DFND.AS vs. CYBU.AS

Last updated Jun 25, 2026

DFND.AS (iShares Global Aerospace & Defence UCITS ETF) and CYBU.AS (iShares China CNY Bond UCITS ETF USD Hedged (Dist)) are both exchange-traded funds - DFND.AS is a Industrials Equities fund tracking the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR, while CYBU.AS is a Emerging Markets Bonds fund tracking the Bloomberg China Treasury + Policy Bank Index. Both are passively managed. Over the past year, DFND.AS returned 62.00% vs 3.30% for CYBU.AS. At a 0.06 correlation, their price movements are largely independent. DFND.AS charges 0.35%/yr vs 0.40%/yr for CYBU.AS.

Performance

DFND.AS vs. CYBU.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Aerospace & Defence UCITS ETF (DFND.AS) and iShares China CNY Bond UCITS ETF USD Hedged (Dist) (CYBU.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFND.AS achieves a 62.00% return, which is significantly higher than CYBU.AS's 2.55% return.

DFND.AS

• 1D: -0.20%
• 1M: 2.48%
• YTD: 62.00%
• 6M: 62.00%
• 1Y: 62.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CYBU.AS

• 1D: 0.17%
• 1M: 0.62%
• YTD: 2.55%
• 6M: 2.73%
• 1Y: 3.30%
• 3Y*: 6.89%
• 5Y*: 5.76%
• 10Y*: —

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

DFND.AS vs. CYBU.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFND.AS iShares Global Aerospace & Defence UCITS ETF	62.00%	-0.00%	16.29%
CYBU.AS iShares China CNY Bond UCITS ETF USD Hedged (Dist)	2.55%	2.78%	10.12%

Correlation

The correlation between DFND.AS and CYBU.AS is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Feb 16, 2024	0.06

Return for Risk

DFND.AS vs. CYBU.AS — Risk / Return Rank

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

DFND.AS

DFND.AS Risk / Return Rank: 47
DFND.AS Sharpe Ratio Rank: 21
DFND.AS Sortino Ratio Rank: 53
DFND.AS Omega Ratio Rank: 97
DFND.AS Calmar Ratio Rank: 39
DFND.AS Martin Ratio Rank: 27

CYBU.AS

CYBU.AS Risk / Return Rank: 51
CYBU.AS Sharpe Ratio Rank: 32
CYBU.AS Sortino Ratio Rank: 32
CYBU.AS Omega Ratio Rank: 29
CYBU.AS Calmar Ratio Rank: 89
CYBU.AS Martin Ratio Rank: 71

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.

DFND.AS vs. CYBU.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Aerospace & Defence UCITS ETF (DFND.AS) and iShares China CNY Bond UCITS ETF USD Hedged (Dist) (CYBU.AS). 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.

	DFND.AS	CYBU.AS	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.05	-0.40
Sortino ratio: Return per unit of downside risk	2.33	1.57	+0.76
Omega ratio: Gain probability vs. loss probability	1.93	1.19	+0.74
Calmar ratio: Return relative to maximum drawdown	1.79	4.71	-2.92
Martin ratio: Return relative to average drawdown	3.27	11.48	-8.20

DFND.AS vs. CYBU.AS - Sharpe Ratio Comparison

The current DFND.AS Sharpe Ratio is 0.65, which is lower than the CYBU.AS Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of DFND.AS and CYBU.AS, 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

DFND.AS vs. CYBU.AS - Drawdown Comparison

The maximum DFND.AS drawdown since its inception was -35.42%, which is greater than CYBU.AS's maximum drawdown of -5.21%. Use the drawdown chart below to compare losses from any high point for DFND.AS and CYBU.AS.

Drawdown Indicators

	DFND.AS	CYBU.AS	Difference
Max Drawdown Largest peak-to-trough decline	-35.42%	-5.21%	-30.21%
Max Drawdown (1Y) Largest decline over 1 year	-35.42%	-0.69%	-34.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.91%	—
Current Drawdown Current decline from peak	-7.88%	0.00%	-7.88%
Average Drawdown Average peak-to-trough decline	-7.83%	-1.12%	-6.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.17%	0.29%	+18.88%

Volatility

DFND.AS vs. CYBU.AS - Volatility Comparison

iShares Global Aerospace & Defence UCITS ETF (DFND.AS) has a higher volatility of 6.41% compared to iShares China CNY Bond UCITS ETF USD Hedged (Dist) (CYBU.AS) at 0.49%. This indicates that DFND.AS's price experiences larger fluctuations and is considered to be riskier than CYBU.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFND.AS	CYBU.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	0.49%	+5.92%
Volatility (6M) Calculated over the trailing 6-month period	54.51%	2.22%	+52.29%
Volatility (1Y) Calculated over the trailing 1-year period	96.62%	3.11%	+93.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.20%	3.04%	+60.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.20%	3.14%	+60.06%

DFND.AS vs. CYBU.AS - Expense Ratio Comparison

DFND.AS has a 0.35% expense ratio, which is lower than CYBU.AS's 0.40% expense ratio.

Dividends

DFND.AS vs. CYBU.AS - Dividend Comparison

DFND.AS has not paid dividends to shareholders, while CYBU.AS's dividend yield for the trailing twelve months is around 1.71%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CYBU.AS iShares China CNY Bond UCITS ETF USD Hedged (Dist)	1.71%	1.88%	2.13%	2.45%	2.60%	2.82%	2.66%	0.21%
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFND.AS and CYBU.AS in my portfolio?

DFND.AS and CYBU.AS have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFND.AS or CYBU.AS?

On fees, DFND.AS is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFND.AS or CYBU.AS?

DFND.AS is cheaper with a 0.35% expense ratio, compared with 0.40% for CYBU.AS.

What is the main difference between DFND.AS and CYBU.AS?

DFND.AS is categorized as Industrials Equities, while CYBU.AS is Emerging Markets Bonds. DFND.AS tracks S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR, while CYBU.AS tracks Bloomberg China Treasury + Policy Bank Index. Their fees differ too: 0.35% for DFND.AS and 0.40% for CYBU.AS.