DFNG.L vs. ARMGX

Last updated Jun 4, 2026

DFNG.L (VanEck Defense ETF A USD Acc GBP) and ARMGX (Western Asset Ultra-Short Income Fund) are both funds - DFNG.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry index, while ARMGX is a Ultrashort Bond fund managed by Legg Mason. Over the past 3 years, DFNG.L returned 39.39%/yr vs 1.75%/yr for ARMGX. At a 0.08 correlation, their price movements are largely independent. DFNG.L charges 0.55%/yr vs 1.32%/yr for ARMGX.

Performance

DFNG.L vs. ARMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Defense ETF A USD Acc GBP (DFNG.L) and Western Asset Ultra-Short Income Fund (ARMGX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DFNG.L is traded in GBP, while ARMGX is traded in USD. To make them comparable, the ARMGX values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, DFNG.L achieves a 3.11% return, which is significantly higher than ARMGX's 1.29% return.

DFNG.L

• 1D: -1.51%
• 1M: -3.80%
• YTD: 3.11%
• 6M: 7.91%
• 1Y: 16.52%
• 3Y*: 39.39%
• 5Y*: —
• 10Y*: —

ARMGX

• 1D: -0.06%
• 1M: 0.93%
• YTD: 1.29%
• 6M: 0.76%
• 1Y: 4.27%
• 3Y*: 1.75%
• 5Y*: 3.63%
• 10Y*: 3.02%

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

DFNG.L vs. ARMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFNG.L VanEck Defense ETF A USD Acc GBP	3.11%	56.54%	46.20%	22.89%
ARMGX Western Asset Ultra-Short Income Fund	1.29%	-3.22%	6.50%	1.79%

Correlation

The correlation between DFNG.L and ARMGX is 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023	0.08

Return for Risk

DFNG.L vs. ARMGX — Risk / Return Rank

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

DFNG.L

DFNG.L Risk / Return Rank: 20
DFNG.L Sharpe Ratio Rank: 19
DFNG.L Sortino Ratio Rank: 20
DFNG.L Omega Ratio Rank: 20
DFNG.L Calmar Ratio Rank: 20
DFNG.L Martin Ratio Rank: 19

ARMGX

ARMGX Risk / Return Rank: 98
ARMGX Sharpe Ratio Rank: 93
ARMGX Sortino Ratio Rank: 98
ARMGX Omega Ratio Rank: 99
ARMGX Calmar Ratio Rank: 99
ARMGX Martin Ratio Rank: 99

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.

DFNG.L vs. ARMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Defense ETF A USD Acc GBP (DFNG.L) and Western Asset Ultra-Short Income Fund (ARMGX). 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.

	DFNG.L	ARMGX	Difference
Sharpe ratio: Return per unit of total volatility	0.68	0.68	0.00
Sortino ratio: Return per unit of downside risk	1.12	1.01	+0.11
Omega ratio: Gain probability vs. loss probability	1.13	1.12	+0.01
Calmar ratio: Return relative to maximum drawdown	0.90	0.86	+0.03
Martin ratio: Return relative to average drawdown	2.23	2.29	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFNG.L vs. ARMGX - Sharpe Ratio Comparison

The current DFNG.L Sharpe Ratio is 0.68, which is comparable to the ARMGX Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of DFNG.L and ARMGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFNG.L	ARMGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	0.68	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	0.35	+1.61

Drawdowns

DFNG.L vs. ARMGX - Drawdown Comparison

The maximum DFNG.L drawdown since its inception was -18.38%, which is greater than ARMGX's maximum drawdown of -15.66%. Use the drawdown chart below to compare losses from any high point for DFNG.L and ARMGX.

Drawdown Indicators

	DFNG.L	ARMGX	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-15.66%	-2.72%
Max Drawdown (1Y) Largest decline over 1 year	-18.38%	-5.19%	-13.19%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	-9.89%	-8.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-15.66%	—
Current Drawdown Current decline from peak	-15.77%	-6.96%	-8.81%
Average Drawdown Average peak-to-trough decline	-3.11%	-6.41%	+3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.40%	1.95%	+5.45%

Volatility

DFNG.L vs. ARMGX - Volatility Comparison

VanEck Defense ETF A USD Acc GBP (DFNG.L) has a higher volatility of 7.86% compared to Western Asset Ultra-Short Income Fund (ARMGX) at 1.69%. This indicates that DFNG.L's price experiences larger fluctuations and is considered to be riskier than ARMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNG.L	ARMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	1.69%	+6.17%
Volatility (6M) Calculated over the trailing 6-month period	18.80%	4.92%	+13.88%
Volatility (1Y) Calculated over the trailing 1-year period	24.20%	6.60%	+17.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.40%	8.47%	+11.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	9.40%	+11.00%

DFNG.L vs. ARMGX - Expense Ratio Comparison

DFNG.L has a 0.55% expense ratio, which is lower than ARMGX's 1.32% expense ratio.

Dividends

DFNG.L vs. ARMGX - Dividend Comparison

DFNG.L has not paid dividends to shareholders, while ARMGX's dividend yield for the trailing twelve months is around 2.86%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARMGX Western Asset Ultra-Short Income Fund	2.86%	3.00%	2.43%	2.23%	1.37%	0.17%	1.45%	2.32%	1.92%	1.37%	0.96%	0.48%
DFNG.L VanEck Defense ETF A USD Acc GBP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFNG.L and ARMGX in my portfolio?

DFNG.L and ARMGX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.