SHLD vs. GBTC

Last updated Aug 1, 2026

SHLD (Global X Defense Tech ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past year, SHLD returned 3.85% vs -46.91% for GBTC. Their 0.28 correlation means their historical movements had little consistent relationship. SHLD charges 0.50%/yr vs 1.50%/yr for GBTC.

Performance

SHLD vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Defense Tech ETF (SHLD) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHLD achieves a -2.06% return, which is significantly higher than GBTC's -28.72% return.

SHLD

• 1D: 0.76%
• 1M: 3.35%
• 6M: -15.67%
• YTD: -2.06%
• 1Y: 3.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 39.34%

GBTC

• 1D: -2.85%
• 1M: 4.80%
• 6M: -25.46%
• YTD: -28.72%
• 1Y: -46.91%
• 3Y*: 36.79%
• 5Y*: 7.01%
• 10Y*: 50.99%
• ALL TIME*: 54.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GBTC Grayscale Bitcoin Trust ETF	$75.53M	$74.63M	$101.29M
SHLD Global X Defense Tech ETF	$70.01M	$66.37M	$108.83M

SHLD vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHLD Global X Defense Tech ETF	-2.06%	74.16%	35.03%	12.89%
GBTC Grayscale Bitcoin Trust ETF	-28.72%	-7.65%	113.81%	79.75%

Correlation

The correlation between SHLD and GBTC is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.28

The correlation between SHLD and GBTC shifts across timeframes, from 0.28 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SHLD vs. GBTC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SHLD

SHLD Risk / Return Rank: 14
SHLD Sharpe Ratio Rank: 14
SHLD Sortino Ratio Rank: 15
SHLD Omega Ratio Rank: 14
SHLD Calmar Ratio Rank: 13
SHLD Martin Ratio Rank: 13

GBTC

GBTC Risk / Return Rank: 1
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 1
GBTC Omega Ratio Rank: 1
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SHLD vs. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Defense Tech ETF (SHLD) and Grayscale Bitcoin Trust ETF (GBTC). 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.

	SHLD	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	0.15	-1.06	+1.21
Sortino ratio: Return per unit of downside risk	0.40	-1.62	+2.02
Omega ratio: Gain probability vs. loss probability	1.05	0.82	+0.22
Calmar ratio: Return relative to maximum drawdown	0.15	-0.88	+1.03
Martin ratio: Return relative to average drawdown	0.35	-1.34	+1.69

SHLD vs. GBTC - Sharpe Ratio Comparison

The current SHLD Sharpe Ratio is 0.15, which is higher than the GBTC Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of SHLD and GBTC, 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

SHLD vs. GBTC - Drawdown Comparison

The maximum SHLD drawdown since its inception was -25.40%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for SHLD and GBTC.

Drawdown Indicators

	SHLD	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-25.40%	-89.91%	+64.51%
Max Drawdown (1Y) Largest decline over 1 year	-25.40%	-53.75%	+28.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-18.67%	-50.49%	+31.82%
Average Drawdown Average peak-to-trough decline	-4.15%	-43.51%	+39.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.13%	34.92%	-23.79%

Volatility

SHLD vs. GBTC - Volatility Comparison

The current volatility for Global X Defense Tech ETF (SHLD) is 7.73%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 9.06%. This indicates that SHLD experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHLD	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.73%	9.06%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	20.16%	33.68%	-13.52%
Volatility (1Y) Calculated over the trailing 1-year period	25.33%	44.36%	-19.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.56%	60.60%	-39.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.56%	81.27%	-59.71%

SHLD vs. GBTC - Expense Ratio Comparison

SHLD has a 0.50% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

SHLD vs. GBTC - Dividend Comparison

SHLD's dividend yield for the trailing twelve months is around 0.67%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%
SHLD Global X Defense Tech ETF	0.67%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHLD and GBTC in my portfolio?

SHLD and GBTC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHLD or GBTC?

GBTC has higher volatility (9.06%) compared to SHLD (7.73%). In terms of maximum drawdown, SHLD dropped -25.40% vs GBTC's -89.91%.

Which ETF is better, SHLD or GBTC?

On 1-year performance, SHLD leads with 3.85% vs -46.91% for GBTC. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 7.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHLD or GBTC?

Over the 1-year period, SHLD has performed better with a 3.85% return vs -46.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHLD or GBTC?

SHLD is cheaper with a 0.50% expense ratio, compared with 1.50% for GBTC.

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

SHLD has the higher dividend yield at 0.67%, compared with 0.00% for GBTC.

What is the main difference between SHLD and GBTC?

SHLD is categorized as Aerospace & Defense, while GBTC is Cryptocurrency. SHLD tracks Global X Defense Tech Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Global X and Grayscale. Their fees differ too: 0.50% for SHLD and 1.50% for GBTC.

Which has better risk-adjusted returns?

SHLD currently has the higher Sharpe Ratio (0.15 vs -1.06), 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.