IRVH vs. SHLD

Last updated Jun 26, 2026

IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - IRVH is a Inflation-Protected Bonds fund actively managed by Global X, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. IRVH is actively managed, while SHLD is passively managed. Over the past year, IRVH returned -2.59% vs -0.23% for SHLD. At a 0.01 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

IRVH vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) 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, IRVH achieves a -3.97% return, which is significantly higher than SHLD's -10.17% return.

IRVH

• 1D: 0.26%
• 1M: -0.72%
• YTD: -3.97%
• 6M: -3.46%
• 1Y: -2.59%
• 3Y*: 0.16%
• 5Y*: —
• 10Y*: —

SHLD

• 1D: -1.15%
• 1M: -11.99%
• YTD: -10.17%
• 6M: -12.31%
• 1Y: -0.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IRVH vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	-3.97%	7.71%	-5.49%	3.84%
SHLD Global X Defense Tech ETF	-10.17%	74.16%	35.03%	12.89%

Correlation

The correlation between IRVH and SHLD is -0.02, 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	-0.02
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.01

Return for Risk

IRVH vs. SHLD — Risk / Return Rank

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

IRVH

IRVH Risk / Return Rank: 5
IRVH Sharpe Ratio Rank: 5
IRVH Sortino Ratio Rank: 5
IRVH Omega Ratio Rank: 5
IRVH Calmar Ratio Rank: 6
IRVH Martin Ratio Rank: 5

SHLD

SHLD Risk / Return Rank: 9
SHLD Sharpe Ratio Rank: 9
SHLD Sortino Ratio Rank: 9
SHLD Omega Ratio Rank: 9
SHLD Calmar Ratio Rank: 9
SHLD Martin Ratio Rank: 9

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.

IRVH vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) 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.

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.

	IRVH	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-0.01	-0.53
Sortino ratio: Return per unit of downside risk	-0.73	0.17	-0.89
Omega ratio: Gain probability vs. loss probability	0.92	1.02	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.43	-0.01	-0.42
Martin ratio: Return relative to average drawdown	-0.97	-0.03	-0.94

IRVH vs. SHLD - Sharpe Ratio Comparison

The current IRVH Sharpe Ratio is -0.54, which is lower than the SHLD Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of IRVH 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.

Drawdowns

IRVH vs. SHLD - Drawdown Comparison

The maximum IRVH drawdown since its inception was -14.98%, smaller than the maximum SHLD drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for IRVH and SHLD.

Drawdown Indicators

	IRVH	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-14.98%	-25.40%	+10.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.11%	-25.40%	+19.29%
Max Drawdown (3Y) Largest decline over 3 years	-8.03%	—	—
Current Drawdown Current decline from peak	-10.91%	-25.40%	+14.49%
Average Drawdown Average peak-to-trough decline	-9.72%	-3.55%	-6.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	8.97%	-6.29%

Volatility

IRVH vs. SHLD - Volatility Comparison

The current volatility for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) is 1.18%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.01%. This indicates that IRVH 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

	IRVH	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	9.01%	-7.83%
Volatility (6M) Calculated over the trailing 6-month period	3.37%	20.22%	-16.85%
Volatility (1Y) Calculated over the trailing 1-year period	4.81%	24.85%	-20.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.79%	21.39%	-12.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.79%	21.39%	-12.60%

IRVH vs. SHLD - Expense Ratio Comparison

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

Dividends

IRVH vs. SHLD - Dividend Comparison

IRVH's dividend yield for the trailing twelve months is around 5.60%, more than SHLD's 0.61% yield.

Position	TTM	2025	2024	2023	2022
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	5.60%	4.89%	3.34%	3.69%	2.73%
SHLD Global X Defense Tech ETF	0.61%	0.55%	0.53%	0.26%	0.00%

Frequently Asked Questions

Can I hold both IRVH and SHLD in my portfolio?

IRVH and SHLD have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IRVH or SHLD?

SHLD has higher volatility (9.01%) compared to IRVH (1.18%). In terms of maximum drawdown, IRVH dropped -14.98% vs SHLD's -25.40%.

Which ETF is better, IRVH or SHLD?

On 1-year performance, SHLD leads with -0.23% vs -2.59% for IRVH. Both ETFs have the same 0.50% expense ratio. On volatility, IRVH has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IRVH or SHLD?

Over the 1-year period, SHLD has performed better with a -0.23% return vs -2.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IRVH or SHLD?

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

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

IRVH has the higher dividend yield at 5.60%, compared with 0.61% for SHLD.

What is the main difference between IRVH and SHLD?

IRVH is categorized as Inflation-Protected Bonds, while SHLD is Aerospace & Defense.

Which has better risk-adjusted returns?

SHLD currently has the higher Sharpe Ratio (-0.01 vs -0.54), 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.