR or SHLD?

CZAR has the higher dividend yield at 1.52%, compared with 0.61% for SHLD.

What is the main difference between CZAR and SHLD?

CZAR is categorized as Large Cap Blend Equities, while SHLD is Aerospace & Defense. CZAR tracks Solactive Natural Monopoly Index - Benchmark TR Gross, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: Themes and Global X. Their fees differ too: 0.35% for CZAR and 0.50% for SHLD.

Which has better risk-adjusted returns?

CZAR currently has the higher Sharpe Ratio (0.09 vs -0.01), 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.