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Data as of Nov 4, 2026.

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Thematic ETFs

GCAD vs SHLD: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, GCAD returned +9.4% to SHLD's −8.5%; 23% of their weight is in the same names.

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Net assets: $44m on Jun 30, 2026 for Gabelli Commercial Aerospace and Defense ETF, and $6.3bn on Oct 12, 2026 for Global X Defense Tech ETF.

GCAD on its own →SHLD on its own →
At a glance
40.1%
GCAD in the S&P 500
52.8%
SHLD in the S&P 500
+9.4%
GCAD total return, 1 year
−8.5%
SHLD total return, 1 year
GCAD · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500
60% of its weight is outside the S&P 50040% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.40%60%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 97% · top ten 48% of the fund · 51 holdings as filed for Jun 30, 2026 · Nasdaq-100: 4% in60% of its weight is outside the S&P 50040% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.40%60%in the S&P 500outside the S&P 500active share 97% · Nasdaq-100: 4% in

40% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.

SHLD · 1 year to Nov 4, 2026 47% of its weight is outside the S&P 500
47% of its weight is outside the S&P 50053% of SHLD's weight is in S&P 500 companies and 47% is outside the index. Holdings as of Aug 31, 2026.53%47%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 99% · top ten 65% of the fund · 50 holdings as filed for Aug 31, 2026 · Nasdaq-100: 11% in47% of its weight is outside the S&P 50053% of SHLD's weight is in S&P 500 companies and 47% is outside the index. Holdings as of Aug 31, 2026.53%47%in the S&P 500outsideactive share 99% · Nasdaq-100: 11% in

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

GCAD costs 0.40 points a year less; their one-year returns differ by 17.9 points.

GCAD vs SHLD: Holdings Overlap & Returns
MeasureGCADSHLD
Return
Total return, 1 year+9.4%−8.5%
Drawdown
Below its all-time high15.6%, high on Aug 14, 202621.4%, high on Mar 9, 2026
Benchmark
What it tracksDefenseDefense
Cost and size
Expense ratio0.10%0.50%
Net assets, GCAD as of Jun 30, 2026 and SHLD as of Oct 12, 2026$44m$6.3bn
Holdings
Holdings in common23%

Method

What they share

23%

By the books each fund has filed, GCAD and SHLD hold 23% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Aug 31, 2026.

0 half 100%

half

23% in common

Positions both hold · largest shared weight first GCAD SHLD
RTX CORP 4.14% 9.31%
LOCKHEED MARTIN CORP 3.97% 8.34%
L3HARRIS TECHNOLOGIES INC 4.01% 3.80%
NORTHROP GRUMMAN CORP 3.48% 7.71%
GENERAL DYNAMICS CORP 2.39% 8.59%
MOOG INC 6.20% 1.52%
MERCURY SYSTEMS INC 3.93% 0.76%
HUNTINGTON INGALLS INDUSTRIES INC 0.66% 1.67%
ELBIT SYSTEMS LTD 0.55% 2.84%
LEIDOS HOLDINGS INC 0.46% 2.56%
BWX TECHNOLOGIES INC 0.46% 2.03%
PALANTIR TECHNOLOGIES INC 0.45% 10.80%
Only in one fund ↓
Only in GCAD
ALBANY INTERNATIONAL CORP 6.84%
BOEING COMPANY (THE) 5.20%
DUCOMMUN INC 4.74%
HEXCEL CORP 4.57%
TEXTRON INC 3.87%
CRANE COMPANY 3.06%
HOWMET AEROSPACE INC 2.60%
CURTISS-WRIGHT CORP 2.44%
Only in SHLD
BAE SYSTEMS PLC 4.62%
Rheinmetall Aktiengesellschaft 4.04%
HANWHA AEROSPACE CO., LTD. 3.81%
THALES SA 3.72%
SAAB Aktiebolag 3.58%
LEONARDO - SOCIETA PER AZIONI 3.54%
KONGSBERG GRUPPEN ASA 2.05%
BABCOCK INTERNATIONAL GROUP PLC 0.97%
Check overlap with more funds →

Window by window

Window by window: GCAD vs SHLD: Holdings Overlap & Returns
Total return
WindowGCADSHLD
3 months−14.0%−9.2%
6 months−7.1%−9.7%
1 year+9.4%−8.5%
3 years+105.6%+133.6%
Since launchNot the same days: GCAD Jan 2023 · SHLD Sep 2023+117.4%+151.4%

Open this comparison in the app →

Side by side

GCAD Gabelli Commercial Aerospace and Defense ETF · Holds 51 stocks in defense, 40% 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 Gabelli Global X
Theme Defense Defense
In the S&P 500 40.1% 52.8%
Active share vs the S&P 500 97.2% 98.7%
In the Nasdaq-100 4.4% 10.8%
Holdings 51 50
Top ten, share of the fund 47.5% 64.8%
Expense ratio 0.10% 0.50%
Fee for the differing part 0.10% 0.51%
Total return, 1 year +9.4% −8.5%
vs its benchmark not measured not measured
Below its high −15.6% −21.4%
Net assets, GCAD as of Jun 30, 2026 and SHLD as of Oct 12, 2026 $44m $6.3bn

As of Nov 4, 2026. Source: ETFIQ.

23% of the two portfolios are the same securities at the same weight.

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About each fund
GCAD

By weight, 40% of GCAD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 48% of the fund across 51 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned +9.4% with distributions reinvested. It sits 15.6% 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 GCAD and SHLD hold the same stocks?
By their latest filings, 23% 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, GCAD or SHLD?
GCAD has 40% of its weight in S&P 500 names and SHLD has 53%, so SHLD differs more from the index.
Which is cheaper, GCAD or SHLD?
GCAD charges 0.10% a year and SHLD charges 0.50%, so GCAD is cheaper. Fees come from each fund's prospectus.
Other comparisons
GCAD vs PPAGCAD vs IDEFGCAD vs ITAGCAD vs MISLSHLD vs WRSHLD vs XARSHLD vs ITASHLD vs WAR
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →GCAD on its own →SHLD on its own →GCAD dividend history →GCAD holdings →SHLD dividend history →SHLD holdings →Method →Standards and sources →
Sources and dates
GCAD filings on SEC EDGAR ↗
GCAD prospectus with the expense ratio (SEC) ↗
Gabelli 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.

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

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