DFND.AS vs. WINC.AS

Last updated Jun 4, 2026

DFND.AS (iShares Global Aerospace & Defence UCITS ETF) and WINC.AS (iShares World Equity High Income UCITS ETF USD Inc) 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 WINC.AS is a Global Equity Income fund actively managed by iShares. DFND.AS is passively managed, while WINC.AS is actively managed. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

DFND.AS vs. WINC.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 World Equity High Income UCITS ETF USD Inc (WINC.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DFND.AS

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

WINC.AS

• 1D: 0.63%
• 1M: 3.18%
• YTD: 8.88%
• 6M: 10.52%
• 1Y: 24.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	8.10%
WINC.AS iShares World Equity High Income UCITS ETF USD Inc	8.88%	21.56%	8.92%

Correlation

The correlation between DFND.AS and WINC.AS is 0.17, 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 Apr 3, 2024	0.17

Return for Risk

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

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

WINC.AS

WINC.AS Risk / Return Rank: 75
WINC.AS Sharpe Ratio Rank: 72
WINC.AS Sortino Ratio Rank: 79
WINC.AS Omega Ratio Rank: 71
WINC.AS Calmar Ratio Rank: 73
WINC.AS Martin Ratio Rank: 79

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. WINC.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 World Equity High Income UCITS ETF USD Inc (WINC.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.

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	WINC.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.61	—

Drawdowns

Drawdown Indicators

	DFND.AS	WINC.AS	Difference
Max Drawdown Largest peak-to-trough decline	—	-14.81%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-6.77%	—
Current Drawdown Current decline from peak	—	-0.35%	—
Average Drawdown Average peak-to-trough decline	—	-1.53%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.60%	—

Volatility

Volatility by Period

	DFND.AS	WINC.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	10.59%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	13.84%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	13.84%	—

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

Both DFND.AS and WINC.AS have an expense ratio of 0.35%.

Dividends

DFND.AS vs. WINC.AS - Dividend Comparison

DFND.AS has not paid dividends to shareholders, while WINC.AS's dividend yield for the trailing twelve months is around 9.64%.

Position	TTM	2025	2024
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	0.00%
WINC.AS iShares World Equity High Income UCITS ETF USD Inc	9.64%	9.38%	4.88%

Frequently Asked Questions

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

DFND.AS and WINC.AS have a correlation of 0.17, 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 WINC.AS?

Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

DFND.AS and WINC.AS have the same expense ratio: 0.35% per year.

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

DFND.AS is categorized as Industrials Equities, while WINC.AS is Global Equity Income.