DFNC.DE vs. DFNS.L

Last updated Apr 15, 2026

DFNC.DE (iShares Europe Defence UCITS ETF EUR Acc) and DFNS.L (VanEck Defense UCITS ETF) are both Aerospace & Defense funds — DFNC.DE tracks the STOXX Europe Targeted Defence Index while DFNS.L tracks the MarketVector™ Global Defense Industry Index. Both are passively managed. Their correlation of 0.80 suggests significant overlap in exposure. DFNC.DE charges 0.35%/yr vs 0.55%/yr for DFNS.L.

Performance

DFNC.DE vs. DFNS.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both stocks are quite close, with DFNC.DE having a 15.68% return and DFNS.L slightly lower at 14.92%.

DFNC.DE

• 1D: 0.24%
• 1M: -1.91%
• YTD: 15.68%
• 6M: 6.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFNS.L

• 1D: 0.55%
• 1M: -4.07%
• YTD: 14.92%
• 6M: 10.93%
• 1Y: 43.86%
• 3Y*: 47.01%
• 5Y*: —
• 10Y*: —

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

DFNC.DE vs. DFNS.L - Yearly Performance Comparison

	2026 (YTD)	2025
DFNC.DE iShares Europe Defence UCITS ETF EUR Acc	15.68%	-5.19%
DFNS.L VanEck Defense UCITS ETF	14.92%	9.39%

Correlation

The correlation between DFNC.DE and DFNS.L is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2025	0.80

Return for Risk

DFNC.DE 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: 49
DFNS.L Sharpe Ratio Rank: 50
DFNS.L Sortino Ratio Rank: 45
DFNS.L Omega Ratio Rank: 41
DFNS.L Calmar Ratio Rank: 65
DFNS.L Martin Ratio Rank: 45

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.

DFNC.DE vs. DFNS.L - 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 (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

	DFNC.DE	DFNS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	2.22	-1.85

Drawdowns

DFNC.DE vs. DFNS.L - Drawdown Comparison

The maximum DFNC.DE drawdown since its inception was -20.23%, which is greater than DFNS.L's maximum drawdown of -13.93%. Use the drawdown chart below to compare losses from any high point for DFNC.DE and DFNS.L.

Drawdown Indicators

	DFNC.DE	DFNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.23%	-14.92%	-5.31%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.92%	—
Current Drawdown Current decline from peak	-4.55%	-5.63%	+1.08%
Average Drawdown Average peak-to-trough decline	-6.95%	-2.95%	-4.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.55%	—

Volatility

Volatility by Period

	DFNC.DE	DFNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.76%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	29.75%	24.67%	+5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.75%	21.35%	+8.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.75%	21.35%	+8.40%

DFNC.DE vs. DFNS.L - Expense Ratio Comparison

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

Dividends

DFNC.DE vs. DFNS.L - Dividend Comparison

Neither DFNC.DE nor DFNS.L has paid dividends to shareholders.

Tickers have no history of dividend payments