FLAG vs. SHLD

Last updated Jun 27, 2026

FLAG (Global X S&P 500 U.S. Market Leaders TOP 50 ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - FLAG is a Large Cap Blend Equities fund tracking the S&P 500 U.S. Revenue Market Leaders 50 Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, FLAG returned 6.30% vs -0.98% for SHLD. At a 0.36 correlation, their price movements are largely independent. FLAG charges 0.29%/yr vs 0.50%/yr for SHLD.

Performance

FLAG vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 U.S. Market Leaders TOP 50 ETF (FLAG) 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, FLAG achieves a 0.07% return, which is significantly higher than SHLD's -9.88% return.

FLAG

• 1D: 1.53%
• 1M: -0.45%
• YTD: 0.07%
• 6M: -0.72%
• 1Y: 6.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHLD

• 1D: 0.33%
• 1M: -14.03%
• YTD: -9.88%
• 6M: -11.20%
• 1Y: -0.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLAG vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025
FLAG Global X S&P 500 U.S. Market Leaders TOP 50 ETF	0.07%	12.08%
SHLD Global X Defense Tech ETF	-9.88%	28.48%

Correlation

The correlation between FLAG and SHLD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.37

Return for Risk

FLAG vs. SHLD — Risk / Return Rank

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

FLAG

FLAG Risk / Return Rank: 18
FLAG Sharpe Ratio Rank: 19
FLAG Sortino Ratio Rank: 17
FLAG Omega Ratio Rank: 17
FLAG Calmar Ratio Rank: 17
FLAG Martin Ratio Rank: 21

SHLD

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

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.

FLAG vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 U.S. Market Leaders TOP 50 ETF (FLAG) 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.

	FLAG	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.60	-0.12	+0.71
Sortino ratio: Return per unit of downside risk	0.92	0.01	+0.91
Omega ratio: Gain probability vs. loss probability	1.11	1.00	+0.11
Calmar ratio: Return relative to maximum drawdown	0.69	-0.11	+0.80
Martin ratio: Return relative to average drawdown	2.31	-0.32	+2.63

FLAG vs. SHLD - Sharpe Ratio Comparison

The current FLAG Sharpe Ratio is 0.60, which is higher than the SHLD Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of FLAG 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

FLAG vs. SHLD - Drawdown Comparison

The maximum FLAG drawdown since its inception was -9.29%, smaller than the maximum SHLD drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for FLAG and SHLD.

Drawdown Indicators

	FLAG	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-9.29%	-25.40%	+16.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.29%	-25.40%	+16.11%
Current Drawdown Current decline from peak	-1.75%	-25.16%	+23.41%
Average Drawdown Average peak-to-trough decline	-1.89%	-3.58%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	9.11%	-6.34%

Volatility

FLAG vs. SHLD - Volatility Comparison

The current volatility for Global X S&P 500 U.S. Market Leaders TOP 50 ETF (FLAG) is 3.47%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.05%. This indicates that FLAG 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

	FLAG	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	9.05%	-5.58%
Volatility (6M) Calculated over the trailing 6-month period	8.25%	20.21%	-11.96%
Volatility (1Y) Calculated over the trailing 1-year period	10.80%	24.79%	-13.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.45%	21.37%	-9.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.45%	21.37%	-9.92%

FLAG vs. SHLD - Expense Ratio Comparison

FLAG has a 0.29% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

FLAG vs. SHLD - Dividend Comparison

FLAG's dividend yield for the trailing twelve months is around 1.35%, more than SHLD's 0.61% yield.

Position	TTM	2025	2024	2023
FLAG Global X S&P 500 U.S. Market Leaders TOP 50 ETF	1.19%	1.35%	0.00%	0.00%
SHLD Global X Defense Tech ETF	0.41%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both FLAG and SHLD in my portfolio?

FLAG and SHLD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLAG or SHLD?

SHLD has higher volatility (9.05%) compared to FLAG (3.47%). In terms of maximum drawdown, FLAG dropped -9.29% vs SHLD's -25.40%.

Which ETF is better, FLAG or SHLD?

On 1-year performance, FLAG leads with 6.30% vs -0.98% for SHLD. On fees, FLAG is cheaper at 0.29% per year. On volatility, FLAG has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLAG or SHLD?

Over the 1-year period, FLAG has performed better with a 6.30% return vs -0.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLAG or SHLD?

FLAG is cheaper with a 0.29% expense ratio, compared with 0.50% for SHLD.

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

FLAG has the higher dividend yield at 1.19%, compared with 0.41% for SHLD.

What is the main difference between FLAG and SHLD?

FLAG is categorized as Large Cap Blend Equities, while SHLD is Aerospace & Defense. FLAG tracks S&P 500 U.S. Revenue Market Leaders 50 Index, while SHLD tracks Global X Defense Tech Index. Their fees differ too: 0.29% for FLAG and 0.50% for SHLD.

Which has better risk-adjusted returns?

FLAG currently has the higher Sharpe Ratio (0.60 vs -0.12), 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.