SHLD.TO vs. EUAD

Last updated Jun 4, 2026

SHLD.TO (Global X Defence Tech Index ETF) and EUAD (Select STOXX Europe Aerospace & Defense ETF) are both Aerospace & Defense funds - SHLD.TO tracks the Global X Defense Tech Index while EUAD tracks the STOXX Europe Total Market Aerospace & Defense Index. Both are passively managed. Over the past year, SHLD.TO returned 11.07% vs -2.44% for EUAD. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

SHLD.TO vs. EUAD - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Defence Tech Index ETF (SHLD.TO) and Select STOXX Europe Aerospace & Defense ETF (EUAD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SHLD.TO is traded in CAD, while EUAD is traded in USD. To make them comparable, the EUAD values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SHLD.TO achieves a -1.13% return, which is significantly higher than EUAD's -4.21% return.

SHLD.TO

• 1D: -1.94%
• 1M: -5.03%
• YTD: -1.13%
• 6M: 1.30%
• 1Y: 11.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EUAD

• 1D: -1.13%
• 1M: 0.83%
• YTD: -4.21%
• 6M: -2.12%
• 1Y: -2.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHLD.TO vs. EUAD - Yearly Performance Comparison

	2026 (YTD)	2025
SHLD.TO Global X Defence Tech Index ETF	-1.13%	28.13%
EUAD Select STOXX Europe Aerospace & Defense ETF	-4.21%	17.67%

Correlation

The correlation between SHLD.TO and EUAD is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 1, 2025	0.71

The correlation between SHLD.TO and EUAD has been stable across timeframes, ranging from 0.70 to 0.71 - a consistent structural relationship.

Return for Risk

SHLD.TO vs. EUAD — Risk / Return Rank

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

SHLD.TO

SHLD.TO Risk / Return Rank: 15
SHLD.TO Sharpe Ratio Rank: 15
SHLD.TO Sortino Ratio Rank: 16
SHLD.TO Omega Ratio Rank: 15
SHLD.TO Calmar Ratio Rank: 15
SHLD.TO Martin Ratio Rank: 15

EUAD

EUAD Risk / Return Rank: 7
EUAD Sharpe Ratio Rank: 7
EUAD Sortino Ratio Rank: 7
EUAD Omega Ratio Rank: 7
EUAD Calmar Ratio Rank: 7
EUAD Martin Ratio Rank: 7

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.

SHLD.TO vs. EUAD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Defence Tech Index ETF (SHLD.TO) and Select STOXX Europe Aerospace & Defense ETF (EUAD). 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.

	SHLD.TO	EUAD	Difference
Sharpe ratio: Return per unit of total volatility	0.46	-0.09	+0.55
Sortino ratio: Return per unit of downside risk	0.81	0.08	+0.73
Omega ratio: Gain probability vs. loss probability	1.10	1.01	+0.09
Calmar ratio: Return relative to maximum drawdown	0.48	-0.11	+0.59
Martin ratio: Return relative to average drawdown	1.22	-0.26	+1.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHLD.TO vs. EUAD - Sharpe Ratio Comparison

The current SHLD.TO Sharpe Ratio is 0.46, which is higher than the EUAD Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of SHLD.TO and EUAD, 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

	SHLD.TO	EUAD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	-0.09	+0.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	1.18	-0.20

Drawdowns

SHLD.TO vs. EUAD - Drawdown Comparison

The maximum SHLD.TO drawdown since its inception was -23.13%, roughly equal to the maximum EUAD drawdown of -22.83%. Use the drawdown chart below to compare losses from any high point for SHLD.TO and EUAD.

Drawdown Indicators

	SHLD.TO	EUAD	Difference
Max Drawdown Largest peak-to-trough decline	-23.13%	-22.83%	-0.30%
Max Drawdown (1Y) Largest decline over 1 year	-23.13%	-22.83%	-0.30%
Current Drawdown Current decline from peak	-21.04%	-17.40%	-3.64%
Average Drawdown Average peak-to-trough decline	-6.23%	-5.74%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.06%	9.47%	-0.41%

Volatility

SHLD.TO vs. EUAD - Volatility Comparison

The current volatility for Global X Defence Tech Index ETF (SHLD.TO) is 7.54%, while Select STOXX Europe Aerospace & Defense ETF (EUAD) has a volatility of 11.13%. This indicates that SHLD.TO experiences smaller price fluctuations and is considered to be less risky than EUAD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHLD.TO	EUAD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.54%	11.13%	-3.59%
Volatility (6M) Calculated over the trailing 6-month period	19.64%	23.52%	-3.88%
Volatility (1Y) Calculated over the trailing 1-year period	24.23%	28.40%	-4.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.71%	28.99%	-4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.71%	28.99%	-4.28%

SHLD.TO vs. EUAD - Expense Ratio Comparison

Both SHLD.TO and EUAD have an expense ratio of 0.50%.

Dividends

SHLD.TO vs. EUAD - Dividend Comparison

SHLD.TO's dividend yield for the trailing twelve months is around 0.18%, less than EUAD's 0.42% yield.

Position	TTM	2025	2024
EUAD Select STOXX Europe Aerospace & Defense ETF	0.42%	0.40%	0.10%
SHLD.TO Global X Defence Tech Index ETF	0.18%	0.18%	0.00%

Frequently Asked Questions

Can I hold both SHLD.TO and EUAD in my portfolio?

SHLD.TO and EUAD have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SHLD.TO or EUAD?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SHLD.TO or EUAD?

SHLD.TO and EUAD have the same expense ratio: 0.50% per year.

What is the main difference between SHLD.TO and EUAD?

SHLD.TO tracks Global X Defense Tech Index, while EUAD tracks STOXX Europe Total Market Aerospace & Defense Index. They also come from different issuers: Global X and Select Funds.