SIL vs. SHLD

Last updated Jun 5, 2026

SIL (Global X Silver Miners ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - SIL is a Silver fund tracking the Solactive Global Silver Miners Total Return Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, SIL returned 90.97% vs 11.52% for SHLD. At a 0.30 correlation, their price movements are largely independent. SIL charges 0.65%/yr vs 0.50%/yr for SHLD.

Performance

SIL vs. SHLD - Performance Comparison

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

Returns By Period

In the year-to-date period, SIL achieves a 5.99% return, which is significantly higher than SHLD's -0.74% return.

SIL

• 1D: 1.18%
• 1M: 2.48%
• YTD: 5.99%
• 6M: 17.42%
• 1Y: 90.97%
• 3Y*: 49.60%
• 5Y*: 14.23%
• 10Y*: 10.72%

SHLD

• 1D: 1.58%
• 1M: -4.77%
• YTD: -0.74%
• 6M: 2.22%
• 1Y: 11.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SIL vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SIL Global X Silver Miners ETF	5.99%	166.16%	14.62%	13.06%
SHLD Global X Defense Tech ETF	-0.74%	74.16%	35.03%	12.89%

Correlation

The correlation between SIL and SHLD is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.30

SIL vs. SHLD - Sectors Allocation Comparison

Sectors	SIL	SHLD
Basic Materials	99.8%	-
Consumer Defensive	0.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	88.2%
Real Estate	-	-
Technology	-	11.8%
Utilities	-	-

Return for Risk

SIL vs. SHLD — Risk / Return Rank

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

SIL

SIL Risk / Return Rank: 50
SIL Sharpe Ratio Rank: 55
SIL Sortino Ratio Rank: 44
SIL Omega Ratio Rank: 49
SIL Calmar Ratio Rank: 57
SIL Martin Ratio Rank: 44

SHLD

SHLD Risk / Return Rank: 17
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 18
SHLD Omega Ratio Rank: 17
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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.

SIL vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Silver Miners ETF (SIL) 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.

	SIL	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	1.83	0.48	+1.35
Sortino ratio: Return per unit of downside risk	2.17	0.84	+1.33
Omega ratio: Gain probability vs. loss probability	1.30	1.10	+0.20
Calmar ratio: Return relative to maximum drawdown	2.78	0.58	+2.20
Martin ratio: Return relative to average drawdown	7.07	1.52	+5.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIL vs. SHLD - Sharpe Ratio Comparison

The current SIL Sharpe Ratio is 1.83, which is higher than the SHLD Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of SIL 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

	SIL	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	0.48	+1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	2.03	-1.90

Drawdowns

SIL vs. SHLD - Drawdown Comparison

The maximum SIL drawdown since its inception was -82.99%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for SIL and SHLD.

Drawdown Indicators

	SIL	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-82.99%	-20.10%	-62.89%
Max Drawdown (1Y) Largest decline over 1 year	-32.91%	-20.10%	-12.81%
Max Drawdown (3Y) Largest decline over 3 years	-32.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.04%	—	—
Current Drawdown Current decline from peak	-25.00%	-17.57%	-7.43%
Average Drawdown Average peak-to-trough decline	-51.44%	-3.21%	-48.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.91%	7.60%	+5.31%

Volatility

SIL vs. SHLD - Volatility Comparison

Global X Silver Miners ETF (SIL) has a higher volatility of 17.68% compared to Global X Defense Tech ETF (SHLD) at 8.02%. This indicates that SIL's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIL	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.68%	8.02%	+9.66%
Volatility (6M) Calculated over the trailing 6-month period	41.56%	19.39%	+22.17%
Volatility (1Y) Calculated over the trailing 1-year period	50.02%	24.08%	+25.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.21%	21.14%	+18.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.60%	21.14%	+18.46%

SIL vs. SHLD - Expense Ratio Comparison

SIL has a 0.65% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

SIL vs. SHLD - Dividend Comparison

SIL's dividend yield for the trailing twelve months is around 1.12%, more than SHLD's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHLD Global X Defense Tech ETF	0.55%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SIL Global X Silver Miners ETF	1.12%	1.18%	2.40%	0.59%	0.48%	1.59%	1.92%	1.53%	1.21%	0.02%	3.34%	0.38%

Frequently Asked Questions

Can I hold both SIL and SHLD in my portfolio?

SIL and SHLD have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIL or SHLD?

SIL has higher volatility (17.68%) compared to SHLD (8.02%). In terms of maximum drawdown, SIL dropped -82.99% vs SHLD's -20.10%.

Which ETF is better, SIL or SHLD?

On 1-year performance, SIL leads with 90.97% vs 11.52% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 8.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIL or SHLD?

Over the 1-year period, SIL has performed better with a 90.97% return vs 11.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIL or SHLD?

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

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

SIL has the higher dividend yield at 1.12%, compared with 0.55% for SHLD.

What is the main difference between SIL and SHLD?

SIL is categorized as Silver, while SHLD is Aerospace & Defense. SIL tracks Solactive Global Silver Miners Total Return Index, while SHLD tracks Global X Defense Tech Index. Their fees differ too: 0.65% for SIL and 0.50% for SHLD.

Which has better risk-adjusted returns?

SIL currently has the higher Sharpe Ratio (1.83 vs 0.48), 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.