IDEF vs. GCAD

Last updated Jun 24, 2026

IDEF (iShares Defense Industrials Active ETF) and GCAD (Gabelli Commercial Aerospace & Defense ETF) are both Aerospace & Defense funds. Both are actively managed. Over the past year, IDEF returned 16.11% vs 37.12% for GCAD. Their correlation of 0.85 suggests significant overlap in exposure. IDEF charges 0.55%/yr vs 0.00%/yr for GCAD.

Performance

IDEF vs. GCAD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Defense Industrials Active ETF (IDEF) and Gabelli Commercial Aerospace & Defense ETF (GCAD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IDEF achieves a 2.45% return, which is significantly lower than GCAD's 17.90% return.

IDEF

• 1D: -0.60%
• 1M: -3.83%
• YTD: 2.45%
• 6M: 0.08%
• 1Y: 16.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GCAD

• 1D: -0.80%
• 1M: 4.43%
• YTD: 17.90%
• 6M: 15.75%
• 1Y: 37.12%
• 3Y*: 34.17%
• 5Y*: —
• 10Y*: —

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

IDEF vs. GCAD - Yearly Performance Comparison

	2026 (YTD)	2025
IDEF iShares Defense Industrials Active ETF	2.45%	21.50%
GCAD Gabelli Commercial Aerospace & Defense ETF	17.90%	22.55%

Correlation

The correlation between IDEF and GCAD is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 21, 2025	0.85

The correlation between IDEF and GCAD has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

IDEF vs. GCAD - Sectors Allocation Comparison

Sectors	IDEF	GCAD
Industrials	85.4%	77.7%
Technology	11.7%	2.9%
Energy	1.0%	-
Basic Materials	0.5%	0.7%
Utilities	0.3%	-
Financial Services	0.1%	-
Communication Services	0.0%	-
Consumer Cyclical	-	6.6%
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	0.6%

Return for Risk

IDEF vs. GCAD — Risk / Return Rank

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

IDEF

IDEF Risk / Return Rank: 22
IDEF Sharpe Ratio Rank: 22
IDEF Sortino Ratio Rank: 22
IDEF Omega Ratio Rank: 20
IDEF Calmar Ratio Rank: 24
IDEF Martin Ratio Rank: 22

GCAD

GCAD Risk / Return Rank: 57
GCAD Sharpe Ratio Rank: 59
GCAD Sortino Ratio Rank: 65
GCAD Omega Ratio Rank: 56
GCAD Calmar Ratio Rank: 54
GCAD Martin Ratio Rank: 53

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.

IDEF vs. GCAD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Defense Industrials Active ETF (IDEF) and Gabelli Commercial Aerospace & Defense ETF (GCAD). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IDEF	GCAD	Difference
Sharpe ratio: Return per unit of total volatility	0.73	1.83	-1.10
Sortino ratio: Return per unit of downside risk	1.18	2.76	-1.58
Omega ratio: Gain probability vs. loss probability	1.14	1.32	-0.19
Calmar ratio: Return relative to maximum drawdown	1.09	2.49	-1.40
Martin ratio: Return relative to average drawdown	2.57	8.52	-5.95

IDEF vs. GCAD - Sharpe Ratio Comparison

The current IDEF Sharpe Ratio is 0.73, which is lower than the GCAD Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of IDEF and GCAD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IDEF vs. GCAD - Drawdown Comparison

The maximum IDEF drawdown since its inception was -14.78%, smaller than the maximum GCAD drawdown of -16.14%. Use the drawdown chart below to compare losses from any high point for IDEF and GCAD.

Drawdown Indicators

	IDEF	GCAD	Difference
Max Drawdown Largest peak-to-trough decline	-14.78%	-16.14%	+1.36%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-14.96%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.14%	—
Current Drawdown Current decline from peak	-14.23%	-2.79%	-11.44%
Average Drawdown Average peak-to-trough decline	-4.30%	-3.01%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.28%	4.37%	+1.91%

Volatility

IDEF vs. GCAD - Volatility Comparison

iShares Defense Industrials Active ETF (IDEF) and Gabelli Commercial Aerospace & Defense ETF (GCAD) have volatilities of 8.84% and 8.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IDEF	GCAD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.84%	8.50%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	18.93%	17.61%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	22.10%	20.36%	+1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	18.76%	+2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.57%	18.76%	+2.81%

IDEF vs. GCAD - Expense Ratio Comparison

IDEF has a 0.55% expense ratio, which is higher than GCAD's 0.00% expense ratio.

Dividends

IDEF vs. GCAD - Dividend Comparison

IDEF's dividend yield for the trailing twelve months is around 0.34%, less than GCAD's 1.75% yield.

Position	TTM	2025	2024	2023
GCAD Gabelli Commercial Aerospace & Defense ETF	1.75%	2.06%	4.94%	3.62%
IDEF iShares Defense Industrials Active ETF	0.34%	0.17%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IDEF and GCAD in my portfolio?

IDEF and GCAD have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IDEF or GCAD?

IDEF has higher volatility (8.84%) compared to GCAD (8.50%). In terms of maximum drawdown, IDEF dropped -14.78% vs GCAD's -16.14%.

Which ETF is better, IDEF or GCAD?

On 1-year performance, GCAD leads with 37.12% vs 16.11% for IDEF. On fees, GCAD is cheaper at 0.00% per year. On volatility, GCAD has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IDEF or GCAD?

Over the 1-year period, GCAD has performed better with a 37.12% return vs 16.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IDEF or GCAD?

GCAD is cheaper with a 0.00% expense ratio, compared with 0.55% for IDEF.

Which ETF pays a higher dividend yield, IDEF or GCAD?

GCAD has the higher dividend yield at 1.75%, compared with 0.34% for IDEF.

What is the main difference between IDEF and GCAD?

They also come from different issuers: iShares and Gabelli. Their fees differ too: 0.55% for IDEF and 0.00% for GCAD.

Which has better risk-adjusted returns?

GCAD currently has the higher Sharpe Ratio (1.83 vs 0.73), 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.