DFNS.L vs. CNDX.L
DFNS.L (VanEck Defense UCITS ETF) and CNDX.L (iShares NASDAQ 100 UCITS ETF) are both exchange-traded funds - DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while CNDX.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 3 years, DFNS.L returned 40.45%/yr vs 26.24%/yr for CNDX.L. At a 0.48 correlation, their price movements are largely independent. DFNS.L charges 0.55%/yr vs 0.33%/yr for CNDX.L.
Performance
DFNS.L vs. CNDX.L - Performance Comparison
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Returns By Period
In the year-to-date period, DFNS.L achieves a 0.90% return, which is significantly lower than CNDX.L's 16.86% return.
DFNS.L
- 1D
- 0.00%
- 1M
- -1.09%
- YTD
- 0.90%
- 6M
- 2.54%
- 1Y
- 10.82%
- 3Y*
- 40.45%
- 5Y*
- —
- 10Y*
- —
CNDX.L
- 1D
- 3.01%
- 1M
- 0.15%
- YTD
- 16.86%
- 6M
- 18.12%
- 1Y
- 36.58%
- 3Y*
- 26.24%
- 5Y*
- 16.67%
- 10Y*
- 21.60%
DFNS.L vs. CNDX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 0.90% | 68.21% | 43.74% | 25.97% |
CNDX.L iShares NASDAQ 100 UCITS ETF | 16.86% | 19.75% | 26.42% | 30.87% |
Correlation
The correlation between DFNS.L and CNDX.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.48 |
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Return for Risk
DFNS.L vs. CNDX.L — Risk / Return Rank
DFNS.L
CNDX.L
DFNS.L vs. CNDX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and iShares NASDAQ 100 UCITS ETF (CNDX.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.
| DFNS.L | CNDX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.66 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.38 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 3.24 | -2.59 |
| Martin ratioReturn relative to average drawdown | 1.61 | 11.35 | -9.73 |
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Drawdowns
DFNS.L vs. CNDX.L - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -19.66%, smaller than the maximum CNDX.L drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for DFNS.L and CNDX.L.
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Drawdown Indicators
| DFNS.L | CNDX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.66% | -35.21% | +15.55% |
Max Drawdown (1Y)Largest decline over 1 year | -19.66% | -11.00% | -8.66% |
Max Drawdown (3Y)Largest decline over 3 years | -19.66% | -22.44% | +2.78% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.21% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.21% | — |
Current DrawdownCurrent decline from peak | -17.48% | -3.08% | -14.40% |
Average DrawdownAverage peak-to-trough decline | -3.49% | -5.13% | +1.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.00% | 3.15% | +4.85% |
Volatility
DFNS.L vs. CNDX.L - Volatility Comparison
VanEck Defense UCITS ETF (DFNS.L) has a higher volatility of 8.29% compared to iShares NASDAQ 100 UCITS ETF (CNDX.L) at 6.21%. This indicates that DFNS.L's price experiences larger fluctuations and is considered to be riskier than CNDX.L 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 | CNDX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.29% | 6.21% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 12.72% | +6.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.07% | 16.44% | +8.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.58% | 20.99% | +0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.58% | 20.12% | +1.46% |
DFNS.L vs. CNDX.L - Expense Ratio Comparison
DFNS.L has a 0.55% expense ratio, which is higher than CNDX.L's 0.33% expense ratio.
Dividends
DFNS.L vs. CNDX.L - Dividend Comparison
Neither DFNS.L nor CNDX.L has paid dividends to shareholders.
Frequently Asked Questions
DFNS.L and CNDX.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CNDX.L is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CNDX.L is cheaper with a 0.33% expense ratio, compared with 0.55% for DFNS.L.
DFNS.L is categorized as Aerospace & Defense, while CNDX.L is Nasdaq-100. DFNS.L tracks MarketVector™ Global Defense Industry Index, while CNDX.L tracks NASDAQ-100 Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.55% for DFNS.L and 0.33% for CNDX.L.
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