SEA vs. MISL

Last updated Jun 4, 2026

SEA (U.S. Global Sea to Sky Cargo ETF) and MISL (First Trust Indxx Aerospace & Defense ETF) are both Industrials Equities funds - SEA tracks the U.S. Global Sea to Sky Cargo Index - Benchmark TR Gross while MISL tracks the Indxx US Aerospace & Defense Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SEA returned 18.52%/yr vs 28.35%/yr for MISL. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.60% expense ratio.

Performance

SEA vs. MISL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in U.S. Global Sea to Sky Cargo ETF (SEA) and First Trust Indxx Aerospace & Defense ETF (MISL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEA achieves a 20.79% return, which is significantly higher than MISL's 7.59% return.

SEA

• 1D: -0.80%
• 1M: 0.23%
• YTD: 20.79%
• 6M: 21.12%
• 1Y: 30.09%
• 3Y*: 18.52%
• 5Y*: —
• 10Y*: —

MISL

• 1D: -2.71%
• 1M: 5.48%
• YTD: 7.59%
• 6M: 13.84%
• 1Y: 32.38%
• 3Y*: 28.35%
• 5Y*: —
• 10Y*: —

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

SEA vs. MISL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SEA U.S. Global Sea to Sky Cargo ETF	20.79%	16.78%	2.52%	19.33%	10.57%
MISL First Trust Indxx Aerospace & Defense ETF	7.59%	41.24%	20.48%	14.78%	8.22%

Correlation

The correlation between SEA and MISL is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Oct 27, 2022	0.36

SEA vs. MISL - Sectors Allocation Comparison

Sectors	SEA	MISL
Industrials	82.7%	83.0%
Energy	17.3%	-
Communication Services	0.0%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-
Technology	-1.6%	17.0%

Return for Risk

SEA vs. MISL — Risk / Return Rank

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

SEA

SEA Risk / Return Rank: 56
SEA Sharpe Ratio Rank: 54
SEA Sortino Ratio Rank: 54
SEA Omega Ratio Rank: 51
SEA Calmar Ratio Rank: 57
SEA Martin Ratio Rank: 64

MISL

MISL Risk / Return Rank: 39
MISL Sharpe Ratio Rank: 40
MISL Sortino Ratio Rank: 41
MISL Omega Ratio Rank: 35
MISL Calmar Ratio Rank: 42
MISL Martin Ratio Rank: 35

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.

SEA vs. MISL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Global Sea to Sky Cargo ETF (SEA) and First Trust Indxx Aerospace & Defense ETF (MISL). 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.

	SEA	MISL	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.44	+0.41
Sortino ratio: Return per unit of downside risk	2.62	2.10	+0.52
Omega ratio: Gain probability vs. loss probability	1.32	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	2.83	2.07	+0.76
Martin ratio: Return relative to average drawdown	11.52	5.49	+6.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEA vs. MISL - Sharpe Ratio Comparison

The current SEA Sharpe Ratio is 1.86, which is comparable to the MISL Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of SEA and MISL, 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

	SEA	MISL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.44	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	1.35	-0.95

Drawdowns

SEA vs. MISL - Drawdown Comparison

The maximum SEA drawdown since its inception was -39.53%, which is greater than MISL's maximum drawdown of -17.91%. Use the drawdown chart below to compare losses from any high point for SEA and MISL.

Drawdown Indicators

	SEA	MISL	Difference
Max Drawdown Largest peak-to-trough decline	-39.53%	-17.91%	-21.62%
Max Drawdown (1Y) Largest decline over 1 year	-10.67%	-15.69%	+5.02%
Max Drawdown (3Y) Largest decline over 3 years	-32.42%	-17.91%	-14.51%
Current Drawdown Current decline from peak	-3.07%	-9.75%	+6.68%
Average Drawdown Average peak-to-trough decline	-14.31%	-3.50%	-10.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	5.91%	-3.29%

Volatility

SEA vs. MISL - Volatility Comparison

The current volatility for U.S. Global Sea to Sky Cargo ETF (SEA) is 5.17%, while First Trust Indxx Aerospace & Defense ETF (MISL) has a volatility of 8.50%. This indicates that SEA experiences smaller price fluctuations and is considered to be less risky than MISL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEA	MISL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	8.50%	-3.33%
Volatility (6M) Calculated over the trailing 6-month period	12.01%	19.14%	-7.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.28%	22.60%	-6.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.67%	19.14%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	19.14%	+2.53%

SEA vs. MISL - Expense Ratio Comparison

Both SEA and MISL have an expense ratio of 0.60%.

Dividends

SEA vs. MISL - Dividend Comparison

SEA's dividend yield for the trailing twelve months is around 5.59%, more than MISL's 0.36% yield.

Position	TTM	2025	2024	2023	2022
MISL First Trust Indxx Aerospace & Defense ETF	0.36%	0.40%	0.74%	0.63%	0.08%
SEA U.S. Global Sea to Sky Cargo ETF	5.59%	6.76%	18.47%	9.85%	18.73%

Frequently Asked Questions

Can I hold both SEA and MISL in my portfolio?

SEA and MISL have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEA or MISL?

MISL has higher volatility (8.50%) compared to SEA (5.17%). In terms of maximum drawdown, SEA dropped -39.53% vs MISL's -17.91%.

Which ETF is better, SEA or MISL?

On 3-year performance, MISL leads with 28.35% vs 18.52% for SEA. Both ETFs have the same 0.60% expense ratio. On volatility, SEA has been the lower-risk option at 5.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEA or MISL?

Over the 3-year period, MISL has performed better with a 28.35% return vs 18.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEA or MISL?

SEA and MISL have the same expense ratio: 0.60% per year.

Which ETF pays a higher dividend yield, SEA or MISL?

SEA has the higher dividend yield at 5.59%, compared with 0.36% for MISL.

What is the main difference between SEA and MISL?

SEA tracks U.S. Global Sea to Sky Cargo Index - Benchmark TR Gross, while MISL tracks Indxx US Aerospace & Defense Index - Benchmark TR Gross. They also come from different issuers: US Global and First Trust.

Which has better risk-adjusted returns?

SEA currently has the higher Sharpe Ratio (1.86 vs 1.44), 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.