GXDW vs. SHLD

Last updated Jun 5, 2026

GXDW (Global X Dorsey Wright Thematic ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - GXDW is a Systematic Trend fund tracking the Nasdaq Dorsey Wright Thematic Rotation Total Return Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, GXDW returned 19.75% vs 11.52% for SHLD. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

GXDW vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Dorsey Wright Thematic ETF (GXDW) 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, GXDW achieves a 23.43% return, which is significantly higher than SHLD's -0.74% return.

GXDW

• 1D: -1.42%
• 1M: 4.46%
• YTD: 23.43%
• 6M: 17.77%
• 1Y: 19.75%
• 3Y*: 6.30%
• 5Y*: -8.13%
• 10Y*: —

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)

GXDW vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GXDW Global X Dorsey Wright Thematic ETF	23.43%	3.52%	-3.55%	-1.06%
SHLD Global X Defense Tech ETF	-0.74%	74.16%	35.03%	12.89%

Correlation

The correlation between GXDW and SHLD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.38

Return for Risk

GXDW vs. SHLD — Risk / Return Rank

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

GXDW

GXDW Risk / Return Rank: 21
GXDW Sharpe Ratio Rank: 23
GXDW Sortino Ratio Rank: 23
GXDW Omega Ratio Rank: 23
GXDW Calmar Ratio Rank: 20
GXDW Martin Ratio Rank: 18

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.

GXDW vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Dorsey Wright Thematic ETF (GXDW) 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.

	GXDW	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.78	0.48	+0.30
Sortino ratio: Return per unit of downside risk	1.20	0.84	+0.36
Omega ratio: Gain probability vs. loss probability	1.15	1.10	+0.06
Calmar ratio: Return relative to maximum drawdown	0.80	0.58	+0.23
Martin ratio: Return relative to average drawdown	1.91	1.52	+0.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GXDW vs. SHLD - Sharpe Ratio Comparison

The current GXDW Sharpe Ratio is 0.78, which is higher than the SHLD Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of GXDW 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

	GXDW	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	0.48	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	2.03	-1.93

Drawdowns

GXDW vs. SHLD - Drawdown Comparison

The maximum GXDW drawdown since its inception was -67.81%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for GXDW and SHLD.

Drawdown Indicators

	GXDW	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-67.81%	-20.10%	-47.71%
Max Drawdown (1Y) Largest decline over 1 year	-24.65%	-20.10%	-4.55%
Max Drawdown (3Y) Largest decline over 3 years	-31.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.17%	—	—
Current Drawdown Current decline from peak	-51.21%	-17.57%	-33.64%
Average Drawdown Average peak-to-trough decline	-43.09%	-3.21%	-39.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.36%	7.60%	+2.76%

Volatility

GXDW vs. SHLD - Volatility Comparison

Global X Dorsey Wright Thematic ETF (GXDW) has a higher volatility of 10.10% compared to Global X Defense Tech ETF (SHLD) at 8.02%. This indicates that GXDW'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

	GXDW	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.10%	8.02%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	19.04%	19.39%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	25.56%	24.08%	+1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.63%	21.14%	+6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.59%	21.14%	+8.45%

GXDW vs. SHLD - Expense Ratio Comparison

Both GXDW and SHLD have an expense ratio of 0.50%.

Dividends

GXDW vs. SHLD - Dividend Comparison

GXDW's dividend yield for the trailing twelve months is around 1.14%, more than SHLD's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GXDW Global X Dorsey Wright Thematic ETF	1.14%	1.40%	1.08%	1.99%	1.48%	1.56%	0.48%	0.31%
SHLD Global X Defense Tech ETF	0.55%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GXDW and SHLD in my portfolio?

GXDW and SHLD have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GXDW or SHLD?

GXDW has higher volatility (10.10%) compared to SHLD (8.02%). In terms of maximum drawdown, GXDW dropped -67.81% vs SHLD's -20.10%.

Which ETF is better, GXDW or SHLD?

On 1-year performance, GXDW leads with 19.75% vs 11.52% for SHLD. Both ETFs have the same 0.50% expense ratio. 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, GXDW or SHLD?

Over the 1-year period, GXDW has performed better with a 19.75% return vs 11.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GXDW or SHLD?

GXDW and SHLD have the same expense ratio: 0.50% per year.

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

GXDW has the higher dividend yield at 1.14%, compared with 0.55% for SHLD.

What is the main difference between GXDW and SHLD?

GXDW is categorized as Systematic Trend, while SHLD is Aerospace & Defense. GXDW tracks Nasdaq Dorsey Wright Thematic Rotation Total Return Index, while SHLD tracks Global X Defense Tech Index.

Which has better risk-adjusted returns?

GXDW currently has the higher Sharpe Ratio (0.78 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.