NDIA vs. SHLD

Last updated Jul 16, 2026

NDIA (Global X Funds - Global X India Active ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - NDIA is a India Equities fund actively managed by Global X, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. NDIA is actively managed, while SHLD is passively managed. Over the past year, NDIA returned -9.19% vs 0.25% for SHLD. At a 0.19 correlation, their price movements are largely independent. NDIA charges 0.76%/yr vs 0.50%/yr for SHLD.

Performance

NDIA vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Funds - Global X India Active ETF (NDIA) 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, NDIA achieves a -8.77% return, which is significantly lower than SHLD's -6.69% return.

NDIA

• 1D: 0.30%
• 1M: 1.63%
• 6M: -7.66%
• YTD: -8.77%
• 1Y: -9.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHLD

• 1D: 0.07%
• 1M: -4.47%
• 6M: -21.34%
• YTD: -6.69%
• 1Y: 0.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NDIA vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NDIA Global X Funds - Global X India Active ETF	-8.77%	5.04%	5.75%	7.94%
SHLD Global X Defense Tech ETF	-6.69%	74.16%	35.03%	12.89%

Correlation

The correlation between NDIA and SHLD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.19

NDIA vs. SHLD - Sectors Allocation Comparison

Sectors	NDIA	SHLD
Financial Services	31.4%	-
Consumer Cyclical	11.0%	-
Industrials	10.7%	87.8%
Energy	9.5%	-
Basic Materials	8.6%	-
Technology	7.1%	12.2%
Consumer Defensive	5.9%	-
Communication Services	5.5%	-
Healthcare	4.4%	-
Utilities	3.6%	-
Real Estate	2.5%	-

Return for Risk

NDIA vs. SHLD — Risk / Return Rank

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

NDIA

NDIA Risk / Return Rank: 4
NDIA Sharpe Ratio Rank: 5
NDIA Sortino Ratio Rank: 4
NDIA Omega Ratio Rank: 4
NDIA Calmar Ratio Rank: 5
NDIA Martin Ratio Rank: 3

SHLD

SHLD Risk / Return Rank: 10
SHLD Sharpe Ratio Rank: 10
SHLD Sortino Ratio Rank: 10
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.

NDIA vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Funds - Global X India Active ETF (NDIA) 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.

	NDIA	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	0.01	-0.58
Sortino ratio: Return per unit of downside risk	-0.74	0.20	-0.94
Omega ratio: Gain probability vs. loss probability	0.92	1.02	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.54	0.01	-0.55
Martin ratio: Return relative to average drawdown	-1.25	0.02	-1.28

NDIA vs. SHLD - Sharpe Ratio Comparison

The current NDIA Sharpe Ratio is -0.57, which is lower than the SHLD Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of NDIA 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

NDIA vs. SHLD - Drawdown Comparison

The maximum NDIA drawdown since its inception was -22.05%, smaller than the maximum SHLD drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for NDIA and SHLD.

Drawdown Indicators

	NDIA	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-22.05%	-25.40%	+3.35%
Max Drawdown (1Y) Largest decline over 1 year	-17.09%	-25.40%	+8.31%
Current Drawdown Current decline from peak	-15.41%	-22.52%	+7.11%
Average Drawdown Average peak-to-trough decline	-7.40%	-3.87%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.34%	10.19%	-2.85%

Volatility

NDIA vs. SHLD - Volatility Comparison

The current volatility for Global X Funds - Global X India Active ETF (NDIA) is 4.42%, while Global X Defense Tech ETF (SHLD) has a volatility of 8.30%. This indicates that NDIA 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

	NDIA	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	8.30%	-3.88%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	19.79%	-5.76%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	25.13%	-9.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	21.55%	-5.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.59%	21.55%	-5.96%

NDIA vs. SHLD - Expense Ratio Comparison

NDIA has a 0.76% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

NDIA vs. SHLD - Dividend Comparison

NDIA's dividend yield for the trailing twelve months is around 1.20%, more than SHLD's 0.70% yield.

Position	TTM	2025	2024	2023
NDIA Global X Funds - Global X India Active ETF	1.20%	1.10%	3.66%	0.28%
SHLD Global X Defense Tech ETF	0.70%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both NDIA and SHLD in my portfolio?

NDIA and SHLD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NDIA or SHLD?

SHLD has higher volatility (8.30%) compared to NDIA (4.42%). In terms of maximum drawdown, NDIA dropped -22.05% vs SHLD's -25.40%.

Which ETF is better, NDIA or SHLD?

On 1-year performance, SHLD leads with 0.25% vs -9.19% for NDIA. On fees, SHLD is cheaper at 0.50% per year. On volatility, NDIA has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NDIA or SHLD?

Over the 1-year period, SHLD has performed better with a 0.25% return vs -9.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NDIA or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.76% for NDIA.

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

NDIA has the higher dividend yield at 1.20%, compared with 0.70% for SHLD.

What is the main difference between NDIA and SHLD?

NDIA is categorized as India Equities, while SHLD is Aerospace & Defense. Their fees differ too: 0.76% for NDIA and 0.50% for SHLD.

Which has better risk-adjusted returns?

SHLD currently has the higher Sharpe Ratio (0.01 vs -0.57), 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.