PFFV vs. SHLD

Last updated Jul 17, 2026

PFFV (Global X Variable Rate Preferred ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - PFFV is a Preferred Stock/Convertible Bonds fund tracking the ICE U.S. Variable Rate Preferred Securities Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, PFFV returned 3.92% vs -0.87% for SHLD. At a 0.31 correlation, their price movements are largely independent. PFFV charges 0.25%/yr vs 0.50%/yr for SHLD.

Performance

PFFV vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Variable Rate Preferred ETF (PFFV) 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, PFFV achieves a 3.03% return, which is significantly higher than SHLD's -7.27% return.

PFFV

• 1D: 0.00%
• 1M: 0.15%
• 6M: 1.43%
• YTD: 3.03%
• 1Y: 3.92%
• 3Y*: 7.13%
• 5Y*: 2.11%
• 10Y*: —

SHLD

• 1D: -0.61%
• 1M: -5.92%
• 6M: -22.32%
• YTD: -7.27%
• 1Y: -0.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFFV vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PFFV Global X Variable Rate Preferred ETF	3.03%	2.08%	9.45%	4.56%
SHLD Global X Defense Tech ETF	-7.27%	74.16%	35.03%	12.89%

Correlation

The correlation between PFFV and SHLD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.31

Return for Risk

PFFV vs. SHLD — Risk / Return Rank

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

PFFV

PFFV Risk / Return Rank: 30
PFFV Sharpe Ratio Rank: 32
PFFV Sortino Ratio Rank: 31
PFFV Omega Ratio Rank: 29
PFFV Calmar Ratio Rank: 30
PFFV Martin Ratio Rank: 30

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.

PFFV vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Variable Rate Preferred ETF (PFFV) 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.

	PFFV	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.96	-0.03	+1.00
Sortino ratio: Return per unit of downside risk	1.40	0.13	+1.27
Omega ratio: Gain probability vs. loss probability	1.17	1.01	+0.16
Calmar ratio: Return relative to maximum drawdown	1.22	-0.03	+1.25
Martin ratio: Return relative to average drawdown	3.38	-0.08	+3.46

PFFV vs. SHLD - Sharpe Ratio Comparison

The current PFFV Sharpe Ratio is 0.96, which is higher than the SHLD Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of PFFV 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

PFFV vs. SHLD - Drawdown Comparison

The maximum PFFV drawdown since its inception was -18.96%, smaller than the maximum SHLD drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for PFFV and SHLD.

Drawdown Indicators

	PFFV	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-25.40%	+6.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.23%	-25.40%	+22.17%
Max Drawdown (3Y) Largest decline over 3 years	-6.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.96%	—	—
Current Drawdown Current decline from peak	-0.21%	-22.99%	+22.78%
Average Drawdown Average peak-to-trough decline	-4.11%	-3.90%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	10.30%	-9.14%

Volatility

PFFV vs. SHLD - Volatility Comparison

The current volatility for Global X Variable Rate Preferred ETF (PFFV) is 1.46%, while Global X Defense Tech ETF (SHLD) has a volatility of 8.28%. This indicates that PFFV 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

	PFFV	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	8.28%	-6.82%
Volatility (6M) Calculated over the trailing 6-month period	3.07%	19.79%	-16.72%
Volatility (1Y) Calculated over the trailing 1-year period	4.09%	25.12%	-21.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.86%	21.54%	-12.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.62%	21.54%	-12.92%

PFFV vs. SHLD - Expense Ratio Comparison

PFFV has a 0.25% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

PFFV vs. SHLD - Dividend Comparison

PFFV's dividend yield for the trailing twelve months is around 8.12%, more than SHLD's 0.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
PFFV Global X Variable Rate Preferred ETF	8.12%	8.26%	7.33%	7.17%	6.60%	5.23%	2.29%
SHLD Global X Defense Tech ETF	0.71%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFFV and SHLD in my portfolio?

PFFV and SHLD have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFFV or SHLD?

SHLD has higher volatility (8.28%) compared to PFFV (1.46%). In terms of maximum drawdown, PFFV dropped -18.96% vs SHLD's -25.40%.

Which ETF is better, PFFV or SHLD?

On 1-year performance, PFFV leads with 3.92% vs -0.87% for SHLD. On fees, PFFV is cheaper at 0.25% per year. On volatility, PFFV has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFFV or SHLD?

Over the 1-year period, PFFV has performed better with a 3.92% return vs -0.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFFV or SHLD?

PFFV is cheaper with a 0.25% expense ratio, compared with 0.50% for SHLD.

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

PFFV has the higher dividend yield at 8.12%, compared with 0.71% for SHLD.

What is the main difference between PFFV and SHLD?

PFFV is categorized as Preferred Stock/Convertible Bonds, while SHLD is Aerospace & Defense. PFFV tracks ICE U.S. Variable Rate Preferred Securities Index, while SHLD tracks Global X Defense Tech Index. Their fees differ too: 0.25% for PFFV and 0.50% for SHLD.

Which has better risk-adjusted returns?

PFFV currently has the higher Sharpe Ratio (0.96 vs -0.03), 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.