DFND.AS vs. H2O.DE

Last updated Jun 5, 2026

DFND.AS (iShares Global Aerospace & Defence UCITS ETF) is Industrials Equities fund tracking the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR, while H2O.DE (Enapter AG) is a stock. At a correlation of -0.02, they often move in opposite directions.

Performance

DFND.AS vs. H2O.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Aerospace & Defence UCITS ETF (DFND.AS) and Enapter AG (H2O.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DFND.AS is traded in USD, while H2O.DE is traded in EUR. To make them comparable, the H2O.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

DFND.AS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

H2O.DE

• 1D: -0.11%
• 1M: 4.86%
• YTD: -19.23%
• 6M: -29.70%
• 1Y: -51.52%
• 3Y*: -50.88%
• 5Y*: -45.20%
• 10Y*: —

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

DFND.AS vs. H2O.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	16.29%
H2O.DE Enapter AG	-19.23%	-54.46%	-55.21%

Correlation

The correlation between DFND.AS and H2O.DE is -0.02, 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 (All Time) Calculated using the full available price history since Feb 16, 2024	-0.02

Return for Risk

DFND.AS vs. H2O.DE — Risk / Return Rank

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

DFND.AS

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

H2O.DE

H2O.DE Risk / Return Rank: 15
H2O.DE Sharpe Ratio Rank: 15
H2O.DE Sortino Ratio Rank: 15
H2O.DE Omega Ratio Rank: 16
H2O.DE Calmar Ratio Rank: 13
H2O.DE Martin Ratio Rank: 16

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. H2O.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Aerospace & Defence UCITS ETF (DFND.AS) and Enapter AG (H2O.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.

	DFND.AS	H2O.DE	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.65	—
Sortino ratio: Return per unit of downside risk	—	-0.85	—
Omega ratio: Gain probability vs. loss probability	—	0.91	—
Calmar ratio: Return relative to maximum drawdown	—	-0.79	—
Martin ratio: Return relative to average drawdown	—	-1.20	—

Drawdowns

Drawdown Indicators

	DFND.AS	H2O.DE	Difference
Max Drawdown Largest peak-to-trough decline	—	-97.75%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-63.17%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-91.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-96.31%	—
Current Drawdown Current decline from peak	—	-97.23%	—
Average Drawdown Average peak-to-trough decline	—	-66.79%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	41.71%	—

Volatility

Volatility by Period

	DFND.AS	H2O.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.28%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	76.41%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	61.22%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	7,404.09%	—

Dividends

DFND.AS vs. H2O.DE - Dividend Comparison

Neither DFND.AS nor H2O.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DFND.AS and H2O.DE in my portfolio?

DFND.AS and H2O.DE have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.