Data as of .
ARMY vs SHLD: which is really different?
ARMY and SHLD hold 29% of their weight in the same names.
ETFIQ Off-Index Score: SHLD scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
29% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, ARMY and SHLD hold 29% of their money in the same securities at the same weight.
| Holding | ARMY | SHLD |
|---|---|---|
| BAE SYSTEMS PLC | 3.58% | 4.72% |
| THALES SA | 3.54% | 3.76% |
| ELBIT SYSTEMS LTD | 3.88% | 3.15% |
| PALANTIR TECHNOLOGIES INC | 2.86% | 10.77% |
| RHEINMETALL AG | 2.52% | 3.80% |
| KONGSBERG GRUPPEN ASA | 3.69% | 2.16% |
| LOCKHEED MARTIN CORP | 1.81% | 8.29% |
| RTX CORP | 1.65% | 9.10% |
| GENERAL DYNAMICS CORP | 1.34% | 8.54% |
| L3HARRIS TECHNOLOGIES INC | 1.27% | 3.69% |
| NORTHROP GRUMMAN CORP | 1.12% | 7.88% |
| DASSAULT AVIATION SA | 3.66% | 0.87% |
| Only in ARMY | Only in SHLD |
|---|---|
| ANDURIL SPV EXPOSURE 14.63% | HANWHA AEROSPACE CO LTD 3.86% |
| ROCKET LAB CORP 3.67% | LEONARDO SPA 3.56% |
| INDRA SISTEMAS SA 3.65% | SAAB AB-B 3.47% |
| LEONARDO-FINMECCANICA SPA 3.53% | LEIDOS HOLDINGS INC 2.44% |
| ROLLS-ROYCE HOLDINGS PLC 3.43% | BWX TECHNOLOGIES INC 2.06% |
| SAAB AB 3.40% | HUNTINGTON INGALLS INDUSTRIE 1.64% |
| BABCOCK INTERNATIONAL GROUP PLC 3.27% | MOOG INC-CLASS A 1.56% |
| MTU AERO ENGINES AG 3.15% | KRATOS DEFENSE & SECURITY 1.35% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| ARMY | SHLD | ARMY | SHLD | ARMY | SHLD | |
| 3 months | −2.2% | +0.9% | −4.4 pts | −1.3 pts | +0.3 pts | +3.4 pts |
| 6 months | not published | −14.0% | not published | −32.1 pts | not published | −38.3 pts |
| 1 year | not published | −5.1% | not published | −21.7 pts | not published | −26.9 pts |
| 3 years | not published | +156.1% | not published | +77.7 pts | not published | +57.9 pts |
| Since launch | −6.1% | +157.7% | −23.8 pts | +80.2 pts | −31.2 pts | +61.5 pts |
| ARMY Tema International Defense ETF Holds 34 stocks in defense, 11% of its weight in S&P 500 companies | SHLD Global X Defense Tech ETF Holds 59 stocks in defense, 40% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Tema | Global X |
| Theme | Defense | Defense |
| In the S&P 500 | 11.1% | 39.9% |
| Active share vs the S&P 500 | 98.4% | 99.1% |
| In the Nasdaq-100 | 2.9% | 0.0% |
| Holdings | 34 | 59 |
| Top ten, share of the fund | 47.4% | 64.4% |
| Expense ratio | 0.68% | 0.50% |
| Fee for the differing part | 0.69% | 0.50% |
| Total return, 1 year | −6.1% (since launch on Mar 31, 2026) | −5.1% |
| vs the S&P 500 | −23.8 pts | −21.7 pts |
| vs the Nasdaq-100 | −31.2 pts | −26.9 pts |
| Below its high | −14.6% | −19.4% |
| Net assets | $7m | $7.1bn |
ARMY in plain words
By weight, 11% of ARMY's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 47% of the fund across 34 positions, as published by its issuer for Sep 18, 2026. Since it launched on Mar 31, 2026 the fund returned −6.1% with distributions reinvested against +17.7% for the S&P 500, so a holder was behind by 23.8 pts. It sits 14.6% below its all-time high of Aug 14, 2026.
SHLD in plain words
By weight, 40% 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 64% of the fund across 59 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned −5.1% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 21.7 pts. It sits 19.4% below its all-time high of Mar 9, 2026.
Questions people ask
- Do ARMY and SHLD hold the same stocks?
- By their latest filings, 29% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, ARMY or SHLD?
- ARMY has 11% of its weight in S&P 500 names and SHLD has 40%, so SHLD differs more from the index.
- Which is cheaper, ARMY or SHLD?
- ARMY charges 0.68% a year and SHLD charges 0.50%, so SHLD is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, ARMY against SHLD, data as of Sep 18, 2026. https://etfiq.com/compare/themes/army-vs-shld Free to use with attribution; the underlying files are at Open data.