VPN vs. SHLD

Last updated Jun 4, 2026

VPN (Global X Data Center REITs & Digital Infrastructure ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - VPN is a Technology Equities fund tracking the Solactive Data Center REITs & Digital Infrastructure Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, VPN returned 84.73% vs 9.71% for SHLD. At a 0.35 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

VPN vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Data Center REITs & Digital Infrastructure ETF (VPN) 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, VPN achieves a 52.56% return, which is significantly higher than SHLD's -2.28% return.

VPN

• 1D: -0.74%
• 1M: 11.31%
• YTD: 52.56%
• 6M: 54.49%
• 1Y: 84.73%
• 3Y*: 36.32%
• 5Y*: 15.53%
• 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)

VPN vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VPN Global X Data Center REITs & Digital Infrastructure ETF	52.56%	28.99%	14.92%	11.45%
SHLD Global X Defense Tech ETF	-2.28%	74.16%	35.03%	12.89%

Correlation

The correlation between VPN and SHLD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.35

VPN vs. SHLD - Sectors Allocation Comparison

Sectors	VPN	SHLD
Real Estate	58.0%	-
Technology	30.6%	11.8%
Communication Services	10.5%	-
Financial Services	0.9%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	88.2%
Utilities	-	-

Return for Risk

VPN vs. SHLD — Risk / Return Rank

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

VPN

VPN Risk / Return Rank: 92
VPN Sharpe Ratio Rank: 95
VPN Sortino Ratio Rank: 93
VPN Omega Ratio Rank: 91
VPN Calmar Ratio Rank: 93
VPN Martin Ratio Rank: 90

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.

VPN vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Data Center REITs & Digital Infrastructure ETF (VPN) 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.

	VPN	SHLD	Difference
Sharpe ratio Return per unit of total volatility	3.90	0.41	+3.49
Sortino ratio Return per unit of downside risk	4.71	0.74	+3.97
Omega ratio Gain probability vs. loss probability	1.61	1.08	+0.52
Calmar ratio Return relative to maximum drawdown	6.61	0.49	+6.12
Martin ratio Return relative to average drawdown	20.78	1.30	+19.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPN vs. SHLD - Sharpe Ratio Comparison

The current VPN Sharpe Ratio is 3.90, which is higher than the SHLD Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of VPN 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

	VPN	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.90	0.41	+3.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	2.00	-1.23

Drawdowns

VPN vs. SHLD - Drawdown Comparison

The maximum VPN drawdown since its inception was -38.98%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for VPN and SHLD.

Drawdown Indicators

	VPN	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-38.98%	-20.10%	-18.88%
Max Drawdown (1Y) Largest decline over 1 year	-12.89%	-20.10%	+7.21%
Max Drawdown (3Y) Largest decline over 3 years	-24.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.98%	—	—
Current Drawdown Current decline from peak	-0.74%	-18.85%	+18.11%
Average Drawdown Average peak-to-trough decline	-12.37%	-3.19%	-9.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	7.51%	-3.42%

Volatility

VPN vs. SHLD - Volatility Comparison

The current volatility for Global X Data Center REITs & Digital Infrastructure ETF (VPN) is 7.16%, while Global X Defense Tech ETF (SHLD) has a volatility of 7.81%. This indicates that VPN 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

	VPN	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	7.81%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	16.92%	19.35%	-2.43%
Volatility (1Y) Calculated over the trailing 1-year period	21.84%	24.05%	-2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.83%	21.13%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	21.13%	+0.77%

VPN vs. SHLD - Expense Ratio Comparison

Both VPN and SHLD have an expense ratio of 0.50%.

Dividends

VPN vs. SHLD - Dividend Comparison

VPN's dividend yield for the trailing twelve months is around 0.72%, more than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%
VPN Global X Data Center REITs & Digital Infrastructure ETF	0.72%	1.10%	1.72%	1.18%	2.57%	1.27%	0.30%

Frequently Asked Questions

Can I hold both VPN and SHLD in my portfolio?

VPN and SHLD have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPN or SHLD?

SHLD has higher volatility (7.81%) compared to VPN (7.16%). In terms of maximum drawdown, VPN dropped -38.98% vs SHLD's -20.10%.

Which ETF is better, VPN or SHLD?

On 1-year performance, VPN leads with 84.73% vs 9.71% for SHLD. Both ETFs have the same 0.50% expense ratio. On volatility, VPN has been the lower-risk option at 7.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPN or SHLD?

Over the 1-year period, VPN has performed better with a 84.73% return vs 9.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPN or SHLD?

VPN and SHLD have the same expense ratio: 0.50% per year.

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

VPN has the higher dividend yield at 0.72%, compared with 0.56% for SHLD.

What is the main difference between VPN and SHLD?

VPN is categorized as Technology Equities, while SHLD is Aerospace & Defense. VPN tracks Solactive Data Center REITs & Digital Infrastructure Index, while SHLD tracks Global X Defense Tech Index.

Which has better risk-adjusted returns?

VPN currently has the higher Sharpe Ratio (3.90 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.