EPOL vs. SHLD

Last updated Jun 13, 2026

EPOL (iShares MSCI Poland ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - EPOL is a Europe Equities fund tracking the MSCI Poland Investable Market Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, EPOL returned 40.61% vs 10.40% for SHLD. At a 0.33 correlation, their price movements are largely independent. EPOL charges 0.61%/yr vs 0.50%/yr for SHLD.

Performance

EPOL vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Poland ETF (EPOL) 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, EPOL achieves a 16.37% return, which is significantly higher than SHLD's -1.50% return.

EPOL

• 1D: 0.96%
• 1M: 3.49%
• YTD: 16.37%
• 6M: 20.25%
• 1Y: 40.61%
• 3Y*: 36.58%
• 5Y*: 17.10%
• 10Y*: 12.21%

SHLD

• 1D: -2.04%
• 1M: 0.05%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 10.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EPOL vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EPOL iShares MSCI Poland ETF	16.37%	77.34%	-2.61%	32.00%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between EPOL and SHLD is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.33

EPOL vs. SHLD - Sectors Allocation Comparison

Sectors	EPOL	SHLD
Financial Services	45.6%	-
Energy	14.6%	-
Consumer Cyclical	12.4%	-
Basic Materials	6.6%	-
Communication Services	6.3%	-
Consumer Defensive	5.5%	-
Utilities	5.1%	-
Technology	1.9%	11.8%
Industrials	1.7%	88.2%
Healthcare	0.3%	-
Real Estate	-	-

Return for Risk

EPOL vs. SHLD — Risk / Return Rank

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

EPOL

EPOL Risk / Return Rank: 63
EPOL Sharpe Ratio Rank: 59
EPOL Sortino Ratio Rank: 60
EPOL Omega Ratio Rank: 53
EPOL Calmar Ratio Rank: 81
EPOL Martin Ratio Rank: 64

SHLD

SHLD Risk / Return Rank: 16
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 17
SHLD Omega Ratio Rank: 16
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.

EPOL vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Poland ETF (EPOL) 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.

	EPOL	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	1.73	0.43	+1.30
Sortino ratio: Return per unit of downside risk	2.43	0.78	+1.65
Omega ratio: Gain probability vs. loss probability	1.29	1.09	+0.20
Calmar ratio: Return relative to maximum drawdown	3.69	0.52	+3.18
Martin ratio: Return relative to average drawdown	10.10	1.28	+8.82

EPOL vs. SHLD - Sharpe Ratio Comparison

The current EPOL Sharpe Ratio is 1.73, which is higher than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of EPOL 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

EPOL vs. SHLD - Drawdown Comparison

The maximum EPOL drawdown since its inception was -63.72%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for EPOL and SHLD.

Drawdown Indicators

	EPOL	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-63.72%	-20.10%	-43.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-20.10%	+9.06%
Max Drawdown (3Y) Largest decline over 3 years	-21.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-54.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.41%	—	—
Current Drawdown Current decline from peak	0.00%	-18.20%	+18.20%
Average Drawdown Average peak-to-trough decline	-26.85%	-3.34%	-23.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	8.12%	-4.08%

Volatility

EPOL vs. SHLD - Volatility Comparison

The current volatility for iShares MSCI Poland ETF (EPOL) is 8.08%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.05%. This indicates that EPOL 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

	EPOL	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	9.05%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	18.16%	19.94%	-1.78%
Volatility (1Y) Calculated over the trailing 1-year period	23.57%	24.55%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.14%	21.29%	+7.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.66%	21.29%	+6.37%

EPOL vs. SHLD - Expense Ratio Comparison

EPOL has a 0.61% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

EPOL vs. SHLD - Dividend Comparison

EPOL's dividend yield for the trailing twelve months is around 4.11%, more than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPOL iShares MSCI Poland ETF	4.11%	4.78%	6.04%	2.87%	2.65%	1.33%	1.44%	2.51%	1.44%	1.88%	2.14%	2.53%
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%	0.00%

Frequently Asked Questions

Can I hold both EPOL and SHLD in my portfolio?

EPOL and SHLD have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPOL or SHLD?

SHLD has higher volatility (9.05%) compared to EPOL (8.08%). In terms of maximum drawdown, EPOL dropped -63.72% vs SHLD's -20.10%.

Which ETF is better, EPOL or SHLD?

On 1-year performance, EPOL leads with 40.61% vs 10.40% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, EPOL has been the lower-risk option at 8.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPOL or SHLD?

Over the 1-year period, EPOL has performed better with a 40.61% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPOL or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.61% for EPOL.

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

EPOL has the higher dividend yield at 4.11%, compared with 0.56% for SHLD.

What is the main difference between EPOL and SHLD?

EPOL is categorized as Europe Equities, while SHLD is Aerospace & Defense. EPOL tracks MSCI Poland Investable Market Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.61% for EPOL and 0.50% for SHLD.

Which has better risk-adjusted returns?

EPOL currently has the higher Sharpe Ratio (1.73 vs 0.43), 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.