CNDX.L vs. DFNS.L
CNDX.L (iShares NASDAQ 100 UCITS ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, CNDX.L returned 26.24%/yr vs 40.45%/yr for DFNS.L. At a 0.48 correlation, their price movements are largely independent. CNDX.L charges 0.33%/yr vs 0.55%/yr for DFNS.L.
Performance
CNDX.L vs. DFNS.L - Performance Comparison
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Returns By Period
In the year-to-date period, CNDX.L achieves a 16.86% return, which is significantly higher than DFNS.L's 0.90% return.
CNDX.L
- 1D
- 3.01%
- 1M
- 0.15%
- YTD
- 16.86%
- 6M
- 18.12%
- 1Y
- 36.58%
- 3Y*
- 26.24%
- 5Y*
- 16.67%
- 10Y*
- 21.60%
DFNS.L
- 1D
- 0.00%
- 1M
- -1.09%
- YTD
- 0.90%
- 6M
- 2.54%
- 1Y
- 10.82%
- 3Y*
- 40.45%
- 5Y*
- —
- 10Y*
- —
CNDX.L vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CNDX.L iShares NASDAQ 100 UCITS ETF | 16.86% | 19.75% | 26.42% | 30.87% |
DFNS.L VanEck Defense UCITS ETF | 0.90% | 68.21% | 43.74% | 25.97% |
Correlation
The correlation between CNDX.L and DFNS.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.48 |
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Return for Risk
CNDX.L vs. DFNS.L — Risk / Return Rank
CNDX.L
DFNS.L
CNDX.L vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares NASDAQ 100 UCITS ETF (CNDX.L) 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.
| CNDX.L | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.66 | ||
| Sortino ratioReturn per unit of downside risk | +2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.10 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 0.66 | +2.59 |
| Martin ratioReturn relative to average drawdown | 11.35 | 1.61 | +9.73 |
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Drawdowns
CNDX.L vs. DFNS.L - Drawdown Comparison
The maximum CNDX.L drawdown since its inception was -35.21%, 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 CNDX.L and DFNS.L.
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Drawdown Indicators
| CNDX.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.21% | -19.66% | -15.55% |
Max Drawdown (1Y)Largest decline over 1 year | -11.00% | -19.66% | +8.66% |
Max Drawdown (3Y)Largest decline over 3 years | -22.44% | -19.66% | -2.78% |
Max Drawdown (5Y)Largest decline over 5 years | -35.21% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.21% | — | — |
Current DrawdownCurrent decline from peak | -3.08% | -17.48% | +14.40% |
Average DrawdownAverage peak-to-trough decline | -5.13% | -3.49% | -1.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 8.00% | -4.85% |
Volatility
CNDX.L vs. DFNS.L - Volatility Comparison
The current volatility for iShares NASDAQ 100 UCITS ETF (CNDX.L) is 6.21%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 8.29%. This indicates that CNDX.L 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.
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Volatility by Period
| CNDX.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 8.29% | -2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 12.72% | 19.56% | -6.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.44% | 25.07% | -8.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.99% | 21.58% | -0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.12% | 21.58% | -1.46% |
CNDX.L vs. DFNS.L - Expense Ratio Comparison
CNDX.L has a 0.33% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.
Dividends
CNDX.L vs. DFNS.L - Dividend Comparison
Neither CNDX.L nor DFNS.L has paid dividends to shareholders.
Frequently Asked Questions
CNDX.L and DFNS.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNDX.L is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNDX.L is cheaper with a 0.33% expense ratio, compared with 0.55% for DFNS.L.
CNDX.L is categorized as Nasdaq-100, while DFNS.L is Aerospace & Defense. CNDX.L tracks NASDAQ-100 Index, while DFNS.L tracks MarketVector™ Global Defense Industry Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.33% for CNDX.L and 0.55% for DFNS.L.
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