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DFNG.L vs. ARMGX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DFNG.L vs. ARMGX

Last updated Jun 26, 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 35.83%/yr vs 3.14%/yr for ARMGX. At a 0.07 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.

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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 -4.45% return, which is significantly lower than ARMGX's 3.41% return.

DFNG.L

1D
0.00%
1M
-10.01%
YTD
-4.45%
6M
-5.37%
1Y
7.62%
3Y*
35.83%
5Y*
—
10Y*
—

ARMGX

1D
0.25%
1M
2.29%
YTD
3.41%
6M
3.95%
1Y
7.35%
3Y*
3.14%
5Y*
3.75%
10Y*
2.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DFNG.L vs. ARMGX - Yearly Performance Comparison

2026 (YTD)202520242023
DFNG.L
VanEck Defense ETF A USD Acc GBP		-4.45%56.54%46.20%-1.18%
ARMGX
Western Asset Ultra-Short Income Fund		3.41%-3.22%6.50%1.55%

Correlation

The correlation between DFNG.L and ARMGX is 0.04, 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

0.04

Correlation (3Y)
Calculated over the trailing 3-year period

0.07

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2023

0.07

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Defense ETF A USD Acc GBP

Western Asset Ultra-Short Income Fund

Often compared with DFNG.L:
DFNG.L vs. NATP.LDFNG.L vs. DFNDDFNG.L vs. NATO.LDFNG.L vs. SHLDDFNG.L vs. ARMGDFNG.L vs. EQGB.LDFNG.L vs. PPA
Often compared with ARMGX:
ARMGX vs. VFLOARMGX vs. STAGARMGX vs. NVDLARMGX vs. LMGEXARMGX vs. GOBSXARMGX vs. LMISXARMGX vs. LCSMX

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: 1313
Overall Rank
DFNG.L Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
DFNG.L Sortino Ratio Rank: 1313
Sortino Ratio Rank
DFNG.L Omega Ratio Rank: 1313
Omega Ratio Rank
DFNG.L Calmar Ratio Rank: 1313
Calmar Ratio Rank
DFNG.L Martin Ratio Rank: 1313
Martin Ratio Rank
ARMGX
ARMGX Risk / Return Rank: 9898
Overall Rank
ARMGX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
ARMGX Sortino Ratio Rank: 9898
Sortino Ratio Rank
ARMGX Omega Ratio Rank: 9999
Omega Ratio Rank
ARMGX Calmar Ratio Rank: 9999
Calmar Ratio Rank
ARMGX Martin Ratio Rank: 9999
Martin Ratio Rank
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.

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.

DFNG.LARMGXDifference
Sharpe ratioReturn per unit of total volatility
0.31
1.07

-0.76

Sortino ratioReturn per unit of downside risk
0.62
1.55

-0.94

Omega ratioGain probability vs. loss probability

1.07

1.19

-0.12

Calmar ratioReturn relative to maximum drawdown

0.35

1.34

-0.99

Martin ratioReturn relative to average drawdown

0.87

3.59

-2.72

DFNG.L vs. ARMGX - Sharpe Ratio Comparison

The current DFNG.L Sharpe Ratio is 0.31, which is lower than the ARMGX Sharpe Ratio of 1.07. 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.

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Drawdowns

DFNG.L vs. ARMGX - Drawdown Comparison

The maximum DFNG.L drawdown since its inception was -22.59%, 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.

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Drawdown Indicators

DFNG.LARMGXDifference

Max Drawdown

Largest peak-to-trough decline

-22.59%

-15.66%

-6.93%

Max Drawdown (1Y)

Largest decline over 1 year

-21.94%

-5.19%

-16.75%

Max Drawdown (3Y)

Largest decline over 3 years

-21.94%

-9.89%

-12.05%

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

-21.94%

-5.01%

-16.93%

Average Drawdown

Average peak-to-trough decline

-5.13%

-6.42%

+1.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.73%

1.93%

+6.80%

Volatility

DFNG.L vs. ARMGX - Volatility Comparison

VanEck Defense ETF A USD Acc GBP (DFNG.L) has a higher volatility of 8.58% compared to Western Asset Ultra-Short Income Fund (ARMGX) at 1.42%. 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.

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Volatility by Period

DFNG.LARMGXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.58%

1.42%

+7.16%

Volatility (6M)

Calculated over the trailing 6-month period

19.44%

4.94%

+14.50%

Volatility (1Y)

Calculated over the trailing 1-year period

24.95%

6.52%

+18.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.46%

8.46%

+15.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.46%

8.83%

+14.63%

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 2.87%.

PositionTTM20252024202320222021202020192018201720162015
ARMGX
Western Asset Ultra-Short Income Fund		2.87%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

DFNG.L and ARMGX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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