SHLD vs. GSIB

Last updated Jul 22, 2026

SHLD (Global X Defense Tech ETF) and GSIB (Themes Global Systemically Important Banks ETF) are both exchange-traded funds - SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index, while GSIB is a Financials Equities fund actively managed by Themes. SHLD is passively managed, while GSIB is actively managed. Over the past year, SHLD returned -1.36% vs 43.71% for GSIB. At a 0.39 correlation, their price movements are largely independent. SHLD charges 0.50%/yr vs 0.35%/yr for GSIB.

Performance

SHLD vs. GSIB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Defense Tech ETF (SHLD) and Themes Global Systemically Important Banks ETF (GSIB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHLD achieves a -6.71% return, which is significantly lower than GSIB's 19.16% return.

SHLD

• 1D: 0.37%
• 1M: -2.98%
• 6M: -21.51%
• YTD: -6.71%
• 1Y: -1.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 37.43%

GSIB

• 1D: 1.06%
• 1M: 2.75%
• 6M: 18.02%
• YTD: 19.16%
• 1Y: 43.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 44.54%

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

SHLD vs. GSIB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHLD Global X Defense Tech ETF	-6.71%	74.16%	35.03%	1.83%
GSIB Themes Global Systemically Important Banks ETF	19.16%	61.67%	32.86%	1.75%

Correlation

The correlation between SHLD and GSIB is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.39

SHLD vs. GSIB - Sectors Allocation Comparison

Sectors	SHLD	GSIB
Industrials	88.4%	-
Technology	11.6%	0.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	99.4%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SHLD vs. GSIB — Risk / Return Rank

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

SHLD

SHLD Risk / Return Rank: 10
SHLD Sharpe Ratio Rank: 10
SHLD Sortino Ratio Rank: 10
SHLD Omega Ratio Rank: 10
SHLD Calmar Ratio Rank: 10
SHLD Martin Ratio Rank: 10

GSIB

GSIB Risk / Return Rank: 87
GSIB Sharpe Ratio Rank: 92
GSIB Sortino Ratio Rank: 92
GSIB Omega Ratio Rank: 88
GSIB Calmar Ratio Rank: 81
GSIB Martin Ratio Rank: 79

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. GSIB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Defense Tech ETF (SHLD) and Themes Global Systemically Important Banks ETF (GSIB). 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	GSIB	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	2.50	-2.56
Sortino ratio: Return per unit of downside risk	0.10	3.49	-3.39
Omega ratio: Gain probability vs. loss probability	1.01	1.41	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.05	3.16	-3.21
Martin ratio: Return relative to average drawdown	-0.13	11.05	-11.18

SHLD vs. GSIB - Sharpe Ratio Comparison

The current SHLD Sharpe Ratio is -0.05, which is lower than the GSIB Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of SHLD and GSIB, 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. GSIB - Drawdown Comparison

The maximum SHLD drawdown since its inception was -25.40%, which is greater than GSIB's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for SHLD and GSIB.

Drawdown Indicators

	SHLD	GSIB	Difference
Max Drawdown Largest peak-to-trough decline	-25.40%	-17.71%	-7.69%
Max Drawdown (1Y) Largest decline over 1 year	-25.40%	-13.90%	-11.50%
Current Drawdown Current decline from peak	-22.53%	-1.10%	-21.43%
Average Drawdown Average peak-to-trough decline	-3.98%	-2.01%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.59%	3.96%	+6.63%

Volatility

SHLD vs. GSIB - Volatility Comparison

Global X Defense Tech ETF (SHLD) has a higher volatility of 7.92% compared to Themes Global Systemically Important Banks ETF (GSIB) at 4.46%. This indicates that SHLD's price experiences larger fluctuations and is considered to be riskier than GSIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHLD	GSIB	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.92%	4.46%	+3.46%
Volatility (6M) Calculated over the trailing 6-month period	19.75%	14.61%	+5.14%
Volatility (1Y) Calculated over the trailing 1-year period	25.08%	17.56%	+7.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.49%	18.37%	+3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.49%	18.37%	+3.12%

SHLD vs. GSIB - Expense Ratio Comparison

SHLD has a 0.50% expense ratio, which is higher than GSIB's 0.35% expense ratio.

Dividends

SHLD vs. GSIB - Dividend Comparison

SHLD's dividend yield for the trailing twelve months is around 0.70%, less than GSIB's 1.60% yield.

Position	TTM	2025	2024	2023
GSIB Themes Global Systemically Important Banks ETF	1.60%	1.91%	1.67%	0.00%
SHLD Global X Defense Tech ETF	0.70%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both SHLD and GSIB in my portfolio?

SHLD and GSIB have a correlation of 0.38, 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 GSIB?

SHLD has higher volatility (7.92%) compared to GSIB (4.46%). In terms of maximum drawdown, SHLD dropped -25.40% vs GSIB's -17.71%.

Which ETF is better, SHLD or GSIB?

On 1-year performance, GSIB leads with 43.71% vs -1.36% for SHLD. On fees, GSIB is cheaper at 0.35% per year. On volatility, GSIB has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHLD or GSIB?

Over the 1-year period, GSIB has performed better with a 43.71% return vs -1.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHLD or GSIB?

GSIB is cheaper with a 0.35% expense ratio, compared with 0.50% for SHLD.

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

GSIB has the higher dividend yield at 1.60%, compared with 0.70% for SHLD.

What is the main difference between SHLD and GSIB?

SHLD is categorized as Aerospace & Defense, while GSIB is Financials Equities. They also come from different issuers: Global X and Themes. Their fees differ too: 0.50% for SHLD and 0.35% for GSIB.

Which has better risk-adjusted returns?

GSIB currently has the higher Sharpe Ratio (2.50 vs -0.05), 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.