ONOF vs. SHLD

Last updated Jun 4, 2026

ONOF (Global X Adaptive U.S. Risk Management ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - ONOF is a Tactical Allocation fund tracking the Adaptive Wealth Strategies U.S. Risk Management Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, ONOF returned 23.60% vs 9.71% for SHLD. At a 0.41 correlation, their price movements are largely independent. ONOF charges 0.39%/yr vs 0.50%/yr for SHLD.

Performance

ONOF vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Adaptive U.S. Risk Management ETF (ONOF) 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, ONOF achieves a 7.32% return, which is significantly higher than SHLD's -2.28% return.

ONOF

• 1D: -0.68%
• 1M: 5.26%
• YTD: 7.32%
• 6M: 7.29%
• 1Y: 23.60%
• 3Y*: 13.72%
• 5Y*: 9.34%
• 10Y*: —

SHLD

• 1D: -2.39%
• 1M: -7.01%
• YTD: -2.28%
• 6M: 1.71%
• 1Y: 9.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONOF vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ONOF Global X Adaptive U.S. Risk Management ETF	7.32%	8.90%	19.45%	0.36%
SHLD Global X Defense Tech ETF	-2.28%	74.16%	35.03%	12.89%

Correlation

The correlation between ONOF and SHLD is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.41

ONOF vs. SHLD - Sectors Allocation Comparison

Sectors	ONOF	SHLD
Technology	35.6%	11.8%
Communication Services	11.6%	-
Financial Services	11.5%	-
Consumer Cyclical	10.1%	-
Healthcare	8.6%	-
Industrials	8.3%	88.2%
Consumer Defensive	4.8%	-
Energy	3.6%	-
Utilities	2.3%	-
Basic Materials	1.8%	-
Real Estate	1.8%	-

Return for Risk

ONOF vs. SHLD — Risk / Return Rank

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

ONOF

ONOF Risk / Return Rank: 64
ONOF Sharpe Ratio Rank: 63
ONOF Sortino Ratio Rank: 61
ONOF Omega Ratio Rank: 61
ONOF Calmar Ratio Rank: 69
ONOF Martin Ratio Rank: 65

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.

ONOF vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Adaptive U.S. Risk Management ETF (ONOF) 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.

	ONOF	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	2.11	0.41	+1.71
Sortino ratio: Return per unit of downside risk	2.86	0.74	+2.12
Omega ratio: Gain probability vs. loss probability	1.38	1.08	+0.29
Calmar ratio: Return relative to maximum drawdown	3.45	0.49	+2.97
Martin ratio: Return relative to average drawdown	11.88	1.30	+10.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONOF vs. SHLD - Sharpe Ratio Comparison

The current ONOF Sharpe Ratio is 2.11, which is higher than the SHLD Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of ONOF 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

	ONOF	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	0.41	+1.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	2.00	-1.26

Drawdowns

ONOF vs. SHLD - Drawdown Comparison

The maximum ONOF drawdown since its inception was -26.21%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for ONOF and SHLD.

Drawdown Indicators

	ONOF	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-26.21%	-20.10%	-6.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-20.10%	+13.24%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.21%	—	—
Current Drawdown Current decline from peak	-0.68%	-18.85%	+18.17%
Average Drawdown Average peak-to-trough decline	-6.15%	-3.19%	-2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	7.51%	-5.52%

Volatility

ONOF vs. SHLD - Volatility Comparison

The current volatility for Global X Adaptive U.S. Risk Management ETF (ONOF) is 3.03%, while Global X Defense Tech ETF (SHLD) has a volatility of 7.81%. This indicates that ONOF 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

	ONOF	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	7.81%	-4.78%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	19.35%	-11.40%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	24.05%	-12.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.30%	21.13%	-6.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	21.13%	-6.80%

ONOF vs. SHLD - Expense Ratio Comparison

ONOF has a 0.39% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

ONOF vs. SHLD - Dividend Comparison

ONOF's dividend yield for the trailing twelve months is around 1.29%, more than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021
ONOF Global X Adaptive U.S. Risk Management ETF	1.29%	1.38%	0.93%	1.37%	1.92%	0.69%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ONOF and SHLD in my portfolio?

ONOF and SHLD have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONOF or SHLD?

SHLD has higher volatility (7.81%) compared to ONOF (3.03%). In terms of maximum drawdown, ONOF dropped -26.21% vs SHLD's -20.10%.

Which ETF is better, ONOF or SHLD?

On 1-year performance, ONOF leads with 23.60% vs 9.71% for SHLD. On fees, ONOF is cheaper at 0.39% per year. On volatility, ONOF has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONOF or SHLD?

Over the 1-year period, ONOF has performed better with a 23.60% return vs 9.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONOF or SHLD?

ONOF is cheaper with a 0.39% expense ratio, compared with 0.50% for SHLD.

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

ONOF has the higher dividend yield at 1.29%, compared with 0.56% for SHLD.

What is the main difference between ONOF and SHLD?

ONOF is categorized as Tactical Allocation, while SHLD is Aerospace & Defense. ONOF tracks Adaptive Wealth Strategies U.S. Risk Management Index, while SHLD tracks Global X Defense Tech Index. Their fees differ too: 0.39% for ONOF and 0.50% for SHLD.

Which has better risk-adjusted returns?

ONOF currently has the higher Sharpe Ratio (2.11 vs 0.41), 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.