Do ARMY and SHLD hold the same stocks?

By their latest filings, 27% 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, ARMY or SHLD?

ARMY has 12% of its weight in S&P 500 names and SHLD has 53%, 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.

Data as of Nov 4, 2026.

Thematic ETFs

ARMY vs SHLD: Holdings Overlap & Returns

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ARMY and SHLD hold 27% of their weight in the same names.

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Net assets: $13m on Nov 3, 2026 for Tema International Defense ETF, and $6.3bn on Oct 12, 2026 for Global X Defense Tech ETF.

ARMY on its own →SHLD on its own →

At a glance

ARMY · 6 months to Nov 4, 2026 89% of its weight is outside the S&P 500

12% of ARMY's weight is in S&P 500 companies and 89% is outside the index. Holdings as of Nov 3, 2026.

SHLD · 1 year to Nov 4, 2026 47% of its weight is outside the S&P 500

53% of SHLD's weight is in S&P 500 companies and 47% is outside the index. Holdings as of Aug 31, 2026.

Pair scorecard

SHLD costs 0.18 points a year less; SHLD is far larger, $6.3bn against $7.3m.

ARMY vs SHLD: Holdings Overlap & Returns
Measure	ARMY	SHLD
Return
Measure	ARMY	SHLD
Total return, 1 year	not published	−8.5%
Drawdown
Measure	ARMY	SHLD
Below its all-time high	16.5%, high on Aug 14, 2026	21.4%, high on Mar 9, 2026
Benchmark
Measure	ARMY	SHLD
What it tracks	Defense	Defense
Cost and size
Measure	ARMY	SHLD
Expense ratio	0.68%	0.50%
Net assets, as of Oct 12, 2026	$7.3m	$6.3bn
Holdings
Measure	ARMY	SHLD
Holdings in common	27%

Method

What they share

27%

By the books each fund has filed, ARMY and SHLD hold 27% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.

50%

0 half 100%

half

27% in common

Positions both hold · largest shared weight first ARMY SHLD

BAE SYSTEMS PLC 3.60% 4.62%

THALES SA 3.34% 3.72%

ELBIT SYSTEMS LTD 3.83% 2.84%

PALANTIR TECHNOLOGIES INC 2.82% 10.80%

KONGSBERG GRUPPEN ASA 4.17% 2.05%

LOCKHEED MARTIN CORP 2.05% 8.34%

RTX CORP 1.71% 9.31%

GENERAL DYNAMICS CORP 1.42% 8.59%

L3HARRIS TECHNOLOGIES INC 1.35% 3.80%

NORTHROP GRUMMAN CORP 1.13% 7.71%

BABCOCK INTERNATIONAL GROUP PLC 3.53% 0.97%

HENSOLDT AG 3.44% 0.89%

Only in one fund ↓

Only in ARMY

ANDURIL SPV EXPOSURE 7.99%

SAAB AB 3.71%

LEONARDO-FINMECCANICA SPA 3.55%

INDRA SISTEMAS SA 3.52%

MTU AERO ENGINES AG 3.17%

ROLLS-ROYCE HOLDINGS PLC 3.05%

ROCKET LAB CORP 3.03%

SAFRAN SA 2.83%

Only in SHLD

Rheinmetall Aktiengesellschaft 4.04%

HANWHA AEROSPACE CO., LTD. 3.81%

SAAB Aktiebolag 3.58%

LEONARDO - SOCIETA PER AZIONI 3.54%

LEIDOS HOLDINGS, INC. 2.56%

BWX TECHNOLOGIES, INC. 2.03%

HUNTINGTON INGALLS INDUSTRIES, INC. 1.67%

MOOG INC. 1.52%

Check overlap with more funds →

Window by window

Window by window: ARMY vs SHLD: Holdings Overlap & Returns
	Total return
Window	ARMY	SHLD
3 months	−13.9%	−9.2%
6 months	−9.5%	−9.7%
1 year	–	−8.5%
3 years	–	+133.6%
Since launch	–	+151.4%

– means no data for this window. Open this comparison in the app →

Side by side

ARMY Tema International Defense ETF · Holds 36 stocks in defense, 12% of its weight in S&P 500 companies SHLD Global X Defense Tech ETF · Holds 50 stocks in defense, 53% of its weight in S&P 500 companies

Issuer Tema Global X

Theme Defense Defense

In the S&P 500 11.5% 52.8%

Active share vs the S&P 500 98.4% 98.7%

In the Nasdaq-100 5.8% 10.8%

Holdings 36 50

Top ten, share of the fund 41.8% 64.8%

Expense ratio 0.68% 0.50%

Fee for the differing part 0.69% 0.51%

Total return, 1 year not available −8.5%

vs its benchmark not available not measured

Below its high −16.5% −21.4%

Net assets, ARMY as of Nov 3, 2026 and SHLD as of Oct 12, 2026 $13m $6.3bn

As of Nov 4, 2026. Source: ETFIQ.

27% of the two portfolios are the same securities at the same weight.

Alert

About each fund

ARMY

By weight, 12% 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 42% of the fund across 36 positions, as published by its issuer for Nov 3, 2026. It sits 16.5% below its all-time high of Aug 14, 2026.

SHLD

By weight, 53% 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 65% of the fund across 50 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned −8.5% with distributions reinvested. It sits 21.4% below its all-time high of Mar 9, 2026.

Questions people ask

Do ARMY and SHLD hold the same stocks?: By their latest filings, 27% 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, ARMY or SHLD?: ARMY has 12% of its weight in S&P 500 names and SHLD has 53%, 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

ARMY vs PPA ARMY vs WAR ARMY vs WDAF ARMY vs FOWF SHLD vs WDAF SHLD vs WAR SHLD vs FOWF SHLD vs TSSD

Where to next

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

Sources and dates

ARMY filings on SEC EDGAR ↗

ARMY prospectus with the expense ratio (SEC) ↗

Tema page for ARMY ↗

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, ARMY against SHLD, data as of Nov 4, 2026. https://etfiq.com/compare/themes/army-vs-shld

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