HXE.TO vs. SHLD

Last updated Jun 4, 2026

HXE.TO (Global X S&P/TSX Capped Energy Index Corporate Class ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - HXE.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index (Total Return), while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, HXE.TO returned 70.96% vs 11.13% for SHLD. At a 0.11 correlation, their price movements are largely independent. HXE.TO charges 0.27%/yr vs 0.50%/yr for SHLD.

Performance

HXE.TO vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HXE.TO is traded in CAD, while SHLD is traded in USD. To make them comparable, the SHLD values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HXE.TO achieves a 44.48% return, which is significantly higher than SHLD's -1.04% return.

HXE.TO

• 1D: 1.90%
• 1M: 0.21%
• YTD: 44.48%
• 6M: 43.26%
• 1Y: 70.96%
• 3Y*: 28.47%
• 5Y*: 29.94%
• 10Y*: 12.22%

SHLD

• 1D: -1.99%
• 1M: -5.15%
• YTD: -1.04%
• 6M: 1.32%
• 1Y: 11.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HXE.TO vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class ETF	44.48%	17.30%	14.39%	-8.08%
SHLD Global X Defense Tech ETF	-1.04%	66.17%	46.63%	10.35%

Correlation

The correlation between HXE.TO and SHLD is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.11

HXE.TO vs. SHLD - Sectors Allocation Comparison

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

Return for Risk

HXE.TO vs. SHLD — Risk / Return Rank

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

HXE.TO

HXE.TO Risk / Return Rank: 86
HXE.TO Sharpe Ratio Rank: 89
HXE.TO Sortino Ratio Rank: 81
HXE.TO Omega Ratio Rank: 82
HXE.TO Calmar Ratio Rank: 93
HXE.TO Martin Ratio Rank: 87

SHLD

SHLD Risk / Return Rank: 15
SHLD Sharpe Ratio Rank: 14
SHLD Sortino Ratio Rank: 15
SHLD Omega Ratio Rank: 14
SHLD Calmar Ratio Rank: 14
SHLD Martin Ratio Rank: 15

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.

HXE.TO vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) 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.

	HXE.TO	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	3.07	0.48	+2.59
Sortino ratio: Return per unit of downside risk	3.64	0.84	+2.80
Omega ratio: Gain probability vs. loss probability	1.50	1.10	+0.40
Calmar ratio: Return relative to maximum drawdown	6.55	0.53	+6.02
Martin ratio: Return relative to average drawdown	18.78	1.39	+17.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HXE.TO vs. SHLD - Sharpe Ratio Comparison

The current HXE.TO Sharpe Ratio is 3.07, which is higher than the SHLD Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of HXE.TO 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

	HXE.TO	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	0.48	+2.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	2.16	-1.94

Drawdowns

HXE.TO vs. SHLD - Drawdown Comparison

The maximum HXE.TO drawdown since its inception was -85.92%, which is greater than SHLD's maximum drawdown of -20.96%. Use the drawdown chart below to compare losses from any high point for HXE.TO and SHLD.

Drawdown Indicators

	HXE.TO	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-85.92%	-20.96%	-64.96%
Max Drawdown (1Y) Largest decline over 1 year	-10.88%	-20.96%	+10.08%
Max Drawdown (3Y) Largest decline over 3 years	-25.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.40%	—	—
Current Drawdown Current decline from peak	-3.75%	-18.84%	+15.09%
Average Drawdown Average peak-to-trough decline	-30.81%	-3.13%	-27.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	8.00%	-4.21%

Volatility

HXE.TO vs. SHLD - Volatility Comparison

Global X S&P/TSX Capped Energy Index Corporate Class ETF (HXE.TO) has a higher volatility of 9.76% compared to Global X Defense Tech ETF (SHLD) at 7.73%. This indicates that HXE.TO'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

	HXE.TO	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.76%	7.73%	+2.03%
Volatility (6M) Calculated over the trailing 6-month period	18.90%	18.81%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	23.30%	23.43%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.24%	20.16%	+9.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.75%	20.16%	+13.59%

HXE.TO vs. SHLD - Expense Ratio Comparison

HXE.TO has a 0.27% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

HXE.TO vs. SHLD - Dividend Comparison

HXE.TO 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
HXE.TO Global X S&P/TSX Capped Energy Index Corporate Class ETF	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 HXE.TO and SHLD in my portfolio?

HXE.TO and SHLD have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HXE.TO or SHLD?

On fees, HXE.TO is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HXE.TO or SHLD?

HXE.TO is cheaper with a 0.27% expense ratio, compared with 0.50% for SHLD.

What is the main difference between HXE.TO and SHLD?

HXE.TO is categorized as Energy Equities, while SHLD is Aerospace & Defense. HXE.TO tracks S&P/TSX Capped Energy Index (Total Return), while SHLD tracks Global X Defense Tech Index. Their fees differ too: 0.27% for HXE.TO and 0.50% for SHLD.