Anyone who has been tracking the performance of defense stocks knows that European-based and publicly listed firms have soared over the past year. Rheinmettal, for example was up around 2000% over the past five years is now down 22% in the past 6 months. GlobalX’s SHLD ETF has dropped 14% since it peaked in September. Though SHLD still leads YTD due to its high exposure to European stocks and top holding in Palantir, Invesco’s PPA has actually outperformed it by 5% over the past 6 months. End of the run in these stocks or just a lull? Time will tell.