CEMR.DE vs. DFEN.DE
CEMR.DE (iShares Edge MSCI Europe Momentum Factor UCITS ETF) and DFEN.DE (VanEck Defense UCITS ETF A) are both exchange-traded funds - CEMR.DE is a Momentum fund tracking the MSCI Europe Momentum Index, while DFEN.DE is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index. Both are passively managed. Over the past 3 years, CEMR.DE returned 20.31%/yr vs 37.43%/yr for DFEN.DE. A 0.51 correlation means they provide meaningful diversification when combined. CEMR.DE charges 0.25%/yr vs 0.55%/yr for DFEN.DE.
Performance
CEMR.DE vs. DFEN.DE - Performance Comparison
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Returns By Period
In the year-to-date period, CEMR.DE achieves a 9.13% return, which is significantly higher than DFEN.DE's 3.04% return.
CEMR.DE
- 1D
- 1.92%
- 1M
- 2.91%
- YTD
- 9.13%
- 6M
- 12.45%
- 1Y
- 20.82%
- 3Y*
- 20.31%
- 5Y*
- 11.56%
- 10Y*
- 12.09%
DFEN.DE
- 1D
- 0.60%
- 1M
- 2.28%
- YTD
- 3.04%
- 6M
- 4.46%
- 1Y
- 14.07%
- 3Y*
- 37.43%
- 5Y*
- —
- 10Y*
- —
CEMR.DE vs. DFEN.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CEMR.DE iShares Edge MSCI Europe Momentum Factor UCITS ETF | 9.13% | 27.25% | 20.02% | 6.59% |
DFEN.DE VanEck Defense UCITS ETF A | 3.04% | 50.76% | 51.97% | 22.65% |
Correlation
The correlation between CEMR.DE and DFEN.DE is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2023 | 0.51 |
The correlation between CEMR.DE and DFEN.DE has been stable across timeframes, ranging from 0.47 to 0.52 - a consistent structural relationship.
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Return for Risk
CEMR.DE vs. DFEN.DE — Risk / Return Rank
CEMR.DE
DFEN.DE
CEMR.DE vs. DFEN.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Momentum Factor UCITS ETF (CEMR.DE) and VanEck Defense UCITS ETF A (DFEN.DE). 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.
| CEMR.DE | DFEN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.11 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 0.74 | +1.02 |
| Martin ratioReturn relative to average drawdown | 6.68 | 1.72 | +4.96 |
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Drawdowns
CEMR.DE vs. DFEN.DE - Drawdown Comparison
The maximum CEMR.DE drawdown since its inception was -31.80%, which is greater than DFEN.DE's maximum drawdown of -18.88%. Use the drawdown chart below to compare losses from any high point for CEMR.DE and DFEN.DE.
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Drawdown Indicators
| CEMR.DE | DFEN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.80% | -18.88% | -12.92% |
Max Drawdown (1Y)Largest decline over 1 year | -11.75% | -18.88% | +7.13% |
Max Drawdown (3Y)Largest decline over 3 years | -15.72% | -18.88% | +3.16% |
Max Drawdown (5Y)Largest decline over 5 years | -23.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.80% | — | — |
Current DrawdownCurrent decline from peak | -0.31% | -16.01% | +15.70% |
Average DrawdownAverage peak-to-trough decline | -6.02% | -3.25% | -2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 8.15% | -5.04% |
Volatility
CEMR.DE vs. DFEN.DE - Volatility Comparison
The current volatility for iShares Edge MSCI Europe Momentum Factor UCITS ETF (CEMR.DE) is 4.79%, while VanEck Defense UCITS ETF A (DFEN.DE) has a volatility of 7.34%. This indicates that CEMR.DE experiences smaller price fluctuations and is considered to be less risky than DFEN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEMR.DE | DFEN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.79% | 7.34% | -2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 14.87% | 19.34% | -4.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.46% | 25.01% | -7.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.43% | 21.22% | -4.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.48% | 21.22% | -4.74% |
CEMR.DE vs. DFEN.DE - Expense Ratio Comparison
CEMR.DE has a 0.25% expense ratio, which is lower than DFEN.DE's 0.55% expense ratio.
Dividends
CEMR.DE vs. DFEN.DE - Dividend Comparison
Neither CEMR.DE nor DFEN.DE has paid dividends to shareholders.
Frequently Asked Questions
CEMR.DE and DFEN.DE have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEMR.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMR.DE is cheaper with a 0.25% expense ratio, compared with 0.55% for DFEN.DE.
CEMR.DE is categorized as Momentum, while DFEN.DE is Aerospace & Defense. CEMR.DE tracks MSCI Europe Momentum Index, while DFEN.DE tracks MarketVector Global Defense Industry Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.25% for CEMR.DE and 0.55% for DFEN.DE.
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