DFEN.DE vs. SPYG

Last updated Jun 27, 2026

DFEN.DE (VanEck Defense UCITS ETF A) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - DFEN.DE is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 3 years, DFEN.DE returned 34.17%/yr vs 23.82%/yr for SPYG. At a 0.31 correlation, their price movements are largely independent. DFEN.DE charges 0.55%/yr vs 0.04%/yr for SPYG.

Performance

DFEN.DE vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in VanEck Defense UCITS ETF A (DFEN.DE) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DFEN.DE is traded in EUR, while SPYG is traded in USD. To make them comparable, the SPYG values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, DFEN.DE achieves a -6.01% return, which is significantly lower than SPYG's 12.19% return.

DFEN.DE

• 1D: -0.14%
• 1M: -10.91%
• YTD: -6.01%
• 6M: -6.83%
• 1Y: 1.74%
• 3Y*: 34.17%
• 5Y*: —
• 10Y*: —

SPYG

• 1D: 0.00%
• 1M: -1.14%
• YTD: 12.19%
• 6M: 10.88%
• 1Y: 26.86%
• 3Y*: 23.82%
• 5Y*: 15.20%
• 10Y*: 17.70%

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

DFEN.DE vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFEN.DE VanEck Defense UCITS ETF A	-6.01%	50.76%	51.97%	22.65%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	11.21%	7.60%	44.97%	17.57%

Correlation

The correlation between DFEN.DE and SPYG 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	0.30
Correlation (All Time) Calculated using the full available price history since Apr 5, 2023	0.31

Return for Risk

DFEN.DE vs. SPYG — Risk / Return Rank

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

DFEN.DE

DFEN.DE Risk / Return Rank: 10
DFEN.DE Sharpe Ratio Rank: 10
DFEN.DE Sortino Ratio Rank: 9
DFEN.DE Omega Ratio Rank: 9
DFEN.DE Calmar Ratio Rank: 10
DFEN.DE Martin Ratio Rank: 10

SPYG

SPYG Risk / Return Rank: 39
SPYG Sharpe Ratio Rank: 40
SPYG Sortino Ratio Rank: 38
SPYG Omega Ratio Rank: 38
SPYG Calmar Ratio Rank: 35
SPYG Martin Ratio Rank: 43

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.

DFEN.DE vs. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF A (DFEN.DE) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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.

	DFEN.DE	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	0.07	1.59	-1.52
Sortino ratio: Return per unit of downside risk	0.28	2.13	-1.84
Omega ratio: Gain probability vs. loss probability	1.03	1.28	-0.25
Calmar ratio: Return relative to maximum drawdown	0.07	2.12	-2.05
Martin ratio: Return relative to average drawdown	0.19	7.27	-7.08

DFEN.DE vs. SPYG - Sharpe Ratio Comparison

The current DFEN.DE Sharpe Ratio is 0.07, which is lower than the SPYG Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of DFEN.DE and SPYG, 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

DFEN.DE vs. SPYG - Drawdown Comparison

The maximum DFEN.DE drawdown since its inception was -23.39%, smaller than the maximum SPYG drawdown of -45.25%. Use the drawdown chart below to compare losses from any high point for DFEN.DE and SPYG.

Drawdown Indicators

	DFEN.DE	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-23.39%	-45.25%	+21.86%
Max Drawdown (1Y) Largest decline over 1 year	-23.39%	-12.70%	-10.69%
Max Drawdown (3Y) Largest decline over 3 years	-23.39%	-27.05%	+3.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.75%	—
Current Drawdown Current decline from peak	-23.39%	-3.42%	-19.97%
Average Drawdown Average peak-to-trough decline	-3.45%	-7.59%	+4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.04%	3.70%	+5.34%

Volatility

DFEN.DE vs. SPYG - Volatility Comparison

VanEck Defense UCITS ETF A (DFEN.DE) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) have volatilities of 6.28% and 6.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN.DE	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	6.35%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	19.79%	12.76%	+7.03%
Volatility (1Y) Calculated over the trailing 1-year period	25.30%	17.02%	+8.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.31%	21.05%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.31%	21.10%	+0.21%

DFEN.DE vs. SPYG - Expense Ratio Comparison

DFEN.DE has a 0.55% expense ratio, which is higher than SPYG's 0.04% expense ratio.

Dividends

DFEN.DE vs. SPYG - Dividend Comparison

DFEN.DE has not paid dividends to shareholders, while SPYG's dividend yield for the trailing twelve months is around 0.50%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEN.DE VanEck Defense UCITS ETF A	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.50%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both DFEN.DE and SPYG in my portfolio?

DFEN.DE and SPYG 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.

Which ETF is better, DFEN.DE or SPYG?

On fees, SPYG is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFEN.DE or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.55% for DFEN.DE.

What is the main difference between DFEN.DE and SPYG?

DFEN.DE is categorized as Aerospace & Defense, while SPYG is S&P 500. DFEN.DE tracks MarketVector Global Defense Industry Index, while SPYG tracks S&P 500 Growth Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.55% for DFEN.DE and 0.04% for SPYG.