GLD vs. SHLD

Last updated Jun 13, 2026

GLD (SPDR Gold Shares) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, GLD returned 23.81% vs 10.40% for SHLD. At a 0.26 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.50%/yr for SHLD.

Performance

GLD vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) 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, GLD achieves a -2.47% return, which is significantly lower than SHLD's -1.50% return.

GLD

• 1D: 0.06%
• 1M: -10.21%
• YTD: -2.47%
• 6M: -2.25%
• 1Y: 23.81%
• 3Y*: 28.89%
• 5Y*: 17.08%
• 10Y*: 12.15%

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)

GLD vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GLD SPDR Gold Shares	-2.47%	63.68%	26.66%	7.71%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between GLD and SHLD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.26

GLD vs. SHLD - Sectors Allocation Comparison

Sectors	GLD	SHLD
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	88.2%
Real Estate	-	-
Technology	-	11.8%
Utilities	-	-

Return for Risk

GLD vs. SHLD — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 27
GLD Sortino Ratio Rank: 25
GLD Omega Ratio Rank: 30
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

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.

GLD vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.

	GLD	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.87	0.43	+0.45
Sortino ratio: Return per unit of downside risk	1.24	0.78	+0.46
Omega ratio: Gain probability vs. loss probability	1.18	1.09	+0.09
Calmar ratio: Return relative to maximum drawdown	0.98	0.52	+0.46
Martin ratio: Return relative to average drawdown	2.81	1.28	+1.53

GLD vs. SHLD - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.87, which is higher than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of GLD 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

GLD vs. SHLD - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for GLD and SHLD.

Drawdown Indicators

	GLD	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-20.10%	-25.46%
Max Drawdown (1Y) Largest decline over 1 year	-24.46%	-20.10%	-4.36%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	—	—
Current Drawdown Current decline from peak	-22.05%	-18.20%	-3.85%
Average Drawdown Average peak-to-trough decline	-16.16%	-3.34%	-12.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.49%	8.12%	+0.37%

Volatility

GLD vs. SHLD - Volatility Comparison

The current volatility for SPDR Gold Shares (GLD) is 7.79%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.05%. This indicates that GLD 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

	GLD	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.79%	9.05%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	24.10%	19.94%	+4.16%
Volatility (1Y) Calculated over the trailing 1-year period	27.37%	24.55%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	21.29%	-3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	21.29%	-5.21%

GLD vs. SHLD - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

GLD vs. SHLD - Dividend Comparison

GLD has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.56%.

Position	TTM	2025	2024	2023
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both GLD and SHLD in my portfolio?

GLD and SHLD have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLD or SHLD?

SHLD has higher volatility (9.05%) compared to GLD (7.79%). In terms of maximum drawdown, GLD dropped -45.56% vs SHLD's -20.10%.

Which ETF is better, GLD or SHLD?

On 1-year performance, GLD leads with 23.81% vs 10.40% for SHLD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLD or SHLD?

Over the 1-year period, GLD has performed better with a 23.81% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or SHLD?

GLD is cheaper with a 0.40% expense ratio, compared with 0.50% for SHLD.

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

SHLD has the higher dividend yield at 0.56%, compared with 0.00% for GLD.

What is the main difference between GLD and SHLD?

GLD is categorized as Gold, while SHLD is Aerospace & Defense. GLD tracks LBMA Gold Price PM, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: State Street and Global X. Their fees differ too: 0.40% for GLD and 0.50% for SHLD.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.87 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.