Data as of .
SHLD vs WAR: which is really different?
SHLD and WAR hold 4% of their weight in the same names.
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
4% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, SHLD and WAR hold 4% of their money in the same securities at the same weight.
| Holding | SHLD | WAR |
|---|---|---|
| PALANTIR TECHNOLOGIES INC-A | 10.77% | 3.19% |
| KARMAN HOLDINGS INC | 0.51% | 3.71% |
| DRONESHIELD LTD | 0.16% | 5.04% |
| Only in SHLD | Only in WAR |
|---|---|
| RTX CORPORATION 9.10% | Astera Labs Inc 9.50% |
| GENERAL DYNAMICS CORP 8.54% | Axon Enterprise Inc 8.76% |
| LOCKHEED MARTIN CORP 8.29% | Micron Technology Inc 8.59% |
| NORTHROP GRUMMAN CORP 7.88% | Mildef Group AB 7.21% |
| BAE SYSTEMS PLC 4.72% | Intuitive Machines Inc 4.98% |
| HANWHA AEROSPACE CO LTD 3.86% | Teradyne Inc 4.96% |
| RHEINMETALL AG 3.80% | Electro Optic Systems Holdings 4.11% |
| THALES SA 3.76% | Rolls-Royce Holdings PLC 4.09% |
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 Jun 30, 2026 and Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| SHLD | WAR | SHLD | WAR | SHLD | WAR | |
| 3 months | +0.9% | −7.9% | −1.3 pts | −10.2 pts | +3.4 pts | −5.4 pts |
| 6 months | −14.0% | not published | −32.1 pts | not published | −38.3 pts | not published |
| 1 year | −5.1% | not published | −21.7 pts | not published | −26.9 pts | not published |
| 3 years | +156.1% | not published | +77.7 pts | not published | +57.9 pts | not published |
| Since launch | +157.7% | −9.7% | +80.2 pts | −11.7 pts | +61.5 pts | −8.6 pts |
| SHLD Global X Defense Tech ETF Holds 59 stocks in defense, 40% 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 | 39.9% | 38.3% |
| Active share vs the S&P 500 | 99.1% | 92.4% |
| In the Nasdaq-100 | 0.0% | 31.5% |
| Holdings | 59 | 28 |
| Top ten, share of the fund | 64.4% | 61.3% |
| Expense ratio | 0.50% | 0.60% |
| Fee for the differing part | 0.50% | 0.65% |
| Total return, 1 year | −5.1% | −9.7% (since launch on May 26, 2026) |
| vs the S&P 500 | −21.7 pts | −11.7 pts |
| vs the Nasdaq-100 | −26.9 pts | −8.6 pts |
| Below its high | −19.4% | −13.8% |
| Net assets | $7.1bn | $41m |
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.
WAR in plain words
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. Since it launched on May 26, 2026 the fund returned −9.7% with distributions reinvested against +2.0% for the S&P 500, so a holder was behind by 11.7 pts. It sits 13.8% 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, 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, SHLD or WAR?
- SHLD has 40% 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
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, SHLD against WAR, data as of Sep 18, 2026. https://etfiq.com/compare/themes/shld-vs-war Free to use with attribution; the underlying files are at Open data.