DFNC.DE vs. DFEN.DE
DFNC.DE (iShares Europe Defence UCITS ETF EUR Acc) and DFEN.DE (VanEck Defense UCITS ETF A) are both Aerospace & Defense funds - DFNC.DE tracks the STOXX Europe Targeted Defence Index while DFEN.DE tracks the MarketVector Global Defense Industry Index. Both are passively managed. Over the past year, DFNC.DE returned -2.92% vs 14.03% for DFEN.DE. A 0.79 correlation means they provide meaningful diversification when combined. DFNC.DE charges 0.35%/yr vs 0.55%/yr for DFEN.DE.
Performance
DFNC.DE vs. DFEN.DE - Performance Comparison
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Returns By Period
In the year-to-date period, DFNC.DE achieves a 3.52% return, which is significantly lower than DFEN.DE's 4.02% return.
DFNC.DE
- 1D
- 0.58%
- 1M
- -4.97%
- YTD
- 3.52%
- 6M
- 7.52%
- 1Y
- -2.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DFEN.DE
- 1D
- 0.30%
- 1M
- -3.33%
- YTD
- 4.02%
- 6M
- 6.91%
- 1Y
- 14.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DFNC.DE vs. DFEN.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DFNC.DE iShares Europe Defence UCITS ETF EUR Acc | 3.52% | -5.19% |
DFEN.DE VanEck Defense UCITS ETF A | 4.02% | 9.92% |
Correlation
The correlation between DFNC.DE and DFEN.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 DFNC.DE and DFEN.DE has been stable across timeframes, ranging from 0.79 to 0.79 - a consistent structural relationship.
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Return for Risk
DFNC.DE vs. DFEN.DE — Risk / Return Rank
DFNC.DE
DFEN.DE
DFNC.DE vs. DFEN.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Europe Defence UCITS ETF EUR Acc (DFNC.DE) and VanEck Defense UCITS ETF A (DFEN.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.
| DFNC.DE | DFEN.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 | 1.01 | 1.11 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.14 | 0.75 | -0.90 |
| Martin ratioReturn relative to average drawdown | -0.31 | 1.81 | -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
| DFNC.DE | DFEN.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.10 | 0.56 | -0.66 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.06 | 1.75 | -1.81 |
Drawdowns
DFNC.DE vs. DFEN.DE - Drawdown Comparison
The maximum DFNC.DE drawdown since its inception was -20.23%, which is greater than DFEN.DE's maximum drawdown of -18.60%. Use the drawdown chart below to compare losses from any high point for DFNC.DE and DFEN.DE.
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Drawdown Indicators
| DFNC.DE | DFEN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.23% | -18.60% | -1.63% |
Max Drawdown (1Y)Largest decline over 1 year | -20.23% | -18.60% | -1.63% |
Current DrawdownCurrent decline from peak | -14.59% | -15.21% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -7.72% | -3.27% | -4.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.85% | 7.72% | +1.13% |
Volatility
DFNC.DE vs. DFEN.DE - Volatility Comparison
iShares Europe Defence UCITS ETF EUR Acc (DFNC.DE) has a higher volatility of 10.02% compared to VanEck Defense UCITS ETF A (DFEN.DE) at 7.38%. This indicates that DFNC.DE's price experiences larger fluctuations and is considered to be riskier than DFEN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFNC.DE | DFEN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.02% | 7.38% | +2.64% |
Volatility (6M)Calculated over the trailing 6-month period | 23.33% | 19.16% | +4.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.27% | 24.79% | +5.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.11% | 21.47% | +8.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.11% | 21.47% | +8.64% |
DFNC.DE vs. DFEN.DE - Expense Ratio Comparison
DFNC.DE has a 0.35% expense ratio, which is lower than DFEN.DE's 0.55% expense ratio.
Dividends
DFNC.DE vs. DFEN.DE - Dividend Comparison
Neither DFNC.DE nor DFEN.DE has paid dividends to shareholders.
Frequently Asked Questions
DFNC.DE and DFEN.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.
DFNC.DE tracks STOXX Europe Targeted Defence Index, while DFEN.DE tracks MarketVector Global Defense Industry Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.35% for DFNC.DE and 0.55% for DFEN.DE.
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