DFEN.DE vs. DFNC.DE
DFEN.DE (VanEck Defense UCITS ETF A) and DFNC.DE (iShares Europe Defence UCITS ETF EUR Acc) are both Aerospace & Defense funds - DFEN.DE tracks the MarketVector Global Defense Industry Index while DFNC.DE tracks the STOXX Europe Targeted Defence Index. Both are passively managed. Over the past year, DFEN.DE returned 14.03% vs -2.92% for DFNC.DE. A 0.79 correlation means they provide meaningful diversification when combined. DFEN.DE charges 0.55%/yr vs 0.35%/yr for DFNC.DE.
Performance
DFEN.DE vs. DFNC.DE - Performance Comparison
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Returns By Period
In the year-to-date period, DFEN.DE achieves a 4.02% return, which is significantly higher than DFNC.DE's 3.52% return.
DFEN.DE
- 1D
- 0.30%
- 1M
- -3.33%
- YTD
- 4.02%
- 6M
- 6.91%
- 1Y
- 14.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DFNC.DE
- 1D
- 0.58%
- 1M
- -4.97%
- YTD
- 3.52%
- 6M
- 7.52%
- 1Y
- -2.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DFEN.DE vs. DFNC.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DFEN.DE VanEck Defense UCITS ETF A | 4.02% | 9.92% |
DFNC.DE iShares Europe Defence UCITS ETF EUR Acc | 3.52% | -5.19% |
Correlation
The correlation between DFEN.DE and DFNC.DE is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since May 29, 2025 | 0.79 |
The correlation between DFEN.DE and DFNC.DE has been stable across timeframes, ranging from 0.79 to 0.79 - a consistent structural relationship.
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Return for Risk
DFEN.DE vs. DFNC.DE — Risk / Return Rank
DFEN.DE
DFNC.DE
DFEN.DE vs. DFNC.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF A (DFEN.DE) and iShares Europe Defence UCITS ETF EUR Acc (DFNC.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.
| DFEN.DE | DFNC.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.01 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | -0.14 | +0.90 |
| Martin ratioReturn relative to average drawdown | 1.81 | -0.31 | +2.12 |
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 | DFNC.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | -0.10 | +0.66 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.75 | -0.06 | +1.81 |
Drawdowns
DFEN.DE vs. DFNC.DE - Drawdown Comparison
The maximum DFEN.DE drawdown since its inception was -18.60%, smaller than the maximum DFNC.DE drawdown of -20.23%. Use the drawdown chart below to compare losses from any high point for DFEN.DE and DFNC.DE.
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Drawdown Indicators
| DFEN.DE | DFNC.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.60% | -20.23% | +1.63% |
Max Drawdown (1Y)Largest decline over 1 year | -18.60% | -20.23% | +1.63% |
Current DrawdownCurrent decline from peak | -15.21% | -14.59% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -3.27% | -7.72% | +4.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.72% | 8.85% | -1.13% |
Volatility
DFEN.DE vs. DFNC.DE - Volatility Comparison
The current volatility for VanEck Defense UCITS ETF A (DFEN.DE) is 7.38%, while iShares Europe Defence UCITS ETF EUR Acc (DFNC.DE) has a volatility of 10.02%. This indicates that DFEN.DE experiences smaller price fluctuations and is considered to be less risky than DFNC.DE 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 | DFNC.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.38% | 10.02% | -2.64% |
Volatility (6M)Calculated over the trailing 6-month period | 19.16% | 23.33% | -4.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.79% | 30.27% | -5.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.47% | 30.11% | -8.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.47% | 30.11% | -8.64% |
DFEN.DE vs. DFNC.DE - Expense Ratio Comparison
DFEN.DE has a 0.55% expense ratio, which is higher than DFNC.DE's 0.35% expense ratio.
Dividends
DFEN.DE vs. DFNC.DE - Dividend Comparison
Neither DFEN.DE nor DFNC.DE has paid dividends to shareholders.
Frequently Asked Questions
DFEN.DE and DFNC.DE have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DFNC.DE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DFNC.DE is cheaper with a 0.35% expense ratio, compared with 0.55% for DFEN.DE.
DFEN.DE tracks MarketVector Global Defense Industry Index, while DFNC.DE tracks STOXX Europe Targeted Defence Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.55% for DFEN.DE and 0.35% for DFNC.DE.
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