DFNG.L vs. IDFN.L

Last updated Jun 4, 2026

DFNG.L (VanEck Defense ETF A USD Acc GBP) and IDFN.L (Invesco Defence Innovation UCITS ETF Acc) are both Aerospace & Defense funds - DFNG.L tracks the MarketVector Global Defense Industry index while IDFN.L tracks the S&P Kensho Global Future Defense Index. Both are passively managed. Over the past year, DFNG.L returned 16.52% vs 77.21% for IDFN.L. A 0.76 correlation means they provide meaningful diversification when combined. DFNG.L charges 0.55%/yr vs 0.35%/yr for IDFN.L.

Performance

DFNG.L vs. IDFN.L - 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 Invesco Defence Innovation UCITS ETF Acc (IDFN.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DFNG.L is traded in GBP, while IDFN.L is traded in USD. To make them comparable, the IDFN.L 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 lower than IDFN.L's 35.04% return.

DFNG.L

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

IDFN.L

• 1D: -1.59%
• 1M: 13.67%
• YTD: 35.04%
• 6M: 42.69%
• 1Y: 77.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFNG.L vs. IDFN.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFNG.L VanEck Defense ETF A USD Acc GBP	3.11%	56.54%	1.27%
IDFN.L Invesco Defence Innovation UCITS ETF Acc	35.04%	44.82%	10.33%

Correlation

The correlation between DFNG.L and IDFN.L is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 30, 2024	0.76

The correlation between DFNG.L and IDFN.L has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

DFNG.L vs. IDFN.L — 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

IDFN.L

IDFN.L Risk / Return Rank: 85
IDFN.L Sharpe Ratio Rank: 88
IDFN.L Sortino Ratio Rank: 85
IDFN.L Omega Ratio Rank: 76
IDFN.L Calmar Ratio Rank: 90
IDFN.L Martin Ratio Rank: 83

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. IDFN.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 Invesco Defence Innovation UCITS ETF Acc (IDFN.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	IDFN.L	Difference
Sharpe ratio: Return per unit of total volatility	0.68	3.02	-2.34
Sortino ratio: Return per unit of downside risk	1.12	3.84	-2.72
Omega ratio: Gain probability vs. loss probability	1.13	1.46	-0.33
Calmar ratio: Return relative to maximum drawdown	0.90	6.42	-5.53
Martin ratio: Return relative to average drawdown	2.23	16.62	-14.39
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. IDFN.L - Sharpe Ratio Comparison

The current DFNG.L Sharpe Ratio is 0.68, which is lower than the IDFN.L Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of DFNG.L and IDFN.L, 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	IDFN.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	3.02	-2.34
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	2.36	-0.39

Drawdowns

DFNG.L vs. IDFN.L - Drawdown Comparison

The maximum DFNG.L drawdown since its inception was -18.38%, which is greater than IDFN.L's maximum drawdown of -14.61%. Use the drawdown chart below to compare losses from any high point for DFNG.L and IDFN.L.

Drawdown Indicators

	DFNG.L	IDFN.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-14.61%	-3.77%
Max Drawdown (1Y) Largest decline over 1 year	-18.38%	-11.96%	-6.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	—	—
Current Drawdown Current decline from peak	-15.77%	-5.07%	-10.70%
Average Drawdown Average peak-to-trough decline	-3.11%	-3.46%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.40%	4.63%	+2.77%

Volatility

DFNG.L vs. IDFN.L - Volatility Comparison

The current volatility for VanEck Defense ETF A USD Acc GBP (DFNG.L) is 7.86%, while Invesco Defence Innovation UCITS ETF Acc (IDFN.L) has a volatility of 10.18%. This indicates that DFNG.L experiences smaller price fluctuations and is considered to be less risky than IDFN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNG.L	IDFN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	10.18%	-2.32%
Volatility (6M) Calculated over the trailing 6-month period	18.80%	20.48%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	24.20%	25.43%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.40%	26.37%	-5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.40%	26.37%	-5.97%

DFNG.L vs. IDFN.L - Expense Ratio Comparison

DFNG.L has a 0.55% expense ratio, which is higher than IDFN.L's 0.35% expense ratio.

Dividends

DFNG.L vs. IDFN.L - Dividend Comparison

Neither DFNG.L nor IDFN.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

DFNG.L and IDFN.L have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFNG.L or IDFN.L?

On fees, IDFN.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFNG.L or IDFN.L?

IDFN.L is cheaper with a 0.35% expense ratio, compared with 0.55% for DFNG.L.

What is the main difference between DFNG.L and IDFN.L?

DFNG.L tracks MarketVector Global Defense Industry index, while IDFN.L tracks S&P Kensho Global Future Defense Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.55% for DFNG.L and 0.35% for IDFN.L.