Do AIRR and SHLD hold the same stocks?

By their latest filings, 9% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, AIRR or SHLD?

AIRR has 15% of its weight in S&P 500 names and SHLD has 45%, so AIRR differs more from the index.

Which is cheaper, AIRR or SHLD?

AIRR charges 0.69% a year and SHLD charges 0.50%, so SHLD is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Thematic ETFs

AIRR vs SHLD: Holdings Overlap & Returns

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Over the year to Oct 28, 2026, AIRR returned −0.2% to SHLD's −6.5%; 9% of their weight is in the same names.

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Net assets: $8.4bn on Oct 27, 2026 for First Trust RBA American Industrial Renaissance ETF, and $6.3bn on Oct 12, 2026 for Global X Defense Tech ETF.

AIRR on its own →SHLD on its own →

At a glance

14.7%

AIRR in the S&P 500

44.6%

SHLD in the S&P 500

−0.2%

AIRR total return, 1 year

−6.5%

SHLD total return, 1 year

AIRR · 1 year to Oct 28, 2026 85% of its weight is outside the S&P 500

15% of AIRR's weight is in S&P 500 companies and 85% is outside the index. Holdings as of Oct 27, 2026.

SHLD · 1 year to Oct 28, 2026 55% of its weight is outside the S&P 500

45% of SHLD's weight is in S&P 500 companies and 55% is outside the index. Holdings as of May 31, 2026.

Pair scorecard

SHLD costs 0.19 points a year less; their one-year returns differ by 6.3 points; AIRR is 1.4 times larger.

Points (pts) are percentage points.

AIRR vs SHLD: Holdings Overlap & Returns
Measure	AIRR	SHLD
Return
Measure	AIRR	SHLD
Total return, 1 year	−0.2%	−6.5%
Drawdown
Measure	AIRR	SHLD
Below its all-time high	25.5%, high on Jun 22, 2026	18.6%, high on Mar 9, 2026
Against its benchmark
Measure	AIRR	SHLD
What it tracks	Reshoring and manufacturing	Defense
Against the S&P 500, 1 year	behind by 13.9 pts
Its benchmark, total return, 1 year	+13.7%
Against its benchmark, 1 year	behind by 13.9 pts
Cost and size
Measure	AIRR	SHLD
Expense ratio	0.69%	0.50%
Net assets, as of Oct 12, 2026	$8.9bn	$6.3bn
Holdings
Measure	AIRR	SHLD
Holdings in common	9%

Holdings in common uses holdings dated May 31, 2026 and Oct 27, 2026. Method

What they share

By the books each fund has filed, AIRR and SHLD hold 9% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Oct 27, 2026.

50%

0 half 100%

half

9% in common

Positions both hold · largest shared weight first AIRR SHLD

BWX Technologies, Inc. 3.33% 3.05%

Huntington Ingalls Industries, Inc. 3.13% 2.04%

Kratos Defense & Security Solutions, Inc. 3.47% 1.81%

Mercury Systems, Inc. 1.30% 1.13%

Karman Holdings Inc. 3.51% 0.83%

Only in one fund ↓

Only in AIRR

C.H. Robinson Worldwide, Inc. 3.83%

Herc Holdings, Inc. 3.30%

Owens Corning 3.20%

RBC Bearings Incorporated 3.19%

Dycom Industries, Inc. 3.13%

Nextpower Inc. (Class A) 3.12%

Argan, Inc. 2.97%

Core & Main, Inc. (Class A) 2.84%

Only in SHLD

LOCKHEED MARTIN CORPORATION 8.41%

RTX CORPORATION 7.75%

GENERAL DYNAMICS CORPORATION 7.67%

PALANTIR TECHNOLOGIES INC. 7.07%

Rheinmetall Aktiengesellschaft 5.76%

BAE SYSTEMS PLC 4.88%

L3HARRIS TECHNOLOGIES, INC. 4.69%

HANWHA AEROSPACE CO., LTD. 4.40%

Check overlap with more funds →

Window by window

Window by window: AIRR vs SHLD: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	AIRR	SHLD	AIRR	SHLD
3 months	−10.0%	+2.0%	−16.1 pts vs VOO	not measured
6 months	−18.4%	−4.7%	−27.5 pts vs VOO	not measured
1 year	−0.2%	−6.5%	−13.9 pts vs VOO	not measured
3 years	+112.5%	+156.5%	+17.0 pts vs VOO	not measured
Since launchNot the same days: AIRR Mar 2014 · SHLD Sep 2023	+418.8%	+160.2%	+4.1 pts vs VOO	not measured

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Side by side

AIRR First Trust RBA American Industrial Renaissance ETF · Holds 55 stocks in reshoring and manufacturing, 15% of its weight in S&P 500 companies SHLD Global X Defense Tech ETF · Holds 48 stocks in defense, 45% of its weight in S&P 500 companies

Issuer First Trust Global X

Theme Reshoring and manufacturing Defense

In the S&P 500 14.7% 44.6%

Active share vs the S&P 500 99.8% 98.7%

In the Nasdaq-100 not published 7.1%

Holdings 55 48

Top ten, share of the fund 33.2% 59.3%

Expense ratio 0.69% 0.50%

Fee for the differing part 0.69% 0.51%

Total return, 1 year −0.2% −6.5%

vs its benchmark −13.9 pts vs VOO not measured

Below its high −25.5% −18.6%

Net assets, AIRR as of Oct 27, 2026 and SHLD as of Oct 12, 2026 $8.4bn $6.3bn

As of Oct 28, 2026. Source: ETFIQ.

9% of the two portfolios are the same securities at the same weight.

Alert

About each fund

AIRR

By weight, 15% of AIRR's portfolio is stocks that are also in the S&P 500, from its filing for Jun 30, 2026; its active share against the S&P 500 is 100%.

The top ten holdings are 33% of the fund across 55 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −0.2% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 13.9 pts. It sits 25.5% below its all-time high of Jun 22, 2026.

SHLD

By weight, 45% of SHLD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 59% of the fund across 48 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned −6.5% with distributions reinvested. It sits 18.6% below its all-time high of Mar 9, 2026.

Questions people ask

Do AIRR and SHLD hold the same stocks?: By their latest filings, 9% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, AIRR or SHLD?: AIRR has 15% of its weight in S&P 500 names and SHLD has 45%, so AIRR differs more from the index.
Which is cheaper, AIRR or SHLD?: AIRR charges 0.69% a year and SHLD charges 0.50%, so SHLD is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIRR vs PPA AIRR vs ITA AIRR vs XAR AIRR vs IDEF SHLD vs URA SHLD vs XAR SHLD vs SIL SHLD vs XT

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →AIRR on its own →SHLD on its own →AIRR dividend history →AIRR holdings →SHLD dividend history →SHLD holdings →Method →Standards and sources →

Sources and dates

AIRR filings on SEC EDGAR ↗

AIRR prospectus with the expense ratio (SEC) ↗

First Trust page for AIRR ↗

SHLD filings on SEC EDGAR ↗

SHLD prospectus with the expense ratio (SEC) ↗

Global X page for SHLD ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, AIRR against SHLD, data as of Oct 28, 2026. https://etfiq.com/compare/themes/airr-vs-shld

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.