DFNG.L vs. DFNS.L
DFNG.L (VanEck Defense ETF A USD Acc GBP) and DFNS.L (VanEck Defense UCITS ETF) are both Aerospace & Defense funds from VanEck - DFNG.L tracks the MarketVector Global Defense Industry index while DFNS.L tracks the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, DFNG.L returned 39.39%/yr vs 39.41%/yr for DFNS.L. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.
Performance
DFNG.L vs. DFNS.L - Performance Comparison
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Different Trading Currencies
DFNG.L is traded in GBP, while DFNS.L is traded in USD. To make them comparable, the DFNS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with DFNG.L having a 3.11% return and DFNS.L slightly higher at 3.26%.
DFNG.L
- 1D
- -1.51%
- 1M
- -3.80%
- YTD
- 3.11%
- 6M
- 7.91%
- 1Y
- 16.52%
- 3Y*
- 39.39%
- 5Y*
- —
- 10Y*
- —
DFNS.L
- 1D
- -1.54%
- 1M
- -4.04%
- YTD
- 3.26%
- 6M
- 8.14%
- 1Y
- 16.59%
- 3Y*
- 39.41%
- 5Y*
- —
- 10Y*
- —
DFNG.L vs. DFNS.L - 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% |
DFNS.L VanEck Defense UCITS ETF | 3.26% | 56.23% | 46.26% | 23.06% |
Correlation
The correlation between DFNG.L and DFNS.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023 | 0.93 |
The correlation between DFNG.L and DFNS.L has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
DFNG.L vs. DFNS.L — Risk / Return Rank
DFNG.L
DFNS.L
DFNG.L vs. DFNS.L - 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 VanEck Defense UCITS ETF (DFNS.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.
| DFNG.L | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 0.89 | +0.01 |
| Martin ratioReturn relative to average drawdown | 2.23 | 2.21 | +0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DFNG.L | DFNS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.68 | 0.67 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.97 | 1.90 | +0.06 |
Drawdowns
DFNG.L vs. DFNS.L - Drawdown Comparison
The maximum DFNG.L drawdown since its inception was -18.38%, roughly equal to the maximum DFNS.L drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for DFNG.L and DFNS.L.
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Drawdown Indicators
| DFNG.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.38% | -18.58% | +0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -18.38% | -18.58% | +0.20% |
Max Drawdown (3Y)Largest decline over 3 years | -18.38% | -18.58% | +0.20% |
Current DrawdownCurrent decline from peak | -15.77% | -15.85% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -3.11% | -3.18% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.40% | 7.47% | -0.07% |
Volatility
DFNG.L vs. DFNS.L - Volatility Comparison
The current volatility for VanEck Defense ETF A USD Acc GBP (DFNG.L) is 7.86%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 8.31%. This indicates that DFNG.L experiences smaller price fluctuations and is considered to be less risky than DFNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFNG.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.86% | 8.31% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 18.80% | 19.09% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.20% | 24.58% | -0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.40% | 21.01% | -0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.40% | 21.01% | -0.61% |
DFNG.L vs. DFNS.L - Expense Ratio Comparison
Both DFNG.L and DFNS.L have an expense ratio of 0.55%.
Dividends
DFNG.L vs. DFNS.L - Dividend Comparison
Neither DFNG.L nor DFNS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, DFNG.L and DFNS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
DFNG.L and DFNS.L have the same expense ratio: 0.55% per year.
DFNG.L tracks MarketVector Global Defense Industry index, while DFNS.L tracks MarketVector™ Global Defense Industry Index.
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