DFNS.L vs. ^STOXX

Last updated Jun 13, 2026

DFNS.L (VanEck Defense UCITS ETF) is Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while ^STOXX (STOXX Europe 600 Index) is an index. Over the past 3 years, DFNS.L returned 40.45%/yr vs 13.57%/yr for ^STOXX. At a 0.46 correlation, their price movements are largely independent.

Performance

DFNS.L vs. ^STOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Defense UCITS ETF (DFNS.L) and STOXX Europe 600 Index (^STOXX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DFNS.L is traded in USD, while ^STOXX is traded in EUR. To make them comparable, the ^STOXX values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, DFNS.L achieves a 0.90% return, which is significantly lower than ^STOXX's 5.17% return.

DFNS.L

• 1D: 0.00%
• 1M: -1.09%
• YTD: 0.90%
• 6M: 2.54%
• 1Y: 10.82%
• 3Y*: 40.45%
• 5Y*: —
• 10Y*: —

^STOXX

• 1D: 1.77%
• 1M: 2.27%
• YTD: 5.17%
• 6M: 7.89%
• 1Y: 16.36%
• 3Y*: 13.57%
• 5Y*: 5.74%
• 10Y*: 7.39%

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

DFNS.L vs. ^STOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFNS.L VanEck Defense UCITS ETF	0.90%	68.21%	43.74%	25.97%
^STOXX STOXX Europe 600 Index	5.17%	32.56%	-0.63%	6.60%

Correlation

The correlation between DFNS.L and ^STOXX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023	0.46

Return for Risk

DFNS.L vs. ^STOXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFNS.L

DFNS.L Risk / Return Rank: 18
DFNS.L Sharpe Ratio Rank: 18
DFNS.L Sortino Ratio Rank: 19
DFNS.L Omega Ratio Rank: 18
DFNS.L Calmar Ratio Rank: 18
DFNS.L Martin Ratio Rank: 18

^STOXX

^STOXX Risk / Return Rank: 44
^STOXX Sharpe Ratio Rank: 43
^STOXX Sortino Ratio Rank: 45
^STOXX Omega Ratio Rank: 45
^STOXX Calmar Ratio Rank: 40
^STOXX Martin Ratio Rank: 47

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.

DFNS.L vs. ^STOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and STOXX Europe 600 Index (^STOXX). 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.

	DFNS.L	^STOXX	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.05	-0.53
Sortino ratio: Return per unit of downside risk	0.91	1.57	-0.66
Omega ratio: Gain probability vs. loss probability	1.10	1.19	-0.09
Calmar ratio: Return relative to maximum drawdown	0.66	1.31	-0.66
Martin ratio: Return relative to average drawdown	1.61	4.43	-2.81

DFNS.L vs. ^STOXX - Sharpe Ratio Comparison

The current DFNS.L Sharpe Ratio is 0.52, which is lower than the ^STOXX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of DFNS.L and ^STOXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFNS.L vs. ^STOXX - Drawdown Comparison

The maximum DFNS.L drawdown since its inception was -19.66%, smaller than the maximum ^STOXX drawdown of -64.60%. Use the drawdown chart below to compare losses from any high point for DFNS.L and ^STOXX.

Drawdown Indicators

	DFNS.L	^STOXX	Difference
Max Drawdown Largest peak-to-trough decline	-19.66%	-64.60%	+44.94%
Max Drawdown (1Y) Largest decline over 1 year	-19.66%	-11.59%	-8.07%
Max Drawdown (3Y) Largest decline over 3 years	-19.66%	-15.22%	-4.44%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.58%	—
Current Drawdown Current decline from peak	-17.48%	-2.22%	-15.26%
Average Drawdown Average peak-to-trough decline	-3.49%	-22.90%	+19.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.00%	3.43%	+4.57%

Volatility

DFNS.L vs. ^STOXX - Volatility Comparison

VanEck Defense UCITS ETF (DFNS.L) has a higher volatility of 8.29% compared to STOXX Europe 600 Index (^STOXX) at 3.90%. This indicates that DFNS.L's price experiences larger fluctuations and is considered to be riskier than ^STOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNS.L	^STOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	3.90%	+4.39%
Volatility (6M) Calculated over the trailing 6-month period	19.56%	12.00%	+7.56%
Volatility (1Y) Calculated over the trailing 1-year period	25.07%	14.51%	+10.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.58%	17.52%	+4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	17.76%	+3.82%

Frequently Asked Questions

Can I hold both DFNS.L and ^STOXX in my portfolio?

DFNS.L and ^STOXX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.