DFND.AS vs. NATO.L

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Global Aerospace & Defence UCITS ETF (DFND.AS) and HANetf Future of Defence UCITS ETF - Accumulating (NATO.L).

DFND.AS and NATO.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DFND.AS is a passively managed fund by iShares that tracks the performance of the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR. It was launched on Feb 1, 2024. NATO.L is a passively managed fund by HANetf that tracks the performance of the EQM Future of Defence Index. It was launched on Jul 4, 2023. Both DFND.AS and NATO.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

DFND.AS vs. NATO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Aerospace & Defence UCITS ETF (DFND.AS) and HANetf Future of Defence UCITS ETF - Accumulating (NATO.L). The values are adjusted to include any dividend payments, if applicable.

DFND.AS vs. NATO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	16.29%
NATO.L HANetf Future of Defence UCITS ETF - Accumulating	2.08%	54.83%	17.74%

Returns By Period

DFND.AS

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

NATO.L

• 1D: 1.08%
• 1M: -4.56%
• YTD: 2.08%
• 6M: -3.51%
• 1Y: 33.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFND.AS vs. NATO.L - Expense Ratio Comparison

DFND.AS has a 0.35% expense ratio, which is lower than NATO.L's 0.49% expense ratio.

NATO.L

HANetf Future of Defence UCITS ETF - Accumulating

DFND.AS

iShares Global Aerospace & Defence UCITS ETF

Return for Risk

DFND.AS vs. NATO.L — Risk / Return Rank

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

NATO.L

NATO.L Risk / Return Rank: 78
NATO.L Sharpe Ratio Rank: 81
NATO.L Sortino Ratio Rank: 83
NATO.L Omega Ratio Rank: 75
NATO.L Calmar Ratio Rank: 84
NATO.L Martin Ratio Rank: 69

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. NATO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Aerospace & Defence UCITS ETF (DFND.AS) and HANetf Future of Defence UCITS ETF - Accumulating (NATO.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

	DFND.AS	NATO.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.37	—

Correlation

The correlation between DFND.AS and NATO.L is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

DFND.AS vs. NATO.L - Dividend Comparison

Neither DFND.AS nor NATO.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

Drawdown Indicators

	DFND.AS	NATO.L	Difference
Max Drawdown Largest peak-to-trough decline	—	-21.84%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-12.79%	—
Current Drawdown Current decline from peak	—	-10.13%	—
Average Drawdown Average peak-to-trough decline	—	-2.44%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.67%	—

Volatility

Volatility by Period

	DFND.AS	NATO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	22.17%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	27.77%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	27.77%	—