DFEN.DE vs. SPYU.DE
DFEN.DE (VanEck Defense UCITS ETF A) and SPYU.DE (SPDR MSCI Europe Utilities UCITS ETF) are both exchange-traded funds - DFEN.DE is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index, while SPYU.DE is a Utilities Equities fund tracking the MSCI Europe Utilities 20/35 Capped. Both are passively managed. Over the past 3 years, DFEN.DE returned 34.17%/yr vs 17.95%/yr for SPYU.DE. At a 0.13 correlation, their price movements are largely independent. DFEN.DE charges 0.55%/yr vs 0.18%/yr for SPYU.DE.
Performance
DFEN.DE vs. SPYU.DE - Performance Comparison
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Returns By Period
In the year-to-date period, DFEN.DE achieves a -6.01% return, which is significantly lower than SPYU.DE's 17.61% return.
DFEN.DE
- 1D
- -0.14%
- 1M
- -10.91%
- YTD
- -6.01%
- 6M
- -6.83%
- 1Y
- 1.74%
- 3Y*
- 34.17%
- 5Y*
- —
- 10Y*
- —
SPYU.DE
- 1D
- 0.13%
- 1M
- 3.03%
- YTD
- 17.61%
- 6M
- 18.67%
- 1Y
- 29.26%
- 3Y*
- 17.95%
- 5Y*
- 12.77%
- 10Y*
- 11.57%
DFEN.DE vs. SPYU.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFEN.DE VanEck Defense UCITS ETF A | -6.01% | 50.76% | 51.97% | 22.65% |
SPYU.DE SPDR MSCI Europe Utilities UCITS ETF | 17.61% | 34.39% | 0.99% | 5.20% |
Correlation
The correlation between DFEN.DE and SPYU.DE is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2023 | 0.13 |
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Return for Risk
DFEN.DE vs. SPYU.DE — Risk / Return Rank
DFEN.DE
SPYU.DE
DFEN.DE vs. SPYU.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF A (DFEN.DE) and SPDR MSCI Europe Utilities UCITS ETF (SPYU.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.
| DFEN.DE | SPYU.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.35 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.07 | 3.92 | -3.85 |
| Martin ratioReturn relative to average drawdown | 0.19 | 10.52 | -10.32 |
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Drawdowns
DFEN.DE vs. SPYU.DE - Drawdown Comparison
The maximum DFEN.DE drawdown since its inception was -23.39%, smaller than the maximum SPYU.DE drawdown of -32.98%. Use the drawdown chart below to compare losses from any high point for DFEN.DE and SPYU.DE.
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Drawdown Indicators
| DFEN.DE | SPYU.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.39% | -32.98% | +9.59% |
Max Drawdown (1Y)Largest decline over 1 year | -23.39% | -7.43% | -15.96% |
Max Drawdown (3Y)Largest decline over 3 years | -23.39% | -13.44% | -9.95% |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.28% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.98% | — |
Current DrawdownCurrent decline from peak | -23.39% | -1.42% | -21.97% |
Average DrawdownAverage peak-to-trough decline | -3.45% | -7.00% | +3.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.04% | 2.78% | +6.26% |
Volatility
DFEN.DE vs. SPYU.DE - Volatility Comparison
VanEck Defense UCITS ETF A (DFEN.DE) has a higher volatility of 6.28% compared to SPDR MSCI Europe Utilities UCITS ETF (SPYU.DE) at 3.04%. This indicates that DFEN.DE's price experiences larger fluctuations and is considered to be riskier than SPYU.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 | SPYU.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.28% | 3.04% | +3.24% |
Volatility (6M)Calculated over the trailing 6-month period | 19.79% | 13.03% | +6.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.30% | 14.99% | +10.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.31% | 16.00% | +5.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.31% | 16.93% | +4.38% |
DFEN.DE vs. SPYU.DE - Expense Ratio Comparison
DFEN.DE has a 0.55% expense ratio, which is higher than SPYU.DE's 0.18% expense ratio.
Dividends
DFEN.DE vs. SPYU.DE - Dividend Comparison
Neither DFEN.DE nor SPYU.DE has paid dividends to shareholders.
Frequently Asked Questions
DFEN.DE and SPYU.DE have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYU.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYU.DE is cheaper with a 0.18% expense ratio, compared with 0.55% for DFEN.DE.
DFEN.DE is categorized as Aerospace & Defense, while SPYU.DE is Utilities Equities. DFEN.DE tracks MarketVector Global Defense Industry Index, while SPYU.DE tracks MSCI Europe Utilities 20/35 Capped. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.55% for DFEN.DE and 0.18% for SPYU.DE.
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