EZU vs. SHLD

Last updated Jun 14, 2026

EZU (iShares MSCI Eurozone ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - EZU is a Europe Equities fund tracking the MSCI EMU, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, EZU returned 22.18% vs 8.26% for SHLD. At a 0.44 correlation, their price movements are largely independent. EZU charges 0.51%/yr vs 0.50%/yr for SHLD.

Performance

EZU vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Eurozone ETF (EZU) 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, EZU achieves a 9.10% return, which is significantly higher than SHLD's -1.50% return.

EZU

• 1D: 0.00%
• 1M: 6.05%
• YTD: 9.10%
• 6M: 10.35%
• 1Y: 22.18%
• 3Y*: 18.40%
• 5Y*: 9.24%
• 10Y*: 10.85%

SHLD

• 1D: -2.04%
• 1M: 2.37%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 8.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EZU vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EZU iShares MSCI Eurozone ETF	9.10%	40.00%	2.23%	9.41%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between EZU and SHLD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.44

EZU vs. SHLD - Sectors Allocation Comparison

Sectors	EZU	SHLD
Financial Services	23.6%	-
Industrials	20.5%	87.8%
Technology	16.5%	12.2%
Consumer Cyclical	7.8%	-
Utilities	6.4%	-
Healthcare	5.8%	-
Consumer Defensive	5.5%	-
Communication Services	5.0%	-
Energy	4.0%	-
Basic Materials	4.0%	-
Real Estate	0.7%	-

Return for Risk

EZU vs. SHLD — Risk / Return Rank

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

EZU

EZU Risk / Return Rank: 37
EZU Sharpe Ratio Rank: 36
EZU Sortino Ratio Rank: 36
EZU Omega Ratio Rank: 35
EZU Calmar Ratio Rank: 35
EZU Martin Ratio Rank: 40

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.

EZU vs. SHLD - Risk-Adjusted Trends Comparison

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

	EZU	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	1.15	0.43	+0.72
Sortino ratio: Return per unit of downside risk	1.71	0.78	+0.93
Omega ratio: Gain probability vs. loss probability	1.21	1.09	+0.12
Calmar ratio: Return relative to maximum drawdown	1.55	0.52	+1.03
Martin ratio: Return relative to average drawdown	5.60	1.28	+4.32

EZU vs. SHLD - Sharpe Ratio Comparison

The current EZU Sharpe Ratio is 1.15, which is higher than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of EZU 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

EZU vs. SHLD - Drawdown Comparison

The maximum EZU drawdown since its inception was -65.32%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for EZU and SHLD.

Drawdown Indicators

	EZU	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-65.32%	-20.10%	-45.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-20.10%	+7.04%
Max Drawdown (3Y) Largest decline over 3 years	-15.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	—	—
Current Drawdown Current decline from peak	0.00%	-18.20%	+18.20%
Average Drawdown Average peak-to-trough decline	-19.21%	-3.34%	-15.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	8.12%	-4.51%

Volatility

EZU vs. SHLD - Volatility Comparison

The current volatility for iShares MSCI Eurozone ETF (EZU) is 6.52%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.05%. This indicates that EZU 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

	EZU	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	9.05%	-2.53%
Volatility (6M) Calculated over the trailing 6-month period	14.88%	19.94%	-5.06%
Volatility (1Y) Calculated over the trailing 1-year period	17.57%	24.55%	-6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	21.29%	-1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.50%	21.29%	-0.79%

EZU vs. SHLD - Expense Ratio Comparison

EZU has a 0.51% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

EZU vs. SHLD - Dividend Comparison

EZU's dividend yield for the trailing twelve months is around 2.61%, more than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZU iShares MSCI Eurozone ETF	2.61%	2.85%	2.90%	2.56%	2.79%	2.46%	2.13%	2.84%	3.47%	1.91%	3.07%	2.18%
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 EZU and SHLD in my portfolio?

EZU and SHLD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZU or SHLD?

SHLD has higher volatility (9.05%) compared to EZU (6.52%). In terms of maximum drawdown, EZU dropped -65.32% vs SHLD's -20.10%.

Which ETF is better, EZU or SHLD?

On 1-year performance, EZU leads with 22.18% vs 8.26% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, EZU has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZU or SHLD?

Over the 1-year period, EZU has performed better with a 22.18% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZU or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.51% for EZU.

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

EZU has the higher dividend yield at 2.61%, compared with 0.56% for SHLD.

What is the main difference between EZU and SHLD?

EZU is categorized as Europe Equities, while SHLD is Aerospace & Defense. EZU tracks MSCI EMU, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.51% for EZU and 0.50% for SHLD.

Which has better risk-adjusted returns?

EZU currently has the higher Sharpe Ratio (1.15 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.