GCAD vs. SHLD

Last updated Jun 23, 2026

GCAD (Gabelli Commercial Aerospace & Defense ETF) and SHLD (Global X Defense Tech ETF) are both Aerospace & Defense funds. GCAD is actively managed, while SHLD is passively managed. Over the past year, GCAD returned 39.72% vs 4.31% for SHLD. A 0.70 correlation means they provide meaningful diversification when combined. GCAD charges 0.00%/yr vs 0.50%/yr for SHLD.

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.

Returns By Period

In the year-to-date period, GCAD achieves a 18.85% return, which is significantly higher than SHLD's -6.48% return.

GCAD

• 1D: -1.15%
• 1M: 5.27%
• YTD: 18.85%
• 6M: 16.83%
• 1Y: 39.72%
• 3Y*: 34.53%
• 5Y*: —
• 10Y*: —

SHLD

• 1D: -2.74%
• 1M: -7.00%
• YTD: -6.48%
• 6M: -8.11%
• 1Y: 4.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GCAD vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	18.85%	39.28%	26.61%	17.85%
SHLD Global X Defense Tech ETF	-6.48%	74.16%	35.03%	12.89%

Correlation

The correlation between GCAD and SHLD is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.70

The correlation between GCAD and SHLD has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

GCAD vs. SHLD - Sectors Allocation Comparison

Sectors	GCAD	SHLD
Industrials	77.7%	87.8%
Consumer Cyclical	6.6%	-
Technology	2.9%	12.2%
Basic Materials	0.7%	-
Real Estate	0.6%	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Utilities	-	-

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: 59
GCAD Sharpe Ratio Rank: 61
GCAD Sortino Ratio Rank: 66
GCAD Omega Ratio Rank: 58
GCAD Calmar Ratio Rank: 56
GCAD Martin Ratio Rank: 54

SHLD

SHLD Risk / Return Rank: 10
SHLD Sharpe Ratio Rank: 11
SHLD Sortino Ratio Rank: 11
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.

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.

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.

	GCAD	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	1.96	0.18	+1.79
Sortino ratio: Return per unit of downside risk	2.92	0.43	+2.49
Omega ratio: Gain probability vs. loss probability	1.35	1.05	+0.30
Calmar ratio: Return relative to maximum drawdown	2.67	0.19	+2.47
Martin ratio: Return relative to average drawdown	9.12	0.50	+8.61

GCAD vs. SHLD - Sharpe Ratio Comparison

The current GCAD Sharpe Ratio is 1.96, which is higher than the SHLD Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of GCAD 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

GCAD vs. SHLD - Drawdown Comparison

The maximum GCAD drawdown since its inception was -16.14%, smaller than the maximum SHLD drawdown of -22.34%. 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%	-22.34%	+6.20%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-22.34%	+7.38%
Max Drawdown (3Y) Largest decline over 3 years	-16.14%	—	—
Current Drawdown Current decline from peak	-2.01%	-22.34%	+20.33%
Average Drawdown Average peak-to-trough decline	-3.01%	-3.46%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	8.58%	-4.21%

Volatility

GCAD vs. SHLD - Volatility Comparison

The current volatility for Gabelli Commercial Aerospace & Defense ETF (GCAD) is 8.43%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.03%. 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	8.43%	9.03%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	17.60%	20.23%	-2.63%
Volatility (1Y) Calculated over the trailing 1-year period	20.38%	24.76%	-4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.76%	21.35%	-2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	21.35%	-2.59%

GCAD vs. SHLD - Expense Ratio Comparison

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

Dividends

GCAD vs. SHLD - Dividend Comparison

GCAD's dividend yield for the trailing twelve months is around 1.73%, more than SHLD's 0.59% yield.

Position	TTM	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	1.73%	2.06%	4.94%	3.62%
SHLD Global X Defense Tech ETF	0.59%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both GCAD and SHLD in my portfolio?

GCAD and SHLD have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCAD or SHLD?

SHLD has higher volatility (9.03%) compared to GCAD (8.43%). In terms of maximum drawdown, GCAD dropped -16.14% vs SHLD's -22.34%.

Which ETF is better, GCAD or SHLD?

On 1-year performance, GCAD leads with 39.72% vs 4.31% for SHLD. On fees, GCAD is cheaper at 0.00% per year. On volatility, GCAD has been the lower-risk option at 8.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GCAD or SHLD?

Over the 1-year period, GCAD has performed better with a 39.72% return vs 4.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GCAD or SHLD?

GCAD is cheaper with a 0.00% expense ratio, compared with 0.50% for SHLD.

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

GCAD has the higher dividend yield at 1.73%, compared with 0.59% for SHLD.

What is the main difference between GCAD and SHLD?

They also come from different issuers: Gabelli and Global X. Their fees differ too: 0.00% for GCAD and 0.50% for SHLD.

Which has better risk-adjusted returns?

GCAD currently has the higher Sharpe Ratio (1.96 vs 0.18), 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.