DFNG.L vs. GDGB.L
DFNG.L (VanEck Defense ETF A USD Acc GBP) and GDGB.L (VanEck Gold Miners UCITS ETF) are both exchange-traded funds - DFNG.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry index, while GDGB.L is a Gold fund tracking the MarketVector Global Gold Miners Index. Both are passively managed. Over the past 3 years, DFNG.L returned 39.39%/yr vs 37.36%/yr for GDGB.L. At a 0.16 correlation, their price movements are largely independent. DFNG.L charges 0.55%/yr vs 0.53%/yr for GDGB.L.
Performance
DFNG.L vs. GDGB.L - Performance Comparison
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Returns By Period
In the year-to-date period, DFNG.L achieves a 3.11% return, which is significantly higher than GDGB.L's 0.24% return.
DFNG.L
- 1D
- -1.51%
- 1M
- -3.80%
- YTD
- 3.11%
- 6M
- 7.91%
- 1Y
- 16.52%
- 3Y*
- 39.39%
- 5Y*
- —
- 10Y*
- —
GDGB.L
- 1D
- -1.73%
- 1M
- -0.28%
- YTD
- 0.24%
- 6M
- 5.08%
- 1Y
- 65.54%
- 3Y*
- 37.36%
- 5Y*
- 20.04%
- 10Y*
- —
DFNG.L vs. GDGB.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% |
GDGB.L VanEck Gold Miners UCITS ETF | 0.24% | 138.26% | 11.24% | -9.04% |
Correlation
The correlation between DFNG.L and GDGB.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023 | 0.16 |
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Return for Risk
DFNG.L vs. GDGB.L — Risk / Return Rank
DFNG.L
GDGB.L
DFNG.L vs. GDGB.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 Gold Miners UCITS ETF (GDGB.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 | GDGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.26 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 2.25 | -1.36 |
| Martin ratioReturn relative to average drawdown | 2.23 | 5.80 | -3.58 |
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 | GDGB.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.68 | 1.56 | -0.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.97 | 0.50 | +1.46 |
Drawdowns
DFNG.L vs. GDGB.L - Drawdown Comparison
The maximum DFNG.L drawdown since its inception was -18.38%, smaller than the maximum GDGB.L drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for DFNG.L and GDGB.L.
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Drawdown Indicators
| DFNG.L | GDGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.38% | -40.80% | +22.42% |
Max Drawdown (1Y)Largest decline over 1 year | -18.38% | -28.97% | +10.59% |
Max Drawdown (3Y)Largest decline over 3 years | -18.38% | -28.97% | +10.59% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.49% | — |
Current DrawdownCurrent decline from peak | -15.77% | -25.23% | +9.46% |
Average DrawdownAverage peak-to-trough decline | -3.11% | -17.51% | +14.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.40% | 11.26% | -3.86% |
Volatility
DFNG.L vs. GDGB.L - Volatility Comparison
The current volatility for VanEck Defense ETF A USD Acc GBP (DFNG.L) is 7.86%, while VanEck Gold Miners UCITS ETF (GDGB.L) has a volatility of 14.27%. This indicates that DFNG.L experiences smaller price fluctuations and is considered to be less risky than GDGB.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 | GDGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.86% | 14.27% | -6.41% |
Volatility (6M)Calculated over the trailing 6-month period | 18.80% | 33.43% | -14.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.20% | 41.78% | -17.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.40% | 32.58% | -12.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.40% | 32.12% | -11.72% |
DFNG.L vs. GDGB.L - Expense Ratio Comparison
DFNG.L has a 0.55% expense ratio, which is higher than GDGB.L's 0.53% expense ratio.
Dividends
DFNG.L vs. GDGB.L - Dividend Comparison
Neither DFNG.L nor GDGB.L has paid dividends to shareholders.
Frequently Asked Questions
DFNG.L and GDGB.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GDGB.L is cheaper at 0.53% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GDGB.L is cheaper with a 0.53% expense ratio, compared with 0.55% for DFNG.L.
DFNG.L is categorized as Aerospace & Defense, while GDGB.L is Gold. DFNG.L tracks MarketVector Global Defense Industry index, while GDGB.L tracks MarketVector Global Gold Miners Index. Their fees differ too: 0.55% for DFNG.L and 0.53% for GDGB.L.
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