DFEN.DE vs. CEMU.AS
DFEN.DE (VanEck Defense UCITS ETF A) and CEMU.AS (iShares Core MSCI EMU UCITS ETF EUR (Acc)) are both exchange-traded funds - DFEN.DE is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index, while CEMU.AS is a Europe Equities fund tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 3 years, DFEN.DE returned 37.67%/yr vs 16.12%/yr for CEMU.AS. At a 0.41 correlation, their price movements are largely independent. DFEN.DE charges 0.55%/yr vs 0.12%/yr for CEMU.AS.
Performance
DFEN.DE vs. CEMU.AS - Performance Comparison
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Returns By Period
In the year-to-date period, DFEN.DE achieves a 1.84% return, which is significantly lower than CEMU.AS's 8.68% return.
DFEN.DE
- 1D
- 0.53%
- 1M
- -0.93%
- YTD
- 1.84%
- 6M
- 3.89%
- 1Y
- 10.60%
- 3Y*
- 37.67%
- 5Y*
- —
- 10Y*
- —
CEMU.AS
- 1D
- 0.60%
- 1M
- 3.80%
- YTD
- 8.68%
- 6M
- 10.52%
- 1Y
- 17.45%
- 3Y*
- 16.12%
- 5Y*
- 10.62%
- 10Y*
- 10.03%
DFEN.DE vs. CEMU.AS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFEN.DE VanEck Defense UCITS ETF A | 1.84% | 50.76% | 51.97% | 22.65% |
CEMU.AS iShares Core MSCI EMU UCITS ETF EUR (Acc) | 8.68% | 24.42% | 10.08% | 6.28% |
Correlation
The correlation between DFEN.DE and CEMU.AS 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 | 0.41 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2023 | 0.41 |
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Return for Risk
DFEN.DE vs. CEMU.AS — Risk / Return Rank
DFEN.DE
CEMU.AS
DFEN.DE vs. CEMU.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF A (DFEN.DE) and iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS). 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.
| DFEN.DE | CEMU.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.23 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 1.74 | -1.12 |
| Martin ratioReturn relative to average drawdown | 1.46 | 6.36 | -4.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DFEN.DE | CEMU.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.46 | 1.23 | -0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.58 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.84 | 0.50 | +1.34 |
Drawdowns
DFEN.DE vs. CEMU.AS - Drawdown Comparison
The maximum DFEN.DE drawdown since its inception was -18.60%, smaller than the maximum CEMU.AS drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for DFEN.DE and CEMU.AS.
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Drawdown Indicators
| DFEN.DE | CEMU.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.60% | -38.38% | +19.78% |
Max Drawdown (1Y)Largest decline over 1 year | -18.60% | -10.17% | -8.43% |
Max Drawdown (3Y)Largest decline over 3 years | -18.60% | -15.40% | -3.20% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.38% | — |
Current DrawdownCurrent decline from peak | -16.99% | -0.56% | -16.43% |
Average DrawdownAverage peak-to-trough decline | -3.20% | -6.24% | +3.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.93% | 2.79% | +5.14% |
Volatility
DFEN.DE vs. CEMU.AS - Volatility Comparison
VanEck Defense UCITS ETF A (DFEN.DE) has a higher volatility of 7.01% compared to iShares Core MSCI EMU UCITS ETF EUR (Acc) (CEMU.AS) at 4.60%. This indicates that DFEN.DE's price experiences larger fluctuations and is considered to be riskier than CEMU.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFEN.DE | CEMU.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 4.60% | +2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 19.21% | 11.95% | +7.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.92% | 14.49% | +10.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.20% | 16.16% | +5.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.20% | 17.08% | +4.12% |
DFEN.DE vs. CEMU.AS - Expense Ratio Comparison
DFEN.DE has a 0.55% expense ratio, which is higher than CEMU.AS's 0.12% expense ratio.
Dividends
DFEN.DE vs. CEMU.AS - Dividend Comparison
Neither DFEN.DE nor CEMU.AS has paid dividends to shareholders.
Frequently Asked Questions
DFEN.DE and CEMU.AS 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.
On fees, CEMU.AS is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMU.AS is cheaper with a 0.12% expense ratio, compared with 0.55% for DFEN.DE.
DFEN.DE is categorized as Aerospace & Defense, while CEMU.AS is Europe Equities. DFEN.DE tracks MarketVector Global Defense Industry Index, while CEMU.AS tracks MSCI EMU NR EUR. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.55% for DFEN.DE and 0.12% for CEMU.AS.
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