XAD.TO vs. SHLD

Last updated Apr 1, 2026

Compare and contrast key facts about iShares U.S. Aerospace & Defense Index ETF (XAD.TO) and Global X Defense Tech ETF (SHLD).

XAD.TO and SHLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XAD.TO is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Select Aerospace & Defense Index. It was launched on Sep 6, 2023. SHLD is a passively managed fund by Global X that tracks the performance of the Global X Defense Tech Index - Benchmark TR Net. It was launched on Sep 11, 2023. Both XAD.TO and SHLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XAD.TO vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares U.S. Aerospace & Defense Index ETF (XAD.TO) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

XAD.TO vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XAD.TO iShares U.S. Aerospace & Defense Index ETF	3.22%	41.77%	25.00%	14.33%
SHLD Global X Defense Tech ETF	10.82%	66.17%	46.63%	10.48%

Different Trading Currencies

XAD.TO is traded in CAD, while SHLD is traded in USD. To make them comparable, the SHLD values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XAD.TO achieves a 3.22% return, which is significantly lower than SHLD's 6.94% return.

XAD.TO

• 1D: 3.75%
• 1M: -8.51%
• YTD: 3.22%
• 6M: 4.33%
• 1Y: 38.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHLD

• 1D: 0.00%
• 1M: -6.88%
• YTD: 6.94%
• 6M: -2.41%
• 1Y: 42.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XAD.TO vs. SHLD - Expense Ratio Comparison

XAD.TO has a 0.44% expense ratio, which is lower than SHLD's 0.50% expense ratio.

SHLD

Global X Defense Tech ETF

XAD.TO

iShares U.S. Aerospace & Defense Index ETF

Return for Risk

XAD.TO vs. SHLD — Risk / Return Rank

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

XAD.TO

XAD.TO Risk / Return Rank: 81
XAD.TO Sharpe Ratio Rank: 84
XAD.TO Sortino Ratio Rank: 85
XAD.TO Omega Ratio Rank: 80
XAD.TO Calmar Ratio Rank: 84
XAD.TO Martin Ratio Rank: 74

SHLD

SHLD Risk / Return Rank: 92
SHLD Sharpe Ratio Rank: 93
SHLD Sortino Ratio Rank: 93
SHLD Omega Ratio Rank: 90
SHLD Calmar Ratio Rank: 94
SHLD Martin Ratio Rank: 88

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.

XAD.TO vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Aerospace & Defense Index ETF (XAD.TO) 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.

	XAD.TO	SHLD	Difference
Sharpe ratio Return per unit of total volatility	1.61	1.78	-0.16
Sortino ratio Return per unit of downside risk	2.22	2.42	-0.20
Omega ratio Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio Return relative to maximum drawdown	2.31	2.95	-0.64
Martin ratio Return relative to average drawdown	7.38	7.93	-0.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAD.TO vs. SHLD - Sharpe Ratio Comparison

The current XAD.TO Sharpe Ratio is 1.61, which is comparable to the SHLD Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of XAD.TO and SHLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XAD.TO	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.78	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.95	2.64	-0.69

Correlation

The correlation between XAD.TO and SHLD is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XAD.TO vs. SHLD - Dividend Comparison

XAD.TO's dividend yield for the trailing twelve months is around 0.34%, less than SHLD's 0.50% yield.

	TTM	2025	2024	2023
XAD.TO iShares U.S. Aerospace & Defense Index ETF	0.34%	0.35%	0.44%	0.24%
SHLD Global X Defense Tech ETF	0.50%	0.55%	0.53%	0.26%

Drawdowns

XAD.TO vs. SHLD - Drawdown Comparison

The maximum XAD.TO drawdown since its inception was -16.06%, which is greater than SHLD's maximum drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for XAD.TO and SHLD.

Drawdown Indicators

	XAD.TO	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-16.06%	-15.06%	-1.00%
Max Drawdown (1Y) Largest decline over 1 year	-14.36%	-15.06%	+0.70%
Current Drawdown Current decline from peak	-11.14%	-9.20%	-1.94%
Average Drawdown Average peak-to-trough decline	-2.49%	-2.57%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	5.17%	-0.59%

Volatility

XAD.TO vs. SHLD - Volatility Comparison

iShares U.S. Aerospace & Defense Index ETF (XAD.TO) and Global X Defense Tech ETF (SHLD) have volatilities of 7.49% and 7.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XAD.TO	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.49%	7.33%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	17.59%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	24.15%	24.18%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.91%	19.60%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.91%	19.60%	+1.31%