SHLD.TO vs. SHLD

Last updated Jun 4, 2026

SHLD.TO (Global X Defence Tech Index ETF) and SHLD (Global X Defense Tech ETF) are both Aerospace & Defense funds from Global X tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, SHLD.TO returned 11.07% vs 11.13% for SHLD. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.50% expense ratio.

Performance

SHLD.TO vs. SHLD - 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 Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SHLD.TO is traded in CAD, while SHLD is traded in USD. To make them comparable, the SHLD 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 lower than SHLD's -1.04% return.

SHLD.TO

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

SHLD

• 1D: -1.99%
• 1M: -5.15%
• YTD: -1.04%
• 6M: 1.32%
• 1Y: 11.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHLD.TO vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025
SHLD.TO Global X Defence Tech Index ETF	-1.13%	28.13%
SHLD Global X Defense Tech ETF	-1.04%	24.97%

Correlation

The correlation between SHLD.TO and SHLD is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 1, 2025	0.95

The correlation between SHLD.TO and SHLD has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

SHLD.TO vs. SHLD — 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

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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X Defence Tech Index ETF (SHLD.TO) 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.

	SHLD.TO	SHLD	Difference
Sharpe ratio Return per unit of total volatility	0.46	0.48	-0.02
Sortino ratio Return per unit of downside risk	0.81	0.84	-0.03
Omega ratio Gain probability vs. loss probability	1.10	1.10	0.00
Calmar ratio Return relative to maximum drawdown	0.48	0.53	-0.05
Martin ratio Return relative to average drawdown	1.22	1.39	-0.17
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. SHLD - Sharpe Ratio Comparison

The current SHLD.TO Sharpe Ratio is 0.46, which is comparable to the SHLD Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of SHLD.TO 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

	SHLD.TO	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.46	0.48	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	2.16	-1.18

Drawdowns

SHLD.TO vs. SHLD - Drawdown Comparison

The maximum SHLD.TO drawdown since its inception was -23.13%, which is greater than SHLD's maximum drawdown of -20.96%. Use the drawdown chart below to compare losses from any high point for SHLD.TO and SHLD.

Drawdown Indicators

	SHLD.TO	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-23.13%	-20.96%	-2.17%
Max Drawdown (1Y) Largest decline over 1 year	-23.13%	-20.96%	-2.17%
Current Drawdown Current decline from peak	-21.04%	-18.84%	-2.20%
Average Drawdown Average peak-to-trough decline	-6.23%	-3.13%	-3.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.06%	8.00%	+1.06%

Volatility

SHLD.TO vs. SHLD - Volatility Comparison

Global X Defence Tech Index ETF (SHLD.TO) and Global X Defense Tech ETF (SHLD) have volatilities of 7.54% and 7.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHLD.TO	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.54%	7.73%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	19.64%	18.81%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	24.23%	23.43%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.71%	20.16%	+4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.71%	20.16%	+4.55%

SHLD.TO vs. SHLD - Expense Ratio Comparison

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

Dividends

SHLD.TO vs. SHLD - Dividend Comparison

SHLD.TO's dividend yield for the trailing twelve months is around 0.18%, less than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%
SHLD.TO Global X Defence Tech Index ETF	0.18%	0.18%	0.00%	0.00%

Frequently Asked Questions

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

With a correlation of 0.96, SHLD.TO and SHLD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SHLD.TO or SHLD?

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 SHLD?

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

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

Both ETFs track Global X Defense Tech Index.