XTR vs. SHLD

Last updated Jun 4, 2026

XTR (Global X S&P 500 Tail Risk ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - XTR is a Equity Hedged fund tracking the Cboe S&P 500 Tail Risk Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, XTR returned 22.85% vs 9.71% for SHLD. At a 0.44 correlation, their price movements are largely independent. XTR charges 0.25%/yr vs 0.50%/yr for SHLD.

Performance

XTR vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Tail Risk ETF (XTR) 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, XTR achieves a 8.67% return, which is significantly higher than SHLD's -2.28% return.

XTR

• 1D: -0.65%
• 1M: 5.03%
• YTD: 8.67%
• 6M: 8.51%
• 1Y: 22.85%
• 3Y*: 18.55%
• 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)

XTR vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XTR Global X S&P 500 Tail Risk ETF	8.67%	13.66%	21.85%	6.45%
SHLD Global X Defense Tech ETF	-2.28%	74.16%	35.03%	12.89%

Correlation

The correlation between XTR and SHLD 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 Sep 14, 2023	0.44

XTR vs. SHLD - Sectors Allocation Comparison

Sectors	XTR	SHLD
Technology	35.6%	11.8%
Financial Services	11.8%	-
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.3%	88.2%
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

XTR vs. SHLD — Risk / Return Rank

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

XTR

XTR Risk / Return Rank: 61
XTR Sharpe Ratio Rank: 63
XTR Sortino Ratio Rank: 63
XTR Omega Ratio Rank: 60
XTR Calmar Ratio Rank: 54
XTR Martin Ratio Rank: 63

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.

XTR vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) 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.

	XTR	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	2.14	0.41	+1.73
Sortino ratio: Return per unit of downside risk	2.98	0.74	+2.24
Omega ratio: Gain probability vs. loss probability	1.38	1.08	+0.29
Calmar ratio: Return relative to maximum drawdown	2.70	0.49	+2.21
Martin ratio: Return relative to average drawdown	11.51	1.30	+10.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTR vs. SHLD - Sharpe Ratio Comparison

The current XTR Sharpe Ratio is 2.14, which is higher than the SHLD Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of XTR 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

	XTR	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	0.41	+1.73
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	2.00	-1.28

Drawdowns

XTR vs. SHLD - Drawdown Comparison

The maximum XTR drawdown since its inception was -20.83%, roughly equal to the maximum SHLD drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for XTR and SHLD.

Drawdown Indicators

	XTR	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-20.10%	-0.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-20.10%	+11.59%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	—	—
Current Drawdown Current decline from peak	-0.65%	-18.85%	+18.20%
Average Drawdown Average peak-to-trough decline	-5.95%	-3.19%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	7.51%	-5.52%

Volatility

XTR vs. SHLD - Volatility Comparison

The current volatility for Global X S&P 500 Tail Risk ETF (XTR) is 2.99%, while Global X Defense Tech ETF (SHLD) has a volatility of 7.81%. This indicates that XTR 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

	XTR	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	7.81%	-4.82%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	19.35%	-11.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.76%	24.05%	-13.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.78%	21.13%	-7.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.78%	21.13%	-7.35%

XTR vs. SHLD - Expense Ratio Comparison

XTR has a 0.25% expense ratio, which is lower than SHLD's 0.50% expense ratio.

Dividends

XTR vs. SHLD - Dividend Comparison

XTR's dividend yield for the trailing twelve months is around 16.40%, more than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%	0.00%	0.00%
XTR Global X S&P 500 Tail Risk ETF	16.40%	17.82%	20.89%	1.09%	1.08%	2.32%

Frequently Asked Questions

Can I hold both XTR and SHLD in my portfolio?

XTR and SHLD 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, XTR or SHLD?

SHLD has higher volatility (7.81%) compared to XTR (2.99%). In terms of maximum drawdown, XTR dropped -20.83% vs SHLD's -20.10%.

Which ETF is better, XTR or SHLD?

On 1-year performance, XTR leads with 22.85% vs 9.71% for SHLD. On fees, XTR is cheaper at 0.25% per year. On volatility, XTR has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTR or SHLD?

Over the 1-year period, XTR has performed better with a 22.85% return vs 9.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTR or SHLD?

XTR is cheaper with a 0.25% expense ratio, compared with 0.50% for SHLD.

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

XTR has the higher dividend yield at 16.40%, compared with 0.56% for SHLD.

What is the main difference between XTR and SHLD?

XTR is categorized as Equity Hedged, while SHLD is Aerospace & Defense. XTR tracks Cboe S&P 500 Tail Risk Index, while SHLD tracks Global X Defense Tech Index. Their fees differ too: 0.25% for XTR and 0.50% for SHLD.

Which has better risk-adjusted returns?

XTR currently has the higher Sharpe Ratio (2.14 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.