DFEU.L vs. DFNS.L

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Europe Defence UCITS ETF EUR Accumulating (DFEU.L) and VanEck Defense UCITS ETF (DFNS.L).

DFEU.L and DFNS.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DFEU.L is a passively managed fund by iShares that tracks the performance of the STOXX Europe Targeted Defence Index. It was launched on May 23, 2025. DFNS.L is a passively managed fund by VanEck that tracks the performance of the MarketVector™ Global Defense Industry Index. It was launched on Mar 31, 2023. Both DFEU.L and DFNS.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DFEU.L vs. DFNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Europe Defence UCITS ETF EUR Accumulating (DFEU.L) and VanEck Defense UCITS ETF (DFNS.L). The values are adjusted to include any dividend payments, if applicable.

DFEU.L vs. DFNS.L - Yearly Performance Comparison

	2026 (YTD)	2025
DFEU.L iShares Europe Defence UCITS ETF EUR Accumulating	8.73%	-14.38%
DFNS.L VanEck Defense UCITS ETF	8.47%	10.19%

Different Trading Currencies

DFEU.L is traded in GBP, while DFNS.L is traded in USD. To make them comparable, the DFNS.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with DFEU.L having a 8.73% return and DFNS.L slightly lower at 8.47%.

DFEU.L

• 1D: 2.94%
• 1M: -6.13%
• YTD: 8.73%
• 6M: -4.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFNS.L

• 1D: -0.14%
• 1M: -5.23%
• YTD: 8.47%
• 6M: 1.93%
• 1Y: 44.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEU.L vs. DFNS.L - Expense Ratio Comparison

DFEU.L has a 0.35% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.

DFNS.L

VanEck Defense UCITS ETF

DFEU.L

iShares Europe Defence UCITS ETF EUR Accumulating

Return for Risk

DFEU.L vs. DFNS.L — Risk / Return Rank

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

DFNS.L

DFNS.L Risk / Return Rank: 87
DFNS.L Sharpe Ratio Rank: 89
DFNS.L Sortino Ratio Rank: 90
DFNS.L Omega Ratio Rank: 84
DFNS.L Calmar Ratio Rank: 91
DFNS.L Martin Ratio Rank: 80

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.

DFEU.L vs. DFNS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Europe Defence UCITS ETF EUR Accumulating (DFEU.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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DFEU.L	DFNS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.29	2.20	-2.49

Correlation

The correlation between DFEU.L and DFNS.L is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DFEU.L vs. DFNS.L - Dividend Comparison

Neither DFEU.L nor DFNS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

DFEU.L vs. DFNS.L - Drawdown Comparison

The maximum DFEU.L drawdown since its inception was -20.99%, which is greater than DFNS.L's maximum drawdown of -12.81%. Use the drawdown chart below to compare losses from any high point for DFEU.L and DFNS.L.

Drawdown Indicators

	DFEU.L	DFNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.99%	-14.92%	-6.07%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.92%	—
Current Drawdown Current decline from peak	-9.54%	-12.94%	+3.40%
Average Drawdown Average peak-to-trough decline	-9.89%	-2.91%	-6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.50%	—

Volatility

Volatility by Period

	DFEU.L	DFNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	31.70%	24.59%	+7.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.70%	20.52%	+11.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.70%	20.52%	+11.18%