PSI vs. SHLD

Last updated Jun 14, 2026

PSI (Invesco Semiconductors ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - PSI is a Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, PSI returned 207.41% vs 8.26% for SHLD. At a 0.30 correlation, their price movements are largely independent. PSI charges 0.56%/yr vs 0.50%/yr for SHLD.

Performance

PSI vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Semiconductors ETF (PSI) 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, PSI achieves a 112.90% return, which is significantly higher than SHLD's -1.50% return.

PSI

• 1D: 3.00%
• 1M: 13.19%
• YTD: 112.90%
• 6M: 110.54%
• 1Y: 207.41%
• 3Y*: 55.80%
• 5Y*: 32.57%
• 10Y*: 34.59%

SHLD

• 1D: -2.04%
• 1M: 2.37%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 8.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSI vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSI Invesco Semiconductors ETF	112.90%	36.32%	17.17%	13.46%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between PSI and SHLD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.30

PSI vs. SHLD - Sectors Allocation Comparison

Sectors	PSI	SHLD
Technology	98.4%	12.2%
Industrials	1.6%	87.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PSI vs. SHLD — Risk / Return Rank

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

PSI

PSI Risk / Return Rank: 97
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 95
PSI Omega Ratio Rank: 94
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 98

SHLD

SHLD Risk / Return Rank: 16
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 17
SHLD Omega Ratio Rank: 16
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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.

PSI vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Semiconductors ETF (PSI) 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.

	PSI	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	4.92	0.43	+4.49
Sortino ratio: Return per unit of downside risk	4.57	0.78	+3.79
Omega ratio: Gain probability vs. loss probability	1.63	1.09	+0.54
Calmar ratio: Return relative to maximum drawdown	12.90	0.52	+12.39
Martin ratio: Return relative to average drawdown	45.29	1.28	+44.01

PSI vs. SHLD - Sharpe Ratio Comparison

The current PSI Sharpe Ratio is 4.92, which is higher than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of PSI 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

PSI vs. SHLD - Drawdown Comparison

The maximum PSI drawdown since its inception was -62.96%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for PSI and SHLD.

Drawdown Indicators

	PSI	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-20.10%	-42.86%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-20.10%	+4.62%
Max Drawdown (3Y) Largest decline over 3 years	-41.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-44.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.85%	—	—
Current Drawdown Current decline from peak	0.00%	-18.20%	+18.20%
Average Drawdown Average peak-to-trough decline	-15.92%	-3.34%	-12.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	8.12%	-3.72%

Volatility

PSI vs. SHLD - Volatility Comparison

Invesco Semiconductors ETF (PSI) has a higher volatility of 18.89% compared to Global X Defense Tech ETF (SHLD) at 9.05%. This indicates that PSI's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSI	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.89%	9.05%	+9.84%
Volatility (6M) Calculated over the trailing 6-month period	33.67%	19.94%	+13.73%
Volatility (1Y) Calculated over the trailing 1-year period	40.58%	24.55%	+16.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.44%	21.29%	+17.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.42%	21.29%	+14.13%

PSI vs. SHLD - Expense Ratio Comparison

PSI has a 0.56% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

PSI vs. SHLD - Dividend Comparison

PSI's dividend yield for the trailing twelve months is around 0.04%, less than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSI Invesco Semiconductors ETF	0.04%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%
SHLD Global X Defense Tech ETF	0.56%	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 PSI and SHLD in my portfolio?

PSI and SHLD have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSI or SHLD?

PSI has higher volatility (18.89%) compared to SHLD (9.05%). In terms of maximum drawdown, PSI dropped -62.96% vs SHLD's -20.10%.

Which ETF is better, PSI or SHLD?

On 1-year performance, PSI leads with 207.41% vs 8.26% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSI or SHLD?

Over the 1-year period, PSI has performed better with a 207.41% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSI or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.56% for PSI.

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

SHLD has the higher dividend yield at 0.56%, compared with 0.04% for PSI.

What is the main difference between PSI and SHLD?

PSI is categorized as Semiconductors, while SHLD is Aerospace & Defense. PSI tracks Dynamic Semiconductors Intellidex Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.56% for PSI and 0.50% for SHLD.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (4.92 vs 0.43), 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.