DFNS.L vs. ASWC.DE
DFNS.L (VanEck Defense UCITS ETF) and ASWC.DE (HANetf Future of Defence UCITS ETF Acc EUR) are both Aerospace & Defense funds - DFNS.L tracks the MarketVector™ Global Defense Industry Index while ASWC.DE tracks the EQM Future of Defence Index. Both are passively managed. Over the past year, DFNS.L returned 15.78% vs 21.63% for ASWC.DE. Their correlation of 0.81 suggests significant overlap in exposure. DFNS.L charges 0.55%/yr vs 0.49%/yr for ASWC.DE.
Performance
DFNS.L vs. ASWC.DE - Performance Comparison
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Different Trading Currencies
DFNS.L is traded in USD, while ASWC.DE is traded in EUR. To make them comparable, the ASWC.DE 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 2.88% return, which is significantly lower than ASWC.DE's 13.72% return.
DFNS.L
- 1D
- -1.80%
- 1M
- -5.10%
- YTD
- 2.88%
- 6M
- 8.71%
- 1Y
- 15.78%
- 3Y*
- 42.95%
- 5Y*
- —
- 10Y*
- —
ASWC.DE
- 1D
- -1.42%
- 1M
- 9.29%
- YTD
- 13.72%
- 6M
- 18.38%
- 1Y
- 21.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DFNS.L vs. ASWC.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 2.88% | 68.21% | 43.74% | 10.82% |
ASWC.DE HANetf Future of Defence UCITS ETF Acc EUR | 13.72% | 56.13% | 31.39% | 16.03% |
Correlation
The correlation between DFNS.L and ASWC.DE is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jul 5, 2023 | 0.81 |
The correlation between DFNS.L and ASWC.DE has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.
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Return for Risk
DFNS.L vs. ASWC.DE — Risk / Return Rank
DFNS.L
ASWC.DE
DFNS.L vs. ASWC.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and HANetf Future of Defence UCITS ETF Acc EUR (ASWC.DE). 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.
| DFNS.L | ASWC.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.19 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 1.72 | -0.88 |
| Martin ratioReturn relative to average drawdown | 2.09 | 4.18 | -2.08 |
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
| DFNS.L | ASWC.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 1.08 | -0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.01 | 2.08 | -0.07 |
Drawdowns
DFNS.L vs. ASWC.DE - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -18.72%, which is greater than ASWC.DE's maximum drawdown of -12.88%. Use the drawdown chart below to compare losses from any high point for DFNS.L and ASWC.DE.
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Drawdown Indicators
| DFNS.L | ASWC.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.72% | -12.88% | -5.84% |
Max Drawdown (1Y)Largest decline over 1 year | -18.72% | -12.88% | -5.84% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | — | — |
Current DrawdownCurrent decline from peak | -15.86% | -1.42% | -14.44% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -2.59% | -0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 5.31% | +2.19% |
Volatility
DFNS.L vs. ASWC.DE - Volatility Comparison
VanEck Defense UCITS ETF (DFNS.L) has a higher volatility of 8.07% compared to HANetf Future of Defence UCITS ETF Acc EUR (ASWC.DE) at 5.78%. This indicates that DFNS.L's price experiences larger fluctuations and is considered to be riskier than ASWC.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFNS.L | ASWC.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.07% | 5.78% | +2.29% |
Volatility (6M)Calculated over the trailing 6-month period | 19.53% | 15.94% | +3.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.88% | 20.45% | +4.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.56% | 19.46% | +2.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.56% | 19.46% | +2.10% |
DFNS.L vs. ASWC.DE - Expense Ratio Comparison
DFNS.L has a 0.55% expense ratio, which is higher than ASWC.DE's 0.49% expense ratio.
Dividends
DFNS.L vs. ASWC.DE - Dividend Comparison
Neither DFNS.L nor ASWC.DE has paid dividends to shareholders.
Frequently Asked Questions
DFNS.L and ASWC.DE have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ASWC.DE is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ASWC.DE is cheaper with a 0.49% expense ratio, compared with 0.55% for DFNS.L.
DFNS.L tracks MarketVector™ Global Defense Industry Index, while ASWC.DE tracks EQM Future of Defence Index. They also come from different issuers: VanEck and HANetf. Their fees differ too: 0.55% for DFNS.L and 0.49% for ASWC.DE.
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