GCAD vs. SHLD

Last updated Apr 1, 2026

Compare and contrast key facts about Gabelli Commercial Aerospace & Defense ETF (GCAD) and Global X Defense Tech ETF (SHLD).

GCAD and SHLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GCAD is an actively managed fund by Gabelli. It was launched on Jan 3, 2023. SHLD is a passively managed fund by Global X that tracks the performance of the Global X Defense Tech Index - Benchmark TR Net. It was launched on Sep 11, 2023.

Performance

GCAD vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Commercial Aerospace & Defense ETF (GCAD) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

GCAD vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	7.13%	39.28%	26.61%	18.22%
SHLD Global X Defense Tech ETF	9.34%	74.16%	35.03%	12.89%

Returns By Period

In the year-to-date period, GCAD achieves a 7.13% return, which is significantly lower than SHLD's 9.34% return.

GCAD

• 1D: 3.88%
• 1M: -9.20%
• YTD: 7.13%
• 6M: 11.82%
• 1Y: 49.29%
• 3Y*: 30.53%
• 5Y*: —
• 10Y*: —

SHLD

• 1D: 3.72%
• 1M: -5.37%
• YTD: 9.34%
• 6M: 1.22%
• 1Y: 53.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GCAD vs. SHLD - Expense Ratio Comparison

GCAD has a 0.00% expense ratio, which is lower than SHLD's 0.50% expense ratio.

SHLD

Global X Defense Tech ETF

GCAD

Gabelli Commercial Aerospace & Defense ETF

Return for Risk

GCAD vs. SHLD — Risk / Return Rank

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

GCAD

GCAD Risk / Return Rank: 94
GCAD Sharpe Ratio Rank: 94
GCAD Sortino Ratio Rank: 95
GCAD Omega Ratio Rank: 94
GCAD Calmar Ratio Rank: 91
GCAD Martin Ratio Rank: 94

SHLD

SHLD Risk / Return Rank: 92
SHLD Sharpe Ratio Rank: 93
SHLD Sortino Ratio Rank: 93
SHLD Omega Ratio Rank: 90
SHLD Calmar Ratio Rank: 94
SHLD Martin Ratio Rank: 88

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.

GCAD vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Commercial Aerospace & Defense ETF (GCAD) 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.

	GCAD	SHLD	Difference
Sharpe ratio Return per unit of total volatility	2.30	2.10	+0.21
Sortino ratio Return per unit of downside risk	3.09	2.75	+0.34
Omega ratio Gain probability vs. loss probability	1.43	1.36	+0.07
Calmar ratio Return relative to maximum drawdown	3.25	3.53	-0.27
Martin ratio Return relative to average drawdown	14.88	10.28	+4.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCAD vs. SHLD - Sharpe Ratio Comparison

The current GCAD Sharpe Ratio is 2.30, which is comparable to the SHLD Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of GCAD and SHLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GCAD	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.10	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	1.55	2.53	-0.98

Correlation

The correlation between GCAD and SHLD is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GCAD vs. SHLD - Dividend Comparison

GCAD's dividend yield for the trailing twelve months is around 1.92%, more than SHLD's 0.50% yield.

	TTM	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	1.92%	2.06%	4.94%	3.62%
SHLD Global X Defense Tech ETF	0.50%	0.55%	0.53%	0.26%

Drawdowns

GCAD vs. SHLD - Drawdown Comparison

The maximum GCAD drawdown since its inception was -16.14%, which is greater than SHLD's maximum drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for GCAD and SHLD.

Drawdown Indicators

	GCAD	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-16.14%	-15.06%	-1.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-15.06%	+0.10%
Current Drawdown Current decline from peak	-11.66%	-9.20%	-2.46%
Average Drawdown Average peak-to-trough decline	-2.79%	-2.57%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	5.17%	-1.90%

Volatility

GCAD vs. SHLD - Volatility Comparison

The current volatility for Gabelli Commercial Aerospace & Defense ETF (GCAD) is 8.02%, while Global X Defense Tech ETF (SHLD) has a volatility of 8.85%. This indicates that GCAD 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

	GCAD	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.02%	8.85%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	14.53%	18.37%	-3.84%
Volatility (1Y) Calculated over the trailing 1-year period	21.51%	25.40%	-3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.15%	20.70%	-2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.15%	20.70%	-2.55%