^STOXX vs. DFNS.L

Last updated Jun 13, 2026

^STOXX (STOXX Europe 600 Index) is an index, while DFNS.L (VanEck Defense UCITS ETF) is Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Over the past 3 years, ^STOXX returned 10.98%/yr vs 37.18%/yr for DFNS.L. At a 0.41 correlation, their price movements are largely independent.

Performance

^STOXX vs. DFNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in STOXX Europe 600 Index (^STOXX) and VanEck Defense UCITS ETF (DFNS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

^STOXX is traded in EUR, while DFNS.L is traded in USD. To make them comparable, the DFNS.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, ^STOXX achieves a 6.82% return, which is significantly higher than DFNS.L's 2.37% return.

^STOXX

• 1D: 1.88%
• 1M: 3.56%
• YTD: 6.82%
• 6M: 9.51%
• 1Y: 16.20%
• 3Y*: 10.98%
• 5Y*: 6.72%
• 10Y*: 7.05%

DFNS.L

• 1D: 0.00%
• 1M: -0.29%
• YTD: 2.37%
• 6M: 3.98%
• 1Y: 10.56%
• 3Y*: 37.18%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

^STOXX vs. DFNS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
^STOXX STOXX Europe 600 Index	6.82%	17.42%	5.39%	5.32%
DFNS.L VanEck Defense UCITS ETF	2.37%	48.25%	53.23%	23.77%

Correlation

The correlation between ^STOXX and DFNS.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023	0.41

Return for Risk

^STOXX vs. DFNS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^STOXX

^STOXX Risk / Return Rank: 44
^STOXX Sharpe Ratio Rank: 43
^STOXX Sortino Ratio Rank: 45
^STOXX Omega Ratio Rank: 45
^STOXX Calmar Ratio Rank: 40
^STOXX Martin Ratio Rank: 47

DFNS.L

DFNS.L Risk / Return Rank: 18
DFNS.L Sharpe Ratio Rank: 18
DFNS.L Sortino Ratio Rank: 19
DFNS.L Omega Ratio Rank: 18
DFNS.L Calmar Ratio Rank: 18
DFNS.L Martin Ratio Rank: 18

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^STOXX vs. DFNS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for STOXX Europe 600 Index (^STOXX) and VanEck Defense UCITS ETF (DFNS.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	^STOXX	DFNS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.25	0.52	+0.73
Sortino ratio: Return per unit of downside risk	1.88	0.91	+0.97
Omega ratio: Gain probability vs. loss probability	1.23	1.11	+0.13
Calmar ratio: Return relative to maximum drawdown	1.61	0.69	+0.92
Martin ratio: Return relative to average drawdown	5.82	1.60	+4.21

^STOXX vs. DFNS.L - Sharpe Ratio Comparison

The current ^STOXX Sharpe Ratio is 1.25, which is higher than the DFNS.L Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of ^STOXX and DFNS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

^STOXX vs. DFNS.L - Drawdown Comparison

The maximum ^STOXX drawdown since its inception was -60.54%, which is greater than DFNS.L's maximum drawdown of -18.92%. Use the drawdown chart below to compare losses from any high point for ^STOXX and DFNS.L.

Drawdown Indicators

	^STOXX	DFNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-60.54%	-18.92%	-41.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-18.92%	+9.36%
Max Drawdown (3Y) Largest decline over 3 years	-16.56%	-18.92%	+2.36%
Max Drawdown (5Y) Largest decline over 5 years	-22.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.55%	—	—
Current Drawdown Current decline from peak	-0.10%	-17.00%	+16.90%
Average Drawdown Average peak-to-trough decline	-14.61%	-3.26%	-11.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	8.13%	-5.45%

Volatility

^STOXX vs. DFNS.L - Volatility Comparison

The current volatility for STOXX Europe 600 Index (^STOXX) is 3.17%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 7.77%. This indicates that ^STOXX experiences smaller price fluctuations and is considered to be less risky than DFNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^STOXX	DFNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	7.77%	-4.60%
Volatility (6M) Calculated over the trailing 6-month period	10.28%	19.34%	-9.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	25.13%	-12.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	21.47%	-7.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	21.47%	-5.97%

Frequently Asked Questions

Can I hold both ^STOXX and DFNS.L in my portfolio?

^STOXX and DFNS.L have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.