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IGF vs SHLD: which is really different?

IGF and SHLD hold 0% of their weight in the same names, and IGF returned +5.3% over the year. iShares Global Infrastructure ETF and Global X Defense Tech ETF.

IGF costs 0.13 points a year less; their one-year returns differ by 19.3 points; IGF is 1.6 times larger.

IGFSHLD
Expense ratio0.37%0.50%
Net assets, as of Oct 8, 2026$10.3bn$6.3bn
Total return, 1 year+5.3%−14.0%
What it tracksInfrastructureDefense
Holdings in common0%
S&P 500, total return, 1 year+17.3%
Against the S&P 500, 1 yearbehind by 11.9 ptsbehind by 31.3 pts
Below its all-time high8.3%, high on Feb 27, 202623.0%, high on Mar 9, 2026

Holdings in common uses holdings dated Oct 8, 2026.

31.9%
IGF in the S&P 500
39.7%
SHLD in the S&P 500
+5.3%
IGF total return, 1 year
−14.0%
SHLD total return, 1 year
IGF · 1 year to Oct 9, 202668% of its weight is outside the S&P 500
68% of its weight is outside the S&P 50032% of IGF's weight is in S&P 500 companies and 68% is outside the index. Holdings as of Oct 8, 2026.32%68%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 38% of the fund · 78 holdings as published by its issuer for Oct 8, 2026 · Nasdaq-100: 7% in68% of its weight is outside the S&P 50032% of IGF's weight is in S&P 500 companies and 68% is outside the index. Holdings as of Oct 8, 2026.32%68%inoutside the S&P 500active share 98% · Nasdaq-100: 7% in

32% of IGF's weight is in S&P 500 companies and 68% is outside the index. Holdings as of Oct 8, 2026.

SHLD · 1 year to Oct 9, 202660% of its weight is outside the S&P 500
60% of its weight is outside the S&P 50040% of SHLD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Oct 8, 2026.40%60%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 published by its issuer for Oct 8, 2026 · Nasdaq-100: 0% in60% of its weight is outside the S&P 50040% of SHLD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Oct 8, 2026.40%60%in the S&P 500outside the S&P 500active share 99% · Nasdaq-100: 0% in

40% of SHLD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Oct 8, 2026.

ETFIQ Off-Index Score · SHLD scores higherHow much of it is not the index it is sold as an alternative to?
0.1, the lowest in this set92.3, the highest

A percentile among the 391 thematic ETFs with a holdings filing. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, IGF and SHLD hold 0% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Oct 8, 2026.

half

0% in common

Positions both hold, largest shared weight first
Holding IGF SHLD
Only in IGF
TRANSURBAN GROUP STAPLED UNITS 4.83%
AENA SME SA 4.73%
NEXTERA ENERGY 4.70%
IBERDROLA 4.14%
GRUPO AEROPORTUARIO DEL PACIFICO A 3.63%
ENBRIDGE 3.60%
AUCKLAND INTERNATIONAL AIRPORT 3.55%
WILLIAMS 3.08%
Only in SHLD
PALANTIR TECHNOLOGIES INC-A 12.74%
RTX CORPORATION 9.14%
GENERAL DYNAMICS CORP 8.39%
LOCKHEED MARTIN CORP 8.35%
NORTHROP GRUMMAN CORP 7.65%
BAE SYSTEMS PLC 4.48%
L3HARRIS TECHNOLOGIES INC 3.74%
RHEINMETALL AG 3.62%

0% of the two portfolios are the same securities at the same weight.

Performance, window by window

Total returnvs the S&P 500vs the Nasdaq-100
WindowIGFSHLDIGFSHLDIGFSHLD
3 months−6.2%−2.2%−9.6 pts−5.5 pts−9.9 pts−5.8 pts
6 months−7.3%−17.4%−22.4 pts−32.5 pts−30.5 pts−40.6 pts
1 year+5.3%−14.0%−11.9 pts−31.3 pts−18.2 pts−37.6 pts
3 years+62.1%+139.1%−23.6 pts+53.4 pts−45.1 pts+31.9 pts
Since launch
IGF Dec 2007 · SHLD Sep 2023
+129.4%+146.1%−508.6 pts+64.7 pts−1,460.7 pts+41.7 pts

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

IGF
iShares Global Infrastructure ETF · Holds 78 stocks in infrastructure, 32% of its weight in S&P 500 companies
SHLD
Global X Defense Tech ETF · Holds 50 stocks in defense, 40% of its weight in S&P 500 companies
Issuer iShares Global X
Theme Infrastructure Defense
In the S&P 500 31.9% 39.7%
Active share vs the S&P 500 98.3% 99.1%
In the Nasdaq-100 7.2% 0.0%
Holdings 78 50
Top ten, share of the fund 38.0% 65.1%
Expense ratio 0.37% 0.50%
Fee for the differing part 0.38% 0.50%
Total return, 1 year +5.3% −14.0%
vs the S&P 500 −11.9 pts −31.3 pts
vs the Nasdaq-100 −18.2 pts −37.6 pts
Below its high −8.3% −23.0%
Net assets, as of Oct 8, 2026 $10.3bn $6.3bn

As of Oct 9, 2026. Source: ETFIQ.

IGF in plain words

By weight, 32% of IGF'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 38% of the fund across 78 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned +5.3% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 11.9 pts. It sits 8.3% below its all-time high of Feb 27, 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 65% of the fund across 50 positions, as published by its issuer for Oct 8, 2026. Over the year to Oct 9, 2026 the fund returned −14.0% with distributions reinvested against +17.3% for the S&P 500, so a holder was behind by 31.3 pts. It sits 23.0% below its all-time high of Mar 9, 2026.

Questions people ask

Do IGF and SHLD hold the same stocks?
By their latest filings, 0% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, IGF or SHLD?
IGF has 32% of its weight in S&P 500 names and SHLD has 40%, so SHLD differs more from the index.
Which is cheaper, IGF or SHLD?
IGF charges 0.37% a year and SHLD charges 0.50%, so IGF is cheaper. Fees come from each fund's prospectus.
Other comparisons
IGF vs PPAIGF vs ITAIGF vs XARIGF vs QTUMSHLD vs PAVESHLD vs IFRASHLD vs URASHLD vs NLR
IGF on its own →SHLD on its own →How every figure is computed →Standards and sources →
Where these figures came from
IGF filings on SEC EDGAR ↗iShares page for IGF ↗SHLD filings on SEC EDGAR ↗SHLD prospectus with the expense ratio (SEC) ↗Global X page for SHLD ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a position in a set, not a rating, and neither end of it is a recommendation.

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, IGF against SHLD, data as of Oct 9, 2026. https://etfiq.com/compare/themes/igf-vs-shld

Open data

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