Do FOWF and SHLD hold the same stocks?

By their latest filings, 39% 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, FOWF or SHLD?

FOWF has 75% of its weight in S&P 500 names and SHLD has 53%, so SHLD differs more from the index.

Which is cheaper, FOWF or SHLD?

FOWF charges 0.49% a year and SHLD charges 0.50%, so FOWF is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

FOWF vs SHLD: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, FOWF returned +12.2% to SHLD's −8.5%; 39% of their weight is in the same names.

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Net assets: $15m on Nov 3, 2026 for Pacer Solactive Whitney Future of Warfare ETF, and $6.3bn on Oct 12, 2026 for Global X Defense Tech ETF.

FOWF on its own →SHLD on its own →

At a glance

74.8%

FOWF in the S&P 500

52.8%

SHLD in the S&P 500

+12.2%

FOWF total return, 1 year

−8.5%

SHLD total return, 1 year

FOWF · 1 year to Nov 4, 2026 25% of its weight is outside the S&P 500

75% of FOWF's weight is in S&P 500 companies and 25% is outside the index. Holdings as of Jul 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

FOWF costs 0.01 points a year less; their one-year returns differ by 20.7 points.

Points (pts) are percentage points.

FOWF vs SHLD: Holdings Overlap & Returns
Measure	FOWF	SHLD
Return
Measure	FOWF	SHLD
Total return, 1 year	+12.2%	−8.5%
Drawdown
Measure	FOWF	SHLD
Below its all-time high	7.6%, high on Aug 14, 2026	21.4%, high on Mar 9, 2026
Against its benchmark
Measure	FOWF	SHLD
What it tracks	Defense	Defense
Its benchmark, total return, 1 year	+15.2%
Against its benchmark, 1 year	behind by 3.0 pts
Cost and size
Measure	FOWF	SHLD
Expense ratio	0.49%	0.50%
Net assets, FOWF as of Nov 3, 2026 and SHLD as of Oct 12, 2026	$15m	$6.3bn
Holdings
Measure	FOWF	SHLD
Holdings in common	39%

ETFIQ S&P 500 Difference Score · SHLD scores higher How much of its weight does it not share with the S&P 500?

IQ Themes Score56.6FOWF95.6SHLD

How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

FOWF 56.6

SHLD 95.6

0.4, the lowest in this set 99.6, the highest

Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →

Method

What they share

39%

By the books each fund has filed, FOWF and SHLD hold 39% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Aug 31, 2026.

50%

0 half 100%

half

39% in common

Positions both hold · largest shared weight first FOWF SHLD

RTX Corp 8.65% 9.31%

Lockheed Martin Corp 7.96% 8.34%

General Dynamics Corp 7.88% 8.59%

Northrop Grumman Corp 5.08% 7.71%

BAE Systems PLC 3.65% 4.62%

L3Harris Technologies Inc 2.00% 3.80%

Leidos Holdings Inc 1.74% 2.56%

Palantir Technologies Inc 1.11% 10.80%

Kongsberg Gruppen ASA 0.73% 2.05%

Thales SA 0.63% 3.72%

Only in one fund ↓

Only in FOWF

Boeing Co 6.68%

Dell Technologies Inc 1.96%

Snowflake Inc 1.32%

Datadog Inc 1.25%

Palo Alto Networks Inc 1.14%

Honeywell International Inc 1.11%

Crowdstrike Holdings Inc 1.05%

Hewlett Packard Enterprise Co 1.03%

Only in SHLD

Rheinmetall Aktiengesellschaft 4.04%

HANWHA AEROSPACE CO., LTD. 3.81%

SAAB Aktiebolag 3.58%

LEONARDO - SOCIETA PER AZIONI 3.54%

ELBIT SYSTEMS LTD 2.84%

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: FOWF vs SHLD: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	FOWF	SHLD	FOWF	SHLD
3 months	−5.9%	−9.2%	−5.3 pts vs URTH	not measured
6 months	+3.4%	−9.7%	−0.9 pts vs URTH	not measured
1 year	+12.2%	−8.5%	−3.0 pts vs URTH	not measured
3 years	–	+133.6%	–	not measured
Since launchNot the same days: FOWF Dec 2024 · SHLD Sep 2023	+44.8%	+151.4%	+8.0 pts vs URTH	not measured

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

Side by side

FOWF Pacer Solactive Whitney Future of Warfare ETF · Holds 91 stocks in defense, 75% 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 Pacer Global X

Theme Defense Defense

In the S&P 500 74.8% 52.8%

Active share vs the S&P 500 88.4% 98.7%

In the Nasdaq-100 14.3% 10.8%

Holdings 91 50

Top ten, share of the fund 46.9% 64.8%

Expense ratio 0.49% 0.50%

Fee for the differing part 0.55% 0.51%

Total return, 1 year +12.2% −8.5%

vs its benchmark −3.0 pts vs URTH not measured

Below its high −7.6% −21.4%

Net assets, FOWF as of Nov 3, 2026 and SHLD as of Oct 12, 2026 $15m $6.3bn

As of Nov 4, 2026. Source: ETFIQ.

39% of the two portfolios are the same securities at the same weight.

Alert

About each fund

FOWF

By weight, 75% of FOWF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 88%. The top ten holdings are 47% of the fund across 91 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned +12.2% with distributions reinvested against +15.2% for its benchmark, the MSCI World Index, so a holder was behind by 3.0 pts. It sits 7.6% 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 FOWF and SHLD hold the same stocks?: By their latest filings, 39% 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, FOWF or SHLD?: FOWF has 75% of its weight in S&P 500 names and SHLD has 53%, so SHLD differs more from the index.
Which is cheaper, FOWF or SHLD?: FOWF charges 0.49% a year and SHLD charges 0.50%, so FOWF is cheaper. Fees come from each fund's prospectus.

Other comparisons

FOWF vs PPA FOWF vs WDGF FOWF vs XDEF FOWF vs WR SHLD vs GCAD SHLD vs WDAF SHLD vs TSSD SHLD vs WAR

Where to next

FOWF on its own →SHLD on its own →FOWF dividend history →FOWF holdings →SHLD dividend history →SHLD holdings →Method →Standards and sources →

Sources and dates

FOWF filings on SEC EDGAR ↗

FOWF prospectus with the expense ratio (SEC) ↗

Pacer 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

It is a place in a set, not a rating or a recommendation.

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

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