EWO vs. SHLD

Last updated Jun 13, 2026

EWO (iShares MSCI Austria ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - EWO is a Europe Equities fund tracking the MSCI Austria 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, EWO returned 46.00% vs 10.40% for SHLD. At a 0.34 correlation, their price movements are largely independent. EWO charges 0.49%/yr vs 0.50%/yr for SHLD.

Performance

EWO vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Austria ETF (EWO) 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, EWO achieves a 18.55% return, which is significantly higher than SHLD's -1.50% return.

EWO

• 1D: 1.37%
• 1M: 6.33%
• YTD: 18.55%
• 6M: 23.71%
• 1Y: 46.00%
• 3Y*: 33.19%
• 5Y*: 15.56%
• 10Y*: 15.10%

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)

EWO vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EWO iShares MSCI Austria ETF	18.55%	74.21%	4.05%	11.10%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between EWO and SHLD is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.34

EWO vs. SHLD - Sectors Allocation Comparison

Sectors	EWO	SHLD
Financial Services	46.5%	-
Industrials	14.3%	88.2%
Basic Materials	10.5%	-
Energy	9.5%	-
Utilities	6.4%	-
Technology	5.6%	11.8%
Real Estate	4.0%	-
Consumer Cyclical	1.7%	-
Communication Services	-	-
Consumer Defensive	-	-
Healthcare	-	-

Return for Risk

EWO vs. SHLD — Risk / Return Rank

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

EWO

EWO Risk / Return Rank: 79
EWO Sharpe Ratio Rank: 86
EWO Sortino Ratio Rank: 85
EWO Omega Ratio Rank: 79
EWO Calmar Ratio Rank: 74
EWO Martin Ratio Rank: 69

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.

EWO vs. SHLD - Risk-Adjusted Trends Comparison

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

	EWO	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	2.41	0.43	+1.99
Sortino ratio: Return per unit of downside risk	3.35	0.78	+2.57
Omega ratio: Gain probability vs. loss probability	1.41	1.09	+0.32
Calmar ratio: Return relative to maximum drawdown	3.28	0.52	+2.76
Martin ratio: Return relative to average drawdown	11.10	1.28	+9.81

EWO vs. SHLD - Sharpe Ratio Comparison

The current EWO Sharpe Ratio is 2.41, which is higher than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of EWO 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

EWO vs. SHLD - Drawdown Comparison

The maximum EWO drawdown since its inception was -75.69%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for EWO and SHLD.

Drawdown Indicators

	EWO	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-75.69%	-20.10%	-55.59%
Max Drawdown (1Y) Largest decline over 1 year	-14.08%	-20.10%	+6.02%
Max Drawdown (3Y) Largest decline over 3 years	-16.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-41.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-58.10%	—	—
Current Drawdown Current decline from peak	0.00%	-18.20%	+18.20%
Average Drawdown Average peak-to-trough decline	-28.10%	-3.34%	-24.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	8.12%	-3.96%

Volatility

EWO vs. SHLD - Volatility Comparison

The current volatility for iShares MSCI Austria ETF (EWO) is 7.31%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.05%. This indicates that EWO 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

	EWO	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	9.05%	-1.74%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	19.94%	-4.06%
Volatility (1Y) Calculated over the trailing 1-year period	19.19%	24.55%	-5.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.95%	21.29%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.88%	21.29%	+1.59%

EWO vs. SHLD - Expense Ratio Comparison

EWO has a 0.49% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

EWO vs. SHLD - Dividend Comparison

EWO's dividend yield for the trailing twelve months is around 2.01%, more than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWO iShares MSCI Austria ETF	2.01%	2.38%	7.40%	5.66%	4.75%	2.42%	0.98%	3.11%	4.04%	2.03%	1.99%	1.51%
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 EWO and SHLD in my portfolio?

EWO and SHLD have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWO or SHLD?

SHLD has higher volatility (9.05%) compared to EWO (7.31%). In terms of maximum drawdown, EWO dropped -75.69% vs SHLD's -20.10%.

Which ETF is better, EWO or SHLD?

On 1-year performance, EWO leads with 46.00% vs 10.40% for SHLD. On fees, EWO is cheaper at 0.49% per year. On volatility, EWO has been the lower-risk option at 7.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWO or SHLD?

Over the 1-year period, EWO has performed better with a 46.00% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWO or SHLD?

EWO is cheaper with a 0.49% expense ratio, compared with 0.50% for SHLD.

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

EWO has the higher dividend yield at 2.01%, compared with 0.56% for SHLD.

What is the main difference between EWO and SHLD?

EWO is categorized as Europe Equities, while SHLD is Aerospace & Defense. EWO tracks MSCI Austria 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: 0.49% for EWO and 0.50% for SHLD.

Which has better risk-adjusted returns?

EWO currently has the higher Sharpe Ratio (2.41 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.