BTC-USD vs. DFNS.L

Last updated Jun 13, 2026

BTC-USD (Bitcoin) is a cryptocurrency, while DFNS.L (VanEck Defense UCITS ETF) is Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Over the past 3 years, BTC-USD returned 34.86%/yr vs 40.45%/yr for DFNS.L. At a 0.17 correlation, their price movements are largely independent.

Performance

BTC-USD vs. DFNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitcoin (BTC-USD) and VanEck Defense UCITS ETF (DFNS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTC-USD achieves a -27.32% return, which is significantly lower than DFNS.L's 0.90% return.

BTC-USD

• 1D: 0.05%
• 1M: -19.79%
• YTD: -27.32%
• 6M: -29.56%
• 1Y: -39.85%
• 3Y*: 34.86%
• 5Y*: 10.27%
• 10Y*: 57.32%

DFNS.L

• 1D: 0.00%
• 1M: -0.02%
• YTD: 0.90%
• 6M: 2.54%
• 1Y: 12.91%
• 3Y*: 40.45%
• 5Y*: —
• 10Y*: —

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

BTC-USD vs. DFNS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTC-USD Bitcoin	-27.32%	-6.27%	120.76%	50.84%
DFNS.L VanEck Defense UCITS ETF	0.90%	68.21%	43.74%	25.97%

Correlation

The correlation between BTC-USD and DFNS.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023	0.17

Return for Risk

BTC-USD vs. DFNS.L — Risk / Return Rank

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

BTC-USD

BTC-USD Risk / Return Rank: 37
BTC-USD Sharpe Ratio Rank: 20
BTC-USD Sortino Ratio Rank: 39
BTC-USD Omega Ratio Rank: 37
BTC-USD Calmar Ratio Rank: 56
BTC-USD Martin Ratio Rank: 32

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.

BTC-USD vs. DFNS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitcoin (BTC-USD) 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.

	BTC-USD	DFNS.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	0.52	-1.45
Sortino ratio: Return per unit of downside risk	-1.31	0.91	-2.21
Omega ratio: Gain probability vs. loss probability	0.87	1.10	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.78	0.66	-1.43
Martin ratio: Return relative to average drawdown	-1.36	1.61	-2.97

BTC-USD vs. DFNS.L - Sharpe Ratio Comparison

The current BTC-USD Sharpe Ratio is -0.93, which is lower than the DFNS.L Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of BTC-USD 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

BTC-USD vs. DFNS.L - Drawdown Comparison

The maximum BTC-USD drawdown since its inception was -85.30%, which is greater than DFNS.L's maximum drawdown of -19.66%. Use the drawdown chart below to compare losses from any high point for BTC-USD and DFNS.L.

Drawdown Indicators

	BTC-USD	DFNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-85.30%	-19.66%	-65.64%
Max Drawdown (1Y) Largest decline over 1 year	-51.21%	-19.66%	-31.55%
Max Drawdown (3Y) Largest decline over 3 years	-51.21%	-19.66%	-31.55%
Max Drawdown (5Y) Largest decline over 5 years	-76.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-83.80%	—	—
Current Drawdown Current decline from peak	-49.01%	-17.48%	-31.53%
Average Drawdown Average peak-to-trough decline	-42.35%	-3.49%	-38.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.02%	8.00%	+27.02%

Volatility

BTC-USD vs. DFNS.L - Volatility Comparison

Bitcoin (BTC-USD) has a higher volatility of 12.11% compared to VanEck Defense UCITS ETF (DFNS.L) at 8.29%. This indicates that BTC-USD's price experiences larger fluctuations and is considered to be riskier than DFNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTC-USD	DFNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.11%	8.29%	+3.82%
Volatility (6M) Calculated over the trailing 6-month period	34.59%	19.56%	+15.03%
Volatility (1Y) Calculated over the trailing 1-year period	35.62%	25.07%	+10.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.71%	21.58%	+23.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.62%	21.58%	+35.04%

Frequently Asked Questions

Can I hold both BTC-USD and DFNS.L in my portfolio?

BTC-USD and DFNS.L have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.