GREK vs. SHLD

Last updated Jun 5, 2026

GREK (Global X MSCI Greece ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - GREK is a Emerging Markets Equities fund tracking the MSCI All Greece Select 25-50, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, GREK returned 37.72% vs 11.52% for SHLD. At a 0.32 correlation, their price movements are largely independent. GREK charges 0.58%/yr vs 0.50%/yr for SHLD.

Performance

GREK vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Greece ETF (GREK) 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, GREK achieves a 11.36% return, which is significantly higher than SHLD's -0.74% return.

GREK

• 1D: 0.08%
• 1M: 4.63%
• YTD: 11.36%
• 6M: 13.04%
• 1Y: 37.72%
• 3Y*: 33.69%
• 5Y*: 24.04%
• 10Y*: 13.99%

SHLD

• 1D: 1.58%
• 1M: -4.77%
• YTD: -0.74%
• 6M: 2.22%
• 1Y: 11.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GREK vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GREK Global X MSCI Greece ETF	11.36%	76.11%	9.53%	10.18%
SHLD Global X Defense Tech ETF	-0.74%	74.16%	35.03%	12.89%

Correlation

The correlation between GREK and SHLD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.32

GREK vs. SHLD - Sectors Allocation Comparison

Sectors	GREK	SHLD
Financial Services	47.1%	-
Industrials	13.5%	88.2%
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	-	11.8%

Return for Risk

GREK vs. SHLD — Risk / Return Rank

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

GREK

GREK Risk / Return Rank: 43
GREK Sharpe Ratio Rank: 46
GREK Sortino Ratio Rank: 49
GREK Omega Ratio Rank: 45
GREK Calmar Ratio Rank: 37
GREK Martin Ratio Rank: 36

SHLD

SHLD Risk / Return Rank: 17
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 18
SHLD Omega Ratio Rank: 17
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.

GREK vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Greece ETF (GREK) 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.

	GREK	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	1.58	0.48	+1.10
Sortino ratio: Return per unit of downside risk	2.36	0.84	+1.52
Omega ratio: Gain probability vs. loss probability	1.28	1.10	+0.19
Calmar ratio: Return relative to maximum drawdown	1.78	0.58	+1.20
Martin ratio: Return relative to average drawdown	5.52	1.52	+4.00
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. SHLD - Sharpe Ratio Comparison

The current GREK Sharpe Ratio is 1.58, which is higher than the SHLD Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of GREK 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.

Sharpe Ratios by Period

	GREK	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	0.48	+1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	2.03	-1.88

Drawdowns

GREK vs. SHLD - Drawdown Comparison

The maximum GREK drawdown since its inception was -79.50%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for GREK and SHLD.

Drawdown Indicators

	GREK	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-79.50%	-20.10%	-59.40%
Max Drawdown (1Y) Largest decline over 1 year	-21.32%	-20.10%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-22.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-57.04%	—	—
Current Drawdown Current decline from peak	-4.92%	-17.57%	+12.65%
Average Drawdown Average peak-to-trough decline	-45.32%	-3.21%	-42.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.86%	7.60%	-0.74%

Volatility

GREK vs. SHLD - Volatility Comparison

Global X MSCI Greece ETF (GREK) has a higher volatility of 8.56% compared to Global X Defense Tech ETF (SHLD) at 8.02%. This indicates that GREK's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GREK	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	8.02%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	20.28%	19.39%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	23.95%	24.08%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.37%	21.14%	+3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.82%	21.14%	+8.68%

GREK vs. SHLD - Expense Ratio Comparison

GREK has a 0.58% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

GREK vs. SHLD - Dividend Comparison

GREK's dividend yield for the trailing twelve months is around 3.11%, more than SHLD's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GREK Global X MSCI Greece ETF	3.11%	3.46%	4.63%	2.61%	2.82%	2.16%	2.62%	2.25%	2.41%	2.13%	1.95%	1.52%
SHLD Global X Defense Tech ETF	0.55%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GREK and SHLD in my portfolio?

GREK and SHLD have a correlation of 0.26, 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 SHLD?

GREK has higher volatility (8.56%) compared to SHLD (8.02%). In terms of maximum drawdown, GREK dropped -79.50% vs SHLD's -20.10%.

Which ETF is better, GREK or SHLD?

On 1-year performance, GREK leads with 37.72% vs 11.52% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 8.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GREK or SHLD?

Over the 1-year period, GREK has performed better with a 37.72% return vs 11.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GREK or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.58% for GREK.

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

GREK has the higher dividend yield at 3.11%, compared with 0.55% for SHLD.

What is the main difference between GREK and SHLD?

GREK is categorized as Emerging Markets Equities, while SHLD is Aerospace & Defense. GREK tracks MSCI All Greece Select 25-50, while SHLD tracks Global X Defense Tech Index. Their fees differ too: 0.58% for GREK and 0.50% for SHLD.

Which has better risk-adjusted returns?

GREK currently has the higher Sharpe Ratio (1.58 vs 0.48), 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.