DFND.AS vs. VOLT

Last updated Jun 5, 2026

DFND.AS (iShares Global Aerospace & Defence UCITS ETF) and VOLT (Tema Electrification ETF) 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 VOLT is a Energy Equities fund actively managed by Tema. DFND.AS is passively managed, while VOLT is actively managed. At a 0.13 correlation, their price movements are largely independent. DFND.AS charges 0.35%/yr vs 0.75%/yr for VOLT.

Performance

DFND.AS vs. VOLT - Performance Comparison

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

Returns By Period

DFND.AS

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

VOLT

• 1D: 1.28%
• 1M: -3.50%
• YTD: 36.32%
• 6M: 35.03%
• 1Y: 62.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFND.AS vs. VOLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	-2.57%
VOLT Tema Electrification ETF	36.32%	25.92%	-8.98%

Correlation

The correlation between DFND.AS and VOLT is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.13

Return for Risk

DFND.AS vs. VOLT — 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.

VOLT

VOLT Risk / Return Rank: 91
VOLT Sharpe Ratio Rank: 92
VOLT Sortino Ratio Rank: 89
VOLT Omega Ratio Rank: 88
VOLT Calmar Ratio Rank: 94
VOLT Martin Ratio Rank: 90

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. VOLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Aerospace & Defence UCITS ETF (DFND.AS) and Tema Electrification ETF (VOLT). 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	VOLT	Difference
Sharpe ratio: Return per unit of total volatility	—	2.87	—
Sortino ratio: Return per unit of downside risk	—	3.62	—
Omega ratio: Gain probability vs. loss probability	—	1.47	—
Calmar ratio: Return relative to maximum drawdown	—	6.35	—
Martin ratio: Return relative to average drawdown	—	17.90	—

Drawdowns

Drawdown Indicators

	DFND.AS	VOLT	Difference
Max Drawdown Largest peak-to-trough decline	—	-23.40%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-9.59%	—
Current Drawdown Current decline from peak	—	-4.76%	—
Average Drawdown Average peak-to-trough decline	—	-5.19%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.40%	—

Volatility

Volatility by Period

	DFND.AS	VOLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	21.28%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	24.40%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	24.40%	—

DFND.AS vs. VOLT - Expense Ratio Comparison

DFND.AS has a 0.35% expense ratio, which is lower than VOLT's 0.75% expense ratio.

Dividends

DFND.AS vs. VOLT - Dividend Comparison

DFND.AS has not paid dividends to shareholders, while VOLT's dividend yield for the trailing twelve months is around 0.33%.

Position	TTM	2025	2024
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	0.00%
VOLT Tema Electrification ETF	0.33%	0.46%	0.01%

Frequently Asked Questions

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

DFND.AS and VOLT have a correlation of 0.13, 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 VOLT?

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 VOLT?

DFND.AS is cheaper with a 0.35% expense ratio, compared with 0.75% for VOLT.

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

DFND.AS is categorized as Industrials Equities, while VOLT is Energy Equities. They also come from different issuers: iShares and Tema. Their fees differ too: 0.35% for DFND.AS and 0.75% for VOLT.