GSRTX vs. SHLD

Last updated Jun 3, 2026

GSRTX (Goldman Sachs Absolute Return Tracker Fund) and SHLD (Global X Defense Tech ETF) are both funds - GSRTX is a Multistrategy fund managed by Goldman Sachs, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Over the past year, GSRTX returned 14.54% vs 13.67% for SHLD. At a 0.48 correlation, their price movements are largely independent. GSRTX charges 0.75%/yr vs 0.50%/yr for SHLD.

Performance

GSRTX vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Absolute Return Tracker Fund (GSRTX) 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, GSRTX achieves a 6.36% return, which is significantly higher than SHLD's 0.11% return.

GSRTX

• 1D: 0.18%
• 1M: 2.28%
• YTD: 6.36%
• 6M: 7.04%
• 1Y: 14.54%
• 3Y*: 9.43%
• 5Y*: 5.50%
• 10Y*: 5.49%

SHLD

• 1D: -1.16%
• 1M: -4.51%
• YTD: 0.11%
• 6M: 6.04%
• 1Y: 13.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GSRTX vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GSRTX Goldman Sachs Absolute Return Tracker Fund	6.36%	9.55%	6.93%	3.25%
SHLD Global X Defense Tech ETF	0.11%	74.16%	35.03%	12.89%

Correlation

The correlation between GSRTX and SHLD is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.48

Return for Risk

GSRTX vs. SHLD — Risk / Return Rank

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

GSRTX

GSRTX Risk / Return Rank: 78
GSRTX Sharpe Ratio Rank: 79
GSRTX Sortino Ratio Rank: 77
GSRTX Omega Ratio Rank: 77
GSRTX Calmar Ratio Rank: 75
GSRTX Martin Ratio Rank: 79

SHLD

SHLD Risk / Return Rank: 18
SHLD Sharpe Ratio Rank: 18
SHLD Sortino Ratio Rank: 19
SHLD Omega Ratio Rank: 18
SHLD Calmar Ratio Rank: 18
SHLD Martin Ratio Rank: 17

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.

GSRTX vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Absolute Return Tracker Fund (GSRTX) 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.

	GSRTX	SHLD	Difference
Sharpe ratio Return per unit of total volatility	2.59	0.57	+2.02
Sortino ratio Return per unit of downside risk	3.67	0.97	+2.71
Omega ratio Gain probability vs. loss probability	1.51	1.11	+0.40
Calmar ratio Return relative to maximum drawdown	3.42	0.71	+2.71
Martin ratio Return relative to average drawdown	14.93	1.93	+12.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSRTX vs. SHLD - Sharpe Ratio Comparison

The current GSRTX Sharpe Ratio is 2.59, which is higher than the SHLD Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of GSRTX 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

	GSRTX	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	0.57	+2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	2.07	-1.39

Drawdowns

GSRTX vs. SHLD - Drawdown Comparison

The maximum GSRTX drawdown since its inception was -13.27%, smaller than the maximum SHLD drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for GSRTX and SHLD.

Drawdown Indicators

	GSRTX	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-20.10%	+6.83%
Max Drawdown (1Y) Largest decline over 1 year	-4.35%	-20.10%	+15.75%
Max Drawdown (3Y) Largest decline over 3 years	-8.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-13.27%	—	—
Current Drawdown Current decline from peak	0.00%	-16.87%	+16.87%
Average Drawdown Average peak-to-trough decline	-2.26%	-3.17%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	7.42%	-6.42%

Volatility

GSRTX vs. SHLD - Volatility Comparison

The current volatility for Goldman Sachs Absolute Return Tracker Fund (GSRTX) is 1.43%, while Global X Defense Tech ETF (SHLD) has a volatility of 7.51%. This indicates that GSRTX 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

	GSRTX	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	7.51%	-6.08%
Volatility (6M) Calculated over the trailing 6-month period	4.54%	19.39%	-14.85%
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	23.94%	-18.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.70%	21.09%	-14.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.48%	21.09%	-14.61%

GSRTX vs. SHLD - Expense Ratio Comparison

GSRTX has a 0.75% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

GSRTX vs. SHLD - Dividend Comparison

GSRTX's dividend yield for the trailing twelve months is around 1.94%, more than SHLD's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSRTX Goldman Sachs Absolute Return Tracker Fund	1.94%	2.07%	1.05%	2.69%	5.18%	9.00%	0.61%	3.52%	2.62%	3.51%	0.54%	1.66%
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 GSRTX and SHLD in my portfolio?

GSRTX and SHLD have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSRTX or SHLD?

SHLD has higher volatility (7.51%) compared to GSRTX (1.43%). In terms of maximum drawdown, GSRTX dropped -13.27% vs SHLD's -20.10%.

Which has better risk-adjusted returns?

GSRTX currently has the higher Sharpe Ratio (2.59 vs 0.57), 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.