Do EUAD and SHLD hold the same stocks?

By their latest filings, 7% 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, EUAD or SHLD?

EUAD has 0% of its weight in S&P 500 names and SHLD has 53%, so EUAD differs more from the index.

Which is cheaper, EUAD or SHLD?

EUAD and SHLD both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

EUAD vs SHLD: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, EUAD returned −8.0% to SHLD's −8.5%; 7% of their weight is in the same names.

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Net assets: $1.1bn on Aug 31, 2026 for Select STOXX Europe Aerospace & Defense ETF, and $6.3bn on Oct 12, 2026 for Global X Defense Tech ETF.

EUAD on its own →SHLD on its own →

At a glance

0.0%

EUAD in the S&P 500

52.8%

SHLD in the S&P 500

−8.0%

EUAD total return, 1 year

−8.5%

SHLD total return, 1 year

EUAD · 1 year to Nov 4, 2026 13 positions, 28% of its net assets

EUAD holds 13 positions, 28% of its net assets. Holdings as of Aug 31, 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

Both cost 0.50% a year; their one-year returns differ by 0.5 points.

EUAD vs SHLD: Holdings Overlap & Returns
Measure	EUAD	SHLD
Return
Measure	EUAD	SHLD
Total return, 1 year	−8.0%	−8.5%
Drawdown
Measure	EUAD	SHLD
Below its all-time high	16.7%, high on Jan 13, 2026	21.4%, high on Mar 9, 2026
Benchmark
Measure	EUAD	SHLD
What it tracks	Defense	Defense
Cost and size
Measure	EUAD	SHLD
Expense ratio	0.50%	0.50%
Net assets, EUAD as of Aug 31, 2026 and SHLD as of Oct 12, 2026	$1.1bn	$6.3bn
Holdings
Measure	EUAD	SHLD
Holdings in common	7%

Method

Risk and return

Nov 1, 2024 to Oct 30, 2026 · 104 weekly returns

EUAD SHLD

Return

Total return edge SHLD +59.9% +72.4%

Annualized edge SHLD +26.5% +31.3%

Price return edge SHLD +59.1% +70.3%

Risk

Volatility edge SHLD (slight) 29.4% 27.6%

Max drawdown edge EUAD −21.4% −25.1%

Risk-adjusted

Sharpe edge SHLD 0.81 0.98

Sortino edge SHLD 1.24 1.71

Calmar edge Tie 1.24 1.25

Reading

From Nov 2024 to Oct 2026, SHLD returned more: +72.4% to +59.9%. SHLD swung slightly less: 27.6% to 29.4%. EUAD fell less at its worst: −21.4% to −25.1%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: EUAD vs SHLD: Holdings Overlap & Returns
Measure	EUAD	SHLD	Edge	How it is measured
Return
Total return	+59.9%	+72.4%	SHLD	Price change plus distributions, reinvested.
Annualized	+26.5%	+31.3%	SHLD	Total return as a yearly rate.
Price return	+59.1%	+70.3%	SHLD	Price change alone, distributions left out.
Risk
Volatility	29.4%	27.6%	SHLD (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	19.2%	15.8%	SHLD	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−21.4%	−25.1%	EUAD	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.81	0.98	SHLD	Return above Treasury bills per unit of volatility.
Sortino	1.24	1.71	SHLD	Return above Treasury bills per unit of downside deviation.
Calmar	1.24	1.25	Tie	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 104 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, EUAD and SHLD hold 7% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026.

50%

0 half 100%

half

7% in common

Positions both hold · largest shared weight first EUAD SHLD

Thales SA 2.49% 3.72%

BAE Systems PLC 2.38% 4.62%

Babcock International Group PLC 1.50% 0.97%

Hensoldt AG 1.77% 0.89%

QinetiQ Group PLC 0.77% 0.37%

Chemring Group PLC 0.51% 0.28%

Only in one fund ↓

Only in EUAD

MTU Aero Engines AG 4.63%

Airbus SE 4.58%

Leonardo SpA 2.82%

Saab AB 2.75%

Rheinmetall AG 1.72%

Rolls-Royce Holdings PLC 1.11%

Safran SA 0.96%

Only in SHLD

PALANTIR TECHNOLOGIES INC. 10.80%

RTX CORPORATION 9.31%

GENERAL DYNAMICS CORPORATION 8.59%

LOCKHEED MARTIN CORPORATION 8.34%

Northrop Grumman Corporation 7.71%

Rheinmetall Aktiengesellschaft 4.04%

HANWHA AEROSPACE CO., LTD. 3.81%

L3HARRIS TECHNOLOGIES, INC. 3.80%

Check overlap with more funds →

Window by window

Window by window: EUAD vs SHLD: Holdings Overlap & Returns
	Total return
Window	EUAD	SHLD
3 months	−14.6%	−9.2%
6 months	−7.2%	−9.7%
1 year	−8.0%	−8.5%
3 years	–	+133.6%
Since launchNot the same days: EUAD Oct 2024 · SHLD Sep 2023	+60.5%	+151.4%

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Side by side

EUAD Select STOXX Europe Aerospace & Defense ETF · Holds 13 stocks in defense, 0% 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 Tuttle Global X

Theme Defense Defense

In the S&P 500 0.0% 52.8%

Active share vs the S&P 500 100.0% 98.7%

In the Nasdaq-100 0.0% 10.8%

Holdings 13 50

Top ten, share of the fund 25.8% 64.8%

Expense ratio 0.50% 0.50%

Fee for the differing part 0.50% 0.51%

Total return, 1 year −8.0% −8.5%

vs its benchmark not measured not measured

Below its high −16.7% −21.4%

Net assets, EUAD as of Aug 31, 2026 and SHLD as of Oct 12, 2026 $1.1bn $6.3bn

As of Nov 4, 2026. Source: ETFIQ.

7% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

EUAD

By weight, 0% of EUAD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 26% of the fund across 13 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned −8.0% with distributions reinvested. It sits 16.7% below its all-time high of Jan 13, 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 EUAD and SHLD hold the same stocks?: By their latest filings, 7% 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, EUAD or SHLD?: EUAD has 0% of its weight in S&P 500 names and SHLD has 53%, so EUAD differs more from the index.
Which is cheaper, EUAD or SHLD?: EUAD and SHLD both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

EUAD vs PPA EUAD vs XAR EUAD vs IDEF EUAD vs ITA SHLD vs XAR SHLD vs WDEF SHLD vs WAR SHLD vs WDAF

Where to next

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

Sources and dates

EUAD filings on SEC EDGAR ↗

EUAD prospectus with the expense ratio (SEC) ↗

Tuttle website ↗

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

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