DFND.AS vs. SHLD
DFND.AS (iShares Global Aerospace & Defence UCITS ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - DFND.AS is a Industrials Equities fund tracking the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, DFND.AS returned 62.00% vs 2.69% for SHLD. At a 0.41 correlation, their price movements are largely independent. DFND.AS charges 0.35%/yr vs 0.50%/yr for SHLD.
Performance
DFND.AS vs. SHLD - Performance Comparison
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Returns By Period
In the year-to-date period, DFND.AS achieves a 62.00% return, which is significantly higher than SHLD's -9.12% return.
DFND.AS
- 1D
- -0.20%
- 1M
- 2.48%
- YTD
- 62.00%
- 6M
- 62.00%
- 1Y
- 62.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHLD
- 1D
- -2.77%
- 1M
- -9.62%
- YTD
- -9.12%
- 6M
- -11.28%
- 1Y
- 2.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DFND.AS vs. SHLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DFND.AS iShares Global Aerospace & Defence UCITS ETF | 62.00% | -0.00% | 16.29% |
SHLD Global X Defense Tech ETF | -9.12% | 74.16% | 24.26% |
Correlation
The correlation between DFND.AS and SHLD is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2024 | 0.41 |
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Return for Risk
DFND.AS vs. SHLD — Risk / Return Rank
DFND.AS
SHLD
DFND.AS vs. SHLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Aerospace & Defence UCITS ETF (DFND.AS) 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.
| DFND.AS | SHLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.93 | 1.04 | +0.89 |
| Calmar ratioReturn relative to maximum drawdown | 1.79 | 0.11 | +1.68 |
| Martin ratioReturn relative to average drawdown | 3.27 | 0.31 | +2.97 |
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Drawdowns
DFND.AS vs. SHLD - Drawdown Comparison
The maximum DFND.AS drawdown since its inception was -35.42%, which is greater than SHLD's maximum drawdown of -24.53%. Use the drawdown chart below to compare losses from any high point for DFND.AS and SHLD.
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Drawdown Indicators
| DFND.AS | SHLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.42% | -24.53% | -10.89% |
Max Drawdown (1Y)Largest decline over 1 year | -35.42% | -24.53% | -10.89% |
Current DrawdownCurrent decline from peak | -7.88% | -24.53% | +16.65% |
Average DrawdownAverage peak-to-trough decline | -7.83% | -3.52% | -4.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.17% | 8.83% | +10.34% |
Volatility
DFND.AS vs. SHLD - Volatility Comparison
The current volatility for iShares Global Aerospace & Defence UCITS ETF (DFND.AS) is 6.41%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.23%. This indicates that DFND.AS 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.
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Volatility by Period
| DFND.AS | SHLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.41% | 9.23% | -2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 54.51% | 20.27% | +34.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.62% | 24.87% | +71.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.20% | 21.39% | +41.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.20% | 21.39% | +41.81% |
DFND.AS vs. SHLD - Expense Ratio Comparison
DFND.AS has a 0.35% expense ratio, which is lower than SHLD's 0.50% expense ratio.
Dividends
DFND.AS vs. SHLD - Dividend Comparison
DFND.AS has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.60%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
DFND.AS iShares Global Aerospace & Defence UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% |
SHLD Global X Defense Tech ETF | 0.60% | 0.55% | 0.53% | 0.26% |
Frequently Asked Questions
DFND.AS and SHLD have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DFND.AS is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DFND.AS is cheaper with a 0.35% expense ratio, compared with 0.50% for SHLD.
DFND.AS is categorized as Industrials Equities, while SHLD is Aerospace & Defense. DFND.AS tracks S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR, 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 DFND.AS and 0.50% for SHLD.
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