EUAD vs. SHLD

Last updated Jul 14, 2026

EUAD (Select STOXX Europe Aerospace & Defense ETF) and SHLD (Global X Defense Tech ETF) are both Aerospace & Defense funds - EUAD tracks the STOXX Europe Total Market Aerospace & Defense Index while SHLD tracks the Global X Defense Tech Index. Both are passively managed. Over the past year, EUAD returned -3.16% vs 0.92% for SHLD. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

EUAD vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Select STOXX Europe Aerospace & Defense ETF (EUAD) 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, EUAD achieves a -1.21% return, which is significantly higher than SHLD's -6.37% return.

EUAD

• 1D: -2.00%
• 1M: 1.19%
• 6M: -13.49%
• YTD: -1.21%
• 1Y: -3.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHLD

• 1D: -1.18%
• 1M: -4.95%
• 6M: -20.55%
• YTD: -6.37%
• 1Y: 0.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EUAD vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EUAD Select STOXX Europe Aerospace & Defense ETF	-1.21%	74.51%	-6.86%
SHLD Global X Defense Tech ETF	-6.37%	74.16%	-3.55%

Correlation

The correlation between EUAD and SHLD is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (All Time) Calculated using the full available price history since Oct 22, 2024	0.74

The correlation between EUAD and SHLD has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.

EUAD vs. SHLD - Sectors Allocation Comparison

Sectors	EUAD	SHLD
Industrials	99.5%	87.8%
Healthcare	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Real Estate	-	-
Technology	-	12.2%
Utilities	-	-

Return for Risk

EUAD vs. SHLD — Risk / Return Rank

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

EUAD

EUAD Risk / Return Rank: 8
EUAD Sharpe Ratio Rank: 8
EUAD Sortino Ratio Rank: 8
EUAD Omega Ratio Rank: 8
EUAD Calmar Ratio Rank: 8
EUAD Martin Ratio Rank: 8

SHLD

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

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.

EUAD vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Select STOXX Europe Aerospace & Defense ETF (EUAD) 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.

	EUAD	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	0.04	-0.14
Sortino ratio: Return per unit of downside risk	0.05	0.24	-0.18
Omega ratio: Gain probability vs. loss probability	1.01	1.03	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.14	0.04	-0.18
Martin ratio: Return relative to average drawdown	-0.32	0.09	-0.41

EUAD vs. SHLD - Sharpe Ratio Comparison

The current EUAD Sharpe Ratio is -0.11, which is lower than the SHLD Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of EUAD 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

EUAD vs. SHLD - Drawdown Comparison

The maximum EUAD drawdown since its inception was -22.04%, smaller than the maximum SHLD drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for EUAD and SHLD.

Drawdown Indicators

	EUAD	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-22.04%	-25.40%	+3.36%
Max Drawdown (1Y) Largest decline over 1 year	-22.04%	-25.40%	+3.36%
Current Drawdown Current decline from peak	-13.79%	-22.25%	+8.46%
Average Drawdown Average peak-to-trough decline	-6.16%	-3.82%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.94%	9.99%	-0.05%

Volatility

EUAD vs. SHLD - Volatility Comparison

The current volatility for Select STOXX Europe Aerospace & Defense ETF (EUAD) is 8.24%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.71%. This indicates that EUAD 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

	EUAD	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.24%	9.71%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	24.42%	20.10%	+4.32%
Volatility (1Y) Calculated over the trailing 1-year period	29.38%	25.23%	+4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.74%	21.57%	+8.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.74%	21.57%	+8.17%

EUAD vs. SHLD - Expense Ratio Comparison

Both EUAD and SHLD have an expense ratio of 0.50%.

Dividends

EUAD vs. SHLD - Dividend Comparison

EUAD's dividend yield for the trailing twelve months is around 0.41%, less than SHLD's 0.70% yield.

Position	TTM	2025	2024	2023
EUAD Select STOXX Europe Aerospace & Defense ETF	0.41%	0.40%	0.10%	0.00%
SHLD Global X Defense Tech ETF	0.70%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both EUAD and SHLD in my portfolio?

EUAD and SHLD have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUAD or SHLD?

SHLD has higher volatility (9.71%) compared to EUAD (8.24%). In terms of maximum drawdown, EUAD dropped -22.04% vs SHLD's -25.40%.

Which ETF is better, EUAD or SHLD?

On 1-year performance, SHLD leads with 0.92% vs -3.16% for EUAD. Both ETFs have the same 0.50% expense ratio. On volatility, EUAD has been the lower-risk option at 8.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUAD or SHLD?

Over the 1-year period, SHLD has performed better with a 0.92% return vs -3.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUAD or SHLD?

EUAD and SHLD have the same expense ratio: 0.50% per year.

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

SHLD has the higher dividend yield at 0.70%, compared with 0.41% for EUAD.

What is the main difference between EUAD and SHLD?

EUAD tracks STOXX Europe Total Market Aerospace & Defense Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: Select Funds and Global X.

Which has better risk-adjusted returns?

SHLD currently has the higher Sharpe Ratio (0.04 vs -0.11), 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.