DFNG.L vs. GFGB.L
DFNG.L (VanEck Defense ETF A USD Acc GBP) and GFGB.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) are both exchange-traded funds - DFNG.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry index, while GFGB.L is a High Yield Bonds fund tracking the ICE BofA Gbl HY Constnd TR USD. Both are passively managed. Over the past 3 years, DFNG.L returned 35.83%/yr vs 7.52%/yr for GFGB.L. At a 0.17 correlation, their price movements are largely independent. DFNG.L charges 0.55%/yr vs 0.40%/yr for GFGB.L.
Performance
DFNG.L vs. GFGB.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DFNG.L achieves a -4.45% return, which is significantly lower than GFGB.L's 5.42% return.
DFNG.L
- 1D
- 0.00%
- 1M
- -10.01%
- YTD
- -4.45%
- 6M
- -5.37%
- 1Y
- 7.62%
- 3Y*
- 35.83%
- 5Y*
- —
- 10Y*
- —
GFGB.L
- 1D
- -0.54%
- 1M
- 2.06%
- YTD
- 5.42%
- 6M
- 6.12%
- 1Y
- 10.71%
- 3Y*
- 7.52%
- 5Y*
- 4.17%
- 10Y*
- —
DFNG.L vs. GFGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNG.L VanEck Defense ETF A USD Acc GBP | -4.45% | 56.54% | 46.20% | -1.18% |
GFGB.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 5.42% | 2.41% | 7.86% | 4.57% |
Correlation
The correlation between DFNG.L and GFGB.L is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.17 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DFNG.L vs. GFGB.L — Risk / Return Rank
DFNG.L
GFGB.L
DFNG.L vs. GFGB.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 Global Fallen Angel High Yield Bond UCITS ETF (GFGB.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.
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.L | GFGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.30 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 3.50 | -3.15 |
| Martin ratioReturn relative to average drawdown | 0.87 | 9.13 | -8.25 |
Loading charts...
Drawdowns
DFNG.L vs. GFGB.L - Drawdown Comparison
The maximum DFNG.L drawdown since its inception was -22.59%, smaller than the maximum GFGB.L drawdown of -28.88%. Use the drawdown chart below to compare losses from any high point for DFNG.L and GFGB.L.
Loading charts...
Drawdown Indicators
| DFNG.L | GFGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.59% | -28.88% | +6.29% |
Max Drawdown (1Y)Largest decline over 1 year | -21.94% | -3.05% | -18.89% |
Max Drawdown (3Y)Largest decline over 3 years | -21.94% | -7.55% | -14.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.36% | — |
Current DrawdownCurrent decline from peak | -21.94% | -0.54% | -21.40% |
Average DrawdownAverage peak-to-trough decline | -5.13% | -9.31% | +4.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.73% | 1.17% | +7.56% |
Volatility
DFNG.L vs. GFGB.L - Volatility Comparison
VanEck Defense ETF A USD Acc GBP (DFNG.L) has a higher volatility of 8.58% compared to VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFGB.L) at 1.94%. This indicates that DFNG.L's price experiences larger fluctuations and is considered to be riskier than GFGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DFNG.L | GFGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.58% | 1.94% | +6.64% |
Volatility (6M)Calculated over the trailing 6-month period | 19.44% | 5.96% | +13.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.95% | 7.03% | +17.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.46% | 7.85% | +15.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.46% | 13.10% | +10.36% |
DFNG.L vs. GFGB.L - Expense Ratio Comparison
DFNG.L has a 0.55% expense ratio, which is higher than GFGB.L's 0.40% expense ratio.
Dividends
DFNG.L vs. GFGB.L - Dividend Comparison
Neither DFNG.L nor GFGB.L has paid dividends to shareholders.
Frequently Asked Questions
DFNG.L and GFGB.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GFGB.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GFGB.L is cheaper with a 0.40% expense ratio, compared with 0.55% for DFNG.L.
DFNG.L is categorized as Aerospace & Defense, while GFGB.L is High Yield Bonds. DFNG.L tracks MarketVector Global Defense Industry index, while GFGB.L tracks ICE BofA Gbl HY Constnd TR USD. Their fees differ too: 0.55% for DFNG.L and 0.40% for GFGB.L.
Find the right allocation for DFNG.L and GFGB.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer