Data as of .
FOWF vs SHLD: which is really different?
FOWF and SHLD hold 39% of their weight in the same names, and FOWF returned more over the year.
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
39% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, FOWF and SHLD hold 39% of their money in the same securities at the same weight.
| Holding | FOWF | SHLD |
|---|---|---|
| General Dynamics Corp | 7.55% | 8.54% |
| RTX Corp | 6.76% | 9.10% |
| Lockheed Martin Corp | 6.39% | 8.29% |
| Northrop Grumman Corp | 5.58% | 7.88% |
| BAE Systems PLC | 3.98% | 4.72% |
| L3Harris Technologies Inc | 3.24% | 3.69% |
| Leidos Holdings Inc | 2.08% | 2.44% |
| Leonardo SpA | 0.71% | 3.56% |
| Kongsberg Gruppen ASA | 0.69% | 2.16% |
| Palantir Technologies Inc | 0.63% | 10.77% |
| Thales SA | 0.62% | 3.76% |
| Rheinmetall AG | 0.52% | 3.80% |
| Only in FOWF | Only in SHLD |
|---|---|
| Boeing Co/The 7.51% | HANWHA AEROSPACE CO LTD 3.86% |
| Dell Technologies Inc 2.10% | SAAB AB-B 3.47% |
| Honeywell International Inc 1.66% | ELBIT SYSTEMS LTD 3.15% |
| Nokia Oyj 1.41% | BWX TECHNOLOGIES INC 2.06% |
| Vertiv Holdings Co 1.17% | HUNTINGTON INGALLS INDUSTRIE 1.64% |
| Corning Inc 1.10% | MOOG INC-CLASS A 1.56% |
| Keysight Technologies Inc 1.09% | KRATOS DEFENSE & SECURITY 1.35% |
| GLOBALFOUNDRIES Inc 1.00% | LIG DEFENSE&AEROSPACE CO LTD 1.01% |
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 Apr 30, 2026 and Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| FOWF | SHLD | FOWF | SHLD | FOWF | SHLD | |
| 3 months | +2.2% | +0.9% | −0.1 pts | −1.3 pts | +4.7 pts | +3.4 pts |
| 6 months | +5.6% | −14.0% | −12.4 pts | −32.1 pts | −18.6 pts | −38.3 pts |
| 1 year | +12.7% | −5.1% | −3.9 pts | −21.7 pts | −9.1 pts | −26.9 pts |
| 3 years | not published | +156.1% | not published | +77.7 pts | not published | +57.9 pts |
| Since launch | +43.5% | +157.7% | +10.6 pts | +80.2 pts | +2.6 pts | +61.5 pts |
| FOWF Pacer Solactive Whitney Future of Warfare ETF Holds 86 stocks in defense, 74% 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 | Pacer | Global X |
| Theme | Defense | Defense |
| In the S&P 500 | 73.5% | 39.9% |
| Active share vs the S&P 500 | 88.4% | 99.1% |
| In the Nasdaq-100 | 13.7% | 0.0% |
| Holdings | 86 | 59 |
| Top ten, share of the fund | 46.9% | 64.4% |
| Expense ratio | 0.49% | 0.50% |
| Fee for the differing part | 0.55% | 0.50% |
| Total return, 1 year | +12.7% | −5.1% |
| vs the S&P 500 | −3.9 pts | −21.7 pts |
| vs the Nasdaq-100 | −9.1 pts | −26.9 pts |
| Below its high | −8.4% | −19.4% |
| Net assets | $15m | $7.1bn |
FOWF in plain words
By weight, 74% 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 86 positions, as filed for Apr 30, 2026. Over the year to Sep 18, 2026 the fund returned +12.7% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 3.9 pts. It sits 8.4% 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 FOWF and SHLD hold the same stocks?
- By their latest filings, 39% 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, FOWF or SHLD?
- FOWF has 74% of its weight in S&P 500 names and SHLD has 40%, 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
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, FOWF against SHLD, data as of Sep 18, 2026. https://etfiq.com/compare/themes/fowf-vs-shld Free to use with attribution; the underlying files are at Open data.