GREK vs. ITA

Last updated Jun 9, 2026

GREK (Global X MSCI Greece ETF) and ITA (iShares U.S. Aerospace & Defense ETF) are both exchange-traded funds - GREK is a Emerging Markets Equities fund tracking the MSCI All Greece Select 25-50, while ITA is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index. Both are passively managed. Over the past 10 years, GREK returned 14.76%/yr vs 14.86%/yr for ITA. At a 0.38 correlation, their price movements are largely independent. GREK charges 0.58%/yr vs 0.38%/yr for ITA.

Performance

GREK vs. ITA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Greece ETF (GREK) and iShares U.S. Aerospace & Defense ETF (ITA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GREK achieves a 10.53% return, which is significantly higher than ITA's 5.92% return. Both investments have delivered pretty close results over the past 10 years, with GREK having a 14.76% annualized return and ITA not far ahead at 14.86%.

GREK

• 1D: 1.58%
• 1M: 1.44%
• YTD: 10.53%
• 6M: 11.07%
• 1Y: 36.15%
• 3Y*: 31.41%
• 5Y*: 23.55%
• 10Y*: 14.76%

ITA

• 1D: -0.95%
• 1M: 1.69%
• YTD: 5.92%
• 6M: 11.28%
• 1Y: 25.56%
• 3Y*: 26.35%
• 5Y*: 16.26%
• 10Y*: 14.86%

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

GREK vs. ITA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GREK Global X MSCI Greece ETF	10.53%	76.11%	9.53%	42.72%	3.64%	6.14%	-13.89%	50.20%	-31.25%	34.80%
ITA iShares U.S. Aerospace & Defense ETF	5.92%	48.64%	15.81%	14.33%	9.96%	9.39%	-13.57%	30.51%	-7.22%	35.24%

Correlation

The correlation between GREK and ITA is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Dec 9, 2011	0.38

The correlation between GREK and ITA shifts across timeframes, from 0.29 (1 year) to 0.39 (10 years), reflecting how their relationship changes across market environments.

GREK vs. ITA - Sectors Allocation Comparison

Sectors	GREK	ITA
Financial Services	47.1%	-
Industrials	13.5%	99.8%
Utilities	11.6%	-
Consumer Cyclical	9.6%	-
Energy	8.4%	-
Communication Services	4.6%	-
Basic Materials	3.2%	-
Consumer Defensive	1.1%	-
Real Estate	1.0%	-
Healthcare	-	-
Technology	-	0.1%

Return for Risk

GREK vs. ITA — Risk / Return Rank

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

GREK

GREK Risk / Return Rank: 44
GREK Sharpe Ratio Rank: 48
GREK Sortino Ratio Rank: 51
GREK Omega Ratio Rank: 47
GREK Calmar Ratio Rank: 38
GREK Martin Ratio Rank: 37

ITA

ITA Risk / Return Rank: 36
ITA Sharpe Ratio Rank: 38
ITA Sortino Ratio Rank: 38
ITA Omega Ratio Rank: 35
ITA Calmar Ratio Rank: 36
ITA Martin Ratio Rank: 32

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.

GREK vs. ITA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Greece ETF (GREK) and iShares U.S. Aerospace & Defense ETF (ITA). 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.

	GREK	ITA	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.22	+0.29
Sortino ratio: Return per unit of downside risk	2.26	1.81	+0.45
Omega ratio: Gain probability vs. loss probability	1.27	1.21	+0.06
Calmar ratio: Return relative to maximum drawdown	1.70	1.62	+0.08
Martin ratio: Return relative to average drawdown	5.27	4.35	+0.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GREK vs. ITA - Sharpe Ratio Comparison

The current GREK Sharpe Ratio is 1.51, which is comparable to the ITA Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of GREK and ITA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GREK	ITA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.22	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.81	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.64	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.51	-0.35

Drawdowns

GREK vs. ITA - Drawdown Comparison

The maximum GREK drawdown since its inception was -79.50%, which is greater than ITA's maximum drawdown of -59.72%. Use the drawdown chart below to compare losses from any high point for GREK and ITA.

Drawdown Indicators

	GREK	ITA	Difference
Max Drawdown Largest peak-to-trough decline	-79.50%	-59.72%	-19.78%
Max Drawdown (1Y) Largest decline over 1 year	-21.32%	-15.82%	-5.50%
Max Drawdown (3Y) Largest decline over 3 years	-22.63%	-15.82%	-6.81%
Max Drawdown (5Y) Largest decline over 5 years	-30.46%	-18.72%	-11.74%
Max Drawdown (10Y) Largest decline over 10 years	-57.04%	-51.00%	-6.04%
Current Drawdown Current decline from peak	-5.63%	-9.25%	+3.62%
Average Drawdown Average peak-to-trough decline	-45.30%	-9.46%	-35.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.88%	5.89%	+0.99%

Volatility

GREK vs. ITA - Volatility Comparison

Global X MSCI Greece ETF (GREK) has a higher volatility of 8.07% compared to iShares U.S. Aerospace & Defense ETF (ITA) at 7.09%. This indicates that GREK's price experiences larger fluctuations and is considered to be riskier than ITA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GREK	ITA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.07%	7.09%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	20.47%	17.68%	+2.79%
Volatility (1Y) Calculated over the trailing 1-year period	24.14%	21.12%	+3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.41%	20.07%	+4.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.84%	23.17%	+6.67%

GREK vs. ITA - Expense Ratio Comparison

GREK has a 0.58% expense ratio, which is higher than ITA's 0.38% expense ratio.

Dividends

GREK vs. ITA - Dividend Comparison

GREK's dividend yield for the trailing twelve months is around 3.13%, more than ITA's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GREK Global X MSCI Greece ETF	3.13%	3.46%	4.63%	2.61%	2.82%	2.16%	2.62%	2.25%	2.41%	2.13%	1.95%	1.52%
ITA iShares U.S. Aerospace & Defense ETF	0.47%	0.55%	0.85%	0.93%	0.95%	0.82%	1.07%	1.54%	1.13%	0.91%	1.07%	1.04%

Frequently Asked Questions

Can I hold both GREK and ITA in my portfolio?

GREK and ITA have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GREK or ITA?

GREK has higher volatility (8.07%) compared to ITA (7.09%). In terms of maximum drawdown, GREK dropped -79.50% vs ITA's -59.72%.

Which ETF is better, GREK or ITA?

On 10-year performance, ITA leads with 14.86% vs 14.76% for GREK. On fees, ITA is cheaper at 0.38% per year. On volatility, ITA has been the lower-risk option at 7.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GREK or ITA?

Over the 10-year period, ITA has performed better with a 14.86% return vs 14.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GREK or ITA?

ITA is cheaper with a 0.38% expense ratio, compared with 0.58% for GREK.

Which ETF pays a higher dividend yield, GREK or ITA?

GREK has the higher dividend yield at 3.13%, compared with 0.47% for ITA.

What is the main difference between GREK and ITA?

GREK is categorized as Emerging Markets Equities, while ITA is Aerospace & Defense. GREK tracks MSCI All Greece Select 25-50, while ITA tracks Dow Jones U.S. Select Aerospace & Defense Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.58% for GREK and 0.38% for ITA.

Which has better risk-adjusted returns?

GREK currently has the higher Sharpe Ratio (1.51 vs 1.22), 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.