SHLD vs. GLDI

Last updated Jun 13, 2026

SHLD (Global X Defense Tech ETF) and GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) are both exchange-traded funds - SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index, while GLDI is a Precious Metals fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past year, SHLD returned 8.26% vs 13.60% for GLDI. At a 0.24 correlation, their price movements are largely independent. SHLD charges 0.50%/yr vs 0.65%/yr for GLDI.

Performance

SHLD vs. GLDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Defense Tech ETF (SHLD) and Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHLD achieves a -1.50% return, which is significantly higher than GLDI's -2.64% return.

SHLD

• 1D: -2.04%
• 1M: -0.44%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 8.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLDI

• 1D: 0.42%
• 1M: -6.86%
• YTD: -2.64%
• 6M: -2.08%
• 1Y: 13.60%
• 3Y*: 17.80%
• 5Y*: 10.20%
• 10Y*: 8.20%

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

SHLD vs. GLDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN	-2.64%	34.25%	17.76%	6.68%

Correlation

The correlation between SHLD and GLDI is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.24

Return for Risk

SHLD vs. GLDI — Risk / Return Rank

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

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

GLDI

GLDI Risk / Return Rank: 29
GLDI Sharpe Ratio Rank: 30
GLDI Sortino Ratio Rank: 25
GLDI Omega Ratio Rank: 33
GLDI Calmar Ratio Rank: 25
GLDI Martin Ratio Rank: 30

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 vs. GLDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Defense Tech ETF (SHLD) and Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI). 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	GLDI	Difference
Sharpe ratio: Return per unit of total volatility	0.43	0.95	-0.52
Sortino ratio: Return per unit of downside risk	0.78	1.26	-0.48
Omega ratio: Gain probability vs. loss probability	1.09	1.20	-0.11
Calmar ratio: Return relative to maximum drawdown	0.52	1.05	-0.53
Martin ratio: Return relative to average drawdown	1.28	3.77	-2.49

SHLD vs. GLDI - Sharpe Ratio Comparison

The current SHLD Sharpe Ratio is 0.43, which is lower than the GLDI Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of SHLD and GLDI, 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. GLDI - Drawdown Comparison

The maximum SHLD drawdown since its inception was -20.10%, smaller than the maximum GLDI drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for SHLD and GLDI.

Drawdown Indicators

	SHLD	GLDI	Difference
Max Drawdown Largest peak-to-trough decline	-20.10%	-32.26%	+12.16%
Max Drawdown (1Y) Largest decline over 1 year	-20.10%	-14.14%	-5.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.94%	—
Current Drawdown Current decline from peak	-18.20%	-11.63%	-6.57%
Average Drawdown Average peak-to-trough decline	-3.34%	-13.99%	+10.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.12%	3.94%	+4.18%

Volatility

SHLD vs. GLDI - Volatility Comparison

Global X Defense Tech ETF (SHLD) has a higher volatility of 9.05% compared to Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) at 6.70%. This indicates that SHLD's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHLD	GLDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.05%	6.70%	+2.35%
Volatility (6M) Calculated over the trailing 6-month period	19.94%	14.24%	+5.70%
Volatility (1Y) Calculated over the trailing 1-year period	24.55%	15.75%	+8.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.29%	11.61%	+9.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.29%	11.50%	+9.79%

SHLD vs. GLDI - Expense Ratio Comparison

SHLD has a 0.50% expense ratio, which is lower than GLDI's 0.65% expense ratio.

Dividends

SHLD vs. GLDI - Dividend Comparison

SHLD's dividend yield for the trailing twelve months is around 0.56%, less than GLDI's 23.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN	23.45%	16.15%	10.45%	10.02%	13.73%	10.65%	14.25%	7.25%	5.33%	7.77%	17.26%	10.07%
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 SHLD and GLDI in my portfolio?

SHLD and GLDI have a correlation of 0.28, 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 GLDI?

SHLD has higher volatility (9.05%) compared to GLDI (6.70%). In terms of maximum drawdown, SHLD dropped -20.10% vs GLDI's -32.26%.

Which ETF is better, SHLD or GLDI?

On 1-year performance, GLDI leads with 13.60% vs 8.26% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, GLDI has been the lower-risk option at 6.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHLD or GLDI?

Over the 1-year period, GLDI has performed better with a 13.60% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHLD or GLDI?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.65% for GLDI.

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

GLDI has the higher dividend yield at 23.45%, compared with 0.56% for SHLD.

What is the main difference between SHLD and GLDI?

SHLD is categorized as Aerospace & Defense, while GLDI is Precious Metals. SHLD tracks Global X Defense Tech Index, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: Global X and Credit Suisse. Their fees differ too: 0.50% for SHLD and 0.65% for GLDI.

Which has better risk-adjusted returns?

GLDI currently has the higher Sharpe Ratio (0.95 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.