Do SHLD and WAR hold the same stocks?

By their latest filings, 4% 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, SHLD or WAR?

SHLD has 53% of its weight in S&P 500 names and WAR has 38%, so SHLD differs more from the index.

Which is cheaper, SHLD or WAR?

SHLD charges 0.50% a year and WAR charges 0.60%, so SHLD is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

SHLD vs WAR: Holdings Overlap & Returns

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SHLD and WAR hold 4% of their weight in the same names.

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Net assets: $6.3bn on Oct 12, 2026 for Global X Defense Tech ETF, and $41m on Jun 30, 2026 for U.S. Global Technology and Aerospace & Defense ETF.

SHLD on its own →WAR on its own →

At a glance

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.

WAR · 3 months to Nov 4, 2026 62% of its weight is outside the S&P 500

38% of WAR's weight is in S&P 500 companies and 62% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

SHLD costs 0.10 points a year less.

SHLD vs WAR: Holdings Overlap & Returns
Measure	SHLD	WAR
Return
Measure	SHLD	WAR
Total return, 1 year	−8.5%	not published
Drawdown
Measure	SHLD	WAR
Below its all-time high	21.4%, high on Mar 9, 2026	27.7%, high on Jun 2, 2026
Benchmark
Measure	SHLD	WAR
What it tracks	Defense	Defense
Cost and size
Measure	SHLD	WAR
Expense ratio	0.50%	0.60%
Net assets, SHLD as of Oct 12, 2026 and WAR as of Jun 30, 2026	$6.3bn	$41m
Active share vs the S&P 500	99%	92%
Holdings
Measure	SHLD	WAR
Holdings in common	4%

Method

What they share

By the books each fund has filed, SHLD and WAR hold 4% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Aug 31, 2026.

50%

0 half 100%

half

4% in common

Positions both hold · largest shared weight first SHLD WAR

PALANTIR TECHNOLOGIES INC. 10.80% 3.18%

KARMAN HOLDINGS INC. 0.56% 3.69%

Electro Optic Systems Holdings Limited 0.16% 4.09%

DroneShield Limited 0.16% 5.01%

Only in one fund ↓

Only in SHLD

RTX CORPORATION 9.31%

GENERAL DYNAMICS CORPORATION 8.59%

LOCKHEED MARTIN CORPORATION 8.34%

Northrop Grumman Corporation 7.71%

BAE SYSTEMS PLC 4.62%

Rheinmetall Aktiengesellschaft 4.04%

HANWHA AEROSPACE CO., LTD. 3.81%

L3HARRIS TECHNOLOGIES, INC. 3.80%

Only in WAR

Astera Labs Inc 9.45%

Axon Enterprise Inc 8.71%

Micron Technology Inc 8.54%

Mildef Group AB 7.17%

Intuitive Machines Inc 4.95%

Teradyne Inc 4.93%

Rolls-Royce Holdings PLC 4.06%

Lattice Semiconductor Corp 4.05%

Check overlap with more funds →

Window by window

Window by window: SHLD vs WAR: Holdings Overlap & Returns
	Total return
Window	SHLD	WAR
3 months	−9.2%	−18.5%
6 months	−9.7%	–
1 year	−8.5%	–
3 years	+133.6%	–
Since launch	+151.4%	–

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

Side by side

SHLD Global X Defense Tech ETF · Holds 50 stocks in defense, 53% of its weight in S&P 500 companies WAR U.S. Global Technology and Aerospace & Defense ETF · Holds 28 stocks in defense, 38% of its weight in S&P 500 companies

Issuer Global X U.S. Global

Theme Defense Defense

In the S&P 500 52.8% 38.1%

Active share vs the S&P 500 98.7% 92.5%

In the Nasdaq-100 10.8% 48.1%

Holdings 50 28

Top ten, share of the fund 64.8% 61.0%

Expense ratio 0.50% 0.60%

Fee for the differing part 0.51% 0.65%

Total return, 1 year −8.5% not available

vs its benchmark not measured not available

Below its high −21.4% −27.7%

Net assets, SHLD as of Oct 12, 2026 and WAR as of Jun 30, 2026 $6.3bn $41m

As of Nov 4, 2026. Source: ETFIQ.

4% of the two portfolios are the same securities at the same weight.

Alert

About each fund

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.

WAR

By weight, 38% of WAR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 61% of the fund across 28 positions, as filed for Jun 30, 2026. It sits 27.7% below its all-time high of Jun 2, 2026.

Questions people ask

Do SHLD and WAR hold the same stocks?: By their latest filings, 4% 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, SHLD or WAR?: SHLD has 53% of its weight in S&P 500 names and WAR has 38%, so SHLD differs more from the index.
Which is cheaper, SHLD or WAR?: SHLD charges 0.50% a year and WAR charges 0.60%, so SHLD is cheaper. Fees come from each fund's prospectus.

Other comparisons

SHLD vs GCAD SHLD vs WDAF SHLD vs WDEF SHLD vs TSSD WAR vs AMMO WAR vs DUTY WAR vs AV WAR vs XAR

Where to next

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

Sources and dates

SHLD filings on SEC EDGAR ↗

SHLD prospectus with the expense ratio (SEC) ↗

Global X page for SHLD ↗

WAR filings on SEC EDGAR ↗

WAR prospectus with the expense ratio (SEC) ↗

U.S. Global website ↗

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

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