Data as of .
SHLD vs XDEF: which is really different?
SHLD and XDEF hold 20% of their weight in the same names.
ETFIQ Off-Index Score: XDEF 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
20% 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 XDEF hold 20% of their money in the same securities at the same weight.
| Holding | SHLD | XDEF |
|---|---|---|
| BAE SYSTEMS PLC | 4.72% | 7.30% |
| RHEINMETALL AG | 3.80% | 6.95% |
| THALES SA | 3.76% | 4.40% |
| LEONARDO SPA | 3.56% | 3.98% |
| KONGSBERG GRUPPEN ASA | 2.16% | 3.92% |
| DASSAULT AVIATION SA | 0.87% | 3.71% |
| HENSOLDT AG | 0.84% | 3.63% |
| QINETIQ GROUP PLC | 0.38% | 1.80% |
| CHEMRING GROUP PLC | 0.28% | 1.18% |
| Only in SHLD | Only in XDEF |
|---|---|
| PALANTIR TECHNOLOGIES INC-A 10.77% | AIRBUS SE 8.69% |
| RTX CORPORATION 9.10% | ROLLS-ROYCE HOLDINGS PLC 8.64% |
| GENERAL DYNAMICS CORP 8.54% | SAFRAN SA 8.26% |
| LOCKHEED MARTIN CORP 8.29% | DSV A/S 4.70% |
| NORTHROP GRUMMAN CORP 7.88% | MTU AERO ENGINES AG 4.29% |
| HANWHA AEROSPACE CO LTD 3.86% | MELROSE INDUSTRIES PLC 4.28% |
| L3HARRIS TECHNOLOGIES INC 3.69% | SAAB AB 3.87% |
| SAAB AB-B 3.47% | BABCOCK INTERNATIONAL GROUP PLC 3.69% |
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 May 31, 2026 and Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| SHLD | XDEF | SHLD | XDEF | SHLD | XDEF | |
| 3 months | +0.9% | +1.8% | −1.3 pts | −0.5 pts | +3.4 pts | +4.3 pts |
| 6 months | −14.0% | −0.4% | −32.1 pts | −18.5 pts | −38.3 pts | −24.7 pts |
| 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% | −99.1% | +80.2 pts | −111.5 pts | +61.5 pts | −117.1 pts |
| SHLD Global X Defense Tech ETF Holds 59 stocks in defense, 40% of its weight in S&P 500 companies | XDEF Xtrackers Europe Defense Technologies ETF Holds 30 stocks in defense, 0% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Global X | Xtrackers |
| Theme | Defense | Defense |
| In the S&P 500 | 39.9% | 0.0% |
| Active share vs the S&P 500 | 99.1% | 100.0% |
| In the Nasdaq-100 | 0.0% | 0.0% |
| Holdings | 59 | 30 |
| Top ten, share of the fund | 64.4% | 61.5% |
| Expense ratio | 0.50% | 0.35% |
| Fee for the differing part | 0.50% | 0.35% |
| Total return, 1 year | −5.1% | −99.1% (since launch on Jan 2, 2026) |
| vs the S&P 500 | −21.7 pts | −111.5 pts |
| vs the Nasdaq-100 | −26.9 pts | −117.1 pts |
| Below its high | −19.4% | −99.2% |
| Net assets | $7.1bn | $4m |
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.
XDEF in plain words
By weight, 0% of XDEF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 62% of the fund across 30 positions, as filed for May 31, 2026. Since it launched on Jan 2, 2026 the fund returned −99.1% with distributions reinvested against +12.4% for the S&P 500, so a holder was behind by 111.5 pts. It sits 99.2% below its all-time high of Jan 16, 2026.
Questions people ask
- Do SHLD and XDEF hold the same stocks?
- By their latest filings, 20% 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, SHLD or XDEF?
- SHLD has 40% of its weight in S&P 500 names and XDEF has 0%, so XDEF differs more from the index.
- Which is cheaper, SHLD or XDEF?
- SHLD charges 0.50% a year and XDEF charges 0.35%, so XDEF 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 XDEF, data as of Sep 18, 2026. https://etfiq.com/compare/themes/shld-vs-xdef Free to use with attribution; the underlying files are at Open data.