TMSL vs. SHLD

Last updated Jun 4, 2026

TMSL (T. Rowe Price Small-Mid Cap ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - TMSL is a Mid Cap Blend Equities fund actively managed by T. Rowe Price, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. TMSL is actively managed, while SHLD is passively managed. Over the past year, TMSL returned 31.37% vs 9.71% for SHLD. A 0.50 correlation means they provide meaningful diversification when combined. TMSL charges 0.55%/yr vs 0.50%/yr for SHLD.

Performance

TMSL vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Small-Mid Cap ETF (TMSL) 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, TMSL achieves a 16.49% return, which is significantly higher than SHLD's -2.28% return.

TMSL

• 1D: 0.02%
• 1M: 3.85%
• YTD: 16.49%
• 6M: 16.75%
• 1Y: 31.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHLD

• 1D: -2.39%
• 1M: -7.01%
• YTD: -2.28%
• 6M: 1.71%
• 1Y: 9.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMSL vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMSL T. Rowe Price Small-Mid Cap ETF	16.49%	11.95%	15.81%	11.12%
SHLD Global X Defense Tech ETF	-2.28%	74.16%	35.03%	12.89%

Correlation

The correlation between TMSL and SHLD is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.50

The correlation between TMSL and SHLD shifts across timeframes, from 0.40 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

TMSL vs. SHLD - Sectors Allocation Comparison

Sectors	TMSL	SHLD
Technology	24.3%	11.8%
Industrials	19.7%	88.2%
Financial Services	14.4%	-
Healthcare	13.4%	-
Consumer Cyclical	8.7%	-
Energy	6.8%	-
Real Estate	4.6%	-
Basic Materials	3.9%	-
Consumer Defensive	1.6%	-
Utilities	1.6%	-
Communication Services	1.0%	-

Return for Risk

TMSL vs. SHLD — Risk / Return Rank

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

TMSL

TMSL Risk / Return Rank: 56
TMSL Sharpe Ratio Rank: 53
TMSL Sortino Ratio Rank: 55
TMSL Omega Ratio Rank: 53
TMSL Calmar Ratio Rank: 57
TMSL Martin Ratio Rank: 64

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.

TMSL vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) 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.

	TMSL	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	1.83	0.41	+1.42
Sortino ratio: Return per unit of downside risk	2.63	0.74	+1.89
Omega ratio: Gain probability vs. loss probability	1.33	1.08	+0.24
Calmar ratio: Return relative to maximum drawdown	2.82	0.49	+2.33
Martin ratio: Return relative to average drawdown	11.55	1.30	+10.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMSL vs. SHLD - Sharpe Ratio Comparison

The current TMSL Sharpe Ratio is 1.83, which is higher than the SHLD Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of TMSL 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

	TMSL	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	0.41	+1.42
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	2.00	-0.95

Drawdowns

TMSL vs. SHLD - Drawdown Comparison

The maximum TMSL drawdown since its inception was -24.39%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for TMSL and SHLD.

Drawdown Indicators

	TMSL	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-24.39%	-20.10%	-4.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.19%	-20.10%	+8.91%
Current Drawdown Current decline from peak	-0.50%	-18.85%	+18.35%
Average Drawdown Average peak-to-trough decline	-3.94%	-3.19%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	7.51%	-4.79%

Volatility

TMSL vs. SHLD - Volatility Comparison

The current volatility for T. Rowe Price Small-Mid Cap ETF (TMSL) is 5.40%, while Global X Defense Tech ETF (SHLD) has a volatility of 7.81%. This indicates that TMSL experiences smaller price fluctuations and is considered to be less risky than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMSL	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	7.81%	-2.41%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	19.35%	-5.69%
Volatility (1Y) Calculated over the trailing 1-year period	17.27%	24.05%	-6.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.39%	21.13%	-2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	21.13%	-2.74%

TMSL vs. SHLD - Expense Ratio Comparison

TMSL has a 0.55% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

TMSL vs. SHLD - Dividend Comparison

TMSL's dividend yield for the trailing twelve months is around 0.49%, 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%
TMSL T. Rowe Price Small-Mid Cap ETF	0.49%	0.57%	0.44%	0.34%

Frequently Asked Questions

Can I hold both TMSL and SHLD in my portfolio?

TMSL and SHLD have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMSL or SHLD?

SHLD has higher volatility (7.81%) compared to TMSL (5.40%). In terms of maximum drawdown, TMSL dropped -24.39% vs SHLD's -20.10%.

Which ETF is better, TMSL or SHLD?

On 1-year performance, TMSL leads with 31.37% vs 9.71% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, TMSL has been the lower-risk option at 5.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMSL or SHLD?

Over the 1-year period, TMSL has performed better with a 31.37% return vs 9.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMSL or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.55% for TMSL.

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

SHLD has the higher dividend yield at 0.56%, compared with 0.49% for TMSL.

What is the main difference between TMSL and SHLD?

TMSL is categorized as Mid Cap Blend Equities, while SHLD is Aerospace & Defense. They also come from different issuers: T. Rowe Price and Global X. Their fees differ too: 0.55% for TMSL and 0.50% for SHLD.

Which has better risk-adjusted returns?

TMSL currently has the higher Sharpe Ratio (1.83 vs 0.41), 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.