ISHG vs. SHLD

Last updated Jun 24, 2026

ISHG (iShares 1-3 Year International Treasury Bond ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, ISHG returned -0.16% vs 4.03% for SHLD. At a 0.25 correlation, their price movements are largely independent. ISHG charges 0.35%/yr vs 0.50%/yr for SHLD.

Performance

ISHG vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 1-3 Year International Treasury Bond ETF (ISHG) 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, ISHG achieves a -1.71% return, which is significantly higher than SHLD's -6.53% return.

ISHG

• 1D: -0.34%
• 1M: -1.79%
• YTD: -1.71%
• 6M: -1.87%
• 1Y: -0.16%
• 3Y*: 3.51%
• 5Y*: -1.12%
• 10Y*: -0.31%

SHLD

• 1D: -0.05%
• 1M: -7.05%
• YTD: -6.53%
• 6M: -8.73%
• 1Y: 4.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISHG vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISHG iShares 1-3 Year International Treasury Bond ETF	-1.71%	13.31%	-4.16%	5.49%
SHLD Global X Defense Tech ETF	-6.53%	74.16%	35.03%	12.89%

Correlation

The correlation between ISHG and SHLD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.25

Return for Risk

ISHG vs. SHLD — Risk / Return Rank

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

ISHG

ISHG Risk / Return Rank: 8
ISHG Sharpe Ratio Rank: 9
ISHG Sortino Ratio Rank: 8
ISHG Omega Ratio Rank: 7
ISHG Calmar Ratio Rank: 8
ISHG Martin Ratio Rank: 8

SHLD

SHLD Risk / Return Rank: 11
SHLD Sharpe Ratio Rank: 11
SHLD Sortino Ratio Rank: 11
SHLD Omega Ratio Rank: 10
SHLD Calmar Ratio Rank: 10
SHLD Martin Ratio Rank: 11

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.

ISHG vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year International Treasury Bond ETF (ISHG) 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.

	ISHG	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	0.16	-0.19
Sortino ratio: Return per unit of downside risk	0.01	0.41	-0.40
Omega ratio: Gain probability vs. loss probability	1.00	1.05	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.03	0.18	-0.21
Martin ratio: Return relative to average drawdown	-0.07	0.46	-0.54

ISHG vs. SHLD - Sharpe Ratio Comparison

The current ISHG Sharpe Ratio is -0.02, which is lower than the SHLD Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of ISHG 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

ISHG vs. SHLD - Drawdown Comparison

The maximum ISHG drawdown since its inception was -37.24%, which is greater than SHLD's maximum drawdown of -22.38%. Use the drawdown chart below to compare losses from any high point for ISHG and SHLD.

Drawdown Indicators

	ISHG	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-37.24%	-22.38%	-14.86%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-22.38%	+17.36%
Max Drawdown (3Y) Largest decline over 3 years	-8.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.56%	—	—
Current Drawdown Current decline from peak	-23.56%	-22.38%	-1.18%
Average Drawdown Average peak-to-trough decline	-18.44%	-3.49%	-14.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	8.69%	-6.56%

Volatility

ISHG vs. SHLD - Volatility Comparison

The current volatility for iShares 1-3 Year International Treasury Bond ETF (ISHG) is 1.78%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.04%. This indicates that ISHG 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

	ISHG	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	9.04%	-7.26%
Volatility (6M) Calculated over the trailing 6-month period	4.90%	20.19%	-15.29%
Volatility (1Y) Calculated over the trailing 1-year period	6.55%	24.71%	-18.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	21.33%	-13.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	21.33%	-14.40%

ISHG vs. SHLD - Expense Ratio Comparison

ISHG has a 0.35% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

ISHG vs. SHLD - Dividend Comparison

ISHG's dividend yield for the trailing twelve months is around 1.48%, more than SHLD's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISHG iShares 1-3 Year International Treasury Bond ETF	1.48%	1.45%	2.56%	0.18%	0.00%	1.29%	0.00%	0.00%	1.80%	0.46%	0.00%	0.09%
SHLD Global X Defense Tech ETF	0.59%	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 ISHG and SHLD in my portfolio?

ISHG and SHLD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISHG or SHLD?

SHLD has higher volatility (9.04%) compared to ISHG (1.78%). In terms of maximum drawdown, ISHG dropped -37.24% vs SHLD's -22.38%.

Which ETF is better, ISHG or SHLD?

On 1-year performance, SHLD leads with 4.03% vs -0.16% for ISHG. On fees, ISHG is cheaper at 0.35% per year. On volatility, ISHG has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISHG or SHLD?

Over the 1-year period, SHLD has performed better with a 4.03% return vs -0.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISHG or SHLD?

ISHG is cheaper with a 0.35% expense ratio, compared with 0.50% for SHLD.

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

ISHG has the higher dividend yield at 1.48%, compared with 0.59% for SHLD.

What is the main difference between ISHG and SHLD?

ISHG is categorized as International Government Bonds, while SHLD is Aerospace & Defense. ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.35% for ISHG and 0.50% for SHLD.

Which has better risk-adjusted returns?

SHLD currently has the higher Sharpe Ratio (0.16 vs -0.02), 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.