DFNS.L vs. DFNG.L
DFNS.L (VanEck Defense UCITS ETF) and DFNG.L (VanEck Defense ETF A USD Acc GBP) are both Aerospace & Defense funds from VanEck - DFNS.L tracks the MarketVector™ Global Defense Industry Index while DFNG.L tracks the MarketVector Global Defense Industry index. Both are passively managed. Over the past 3 years, DFNS.L returned 42.95%/yr vs 42.95%/yr for DFNG.L. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.
Performance
DFNS.L vs. DFNG.L - Performance Comparison
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Different Trading Currencies
DFNS.L is traded in USD, while DFNG.L is traded in GBP. To make them comparable, the DFNG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with DFNS.L having a 2.88% return and DFNG.L slightly lower at 2.86%.
DFNS.L
- 1D
- -1.80%
- 1M
- -5.10%
- YTD
- 2.88%
- 6M
- 8.71%
- 1Y
- 15.78%
- 3Y*
- 42.95%
- 5Y*
- —
- 10Y*
- —
DFNG.L
- 1D
- -1.77%
- 1M
- -4.81%
- YTD
- 2.86%
- 6M
- 8.49%
- 1Y
- 15.75%
- 3Y*
- 42.95%
- 5Y*
- —
- 10Y*
- —
DFNS.L vs. DFNG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 2.88% | 68.21% | 43.74% | 25.73% |
DFNG.L VanEck Defense ETF A USD Acc GBP | 2.86% | 68.35% | 43.76% | 25.48% |
Correlation
The correlation between DFNS.L and DFNG.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023 | 0.93 |
The correlation between DFNS.L and DFNG.L has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
DFNS.L vs. DFNG.L — Risk / Return Rank
DFNS.L
DFNG.L
DFNS.L vs. DFNG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and VanEck Defense ETF A USD Acc GBP (DFNG.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.
| DFNS.L | DFNG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.12 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 0.84 | 0.00 |
| Martin ratioReturn relative to average drawdown | 2.09 | 2.12 | -0.03 |
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 | DFNG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 0.63 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.01 | 2.04 | -0.03 |
Drawdowns
DFNS.L vs. DFNG.L - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -18.72%, roughly equal to the maximum DFNG.L drawdown of -18.77%. Use the drawdown chart below to compare losses from any high point for DFNS.L and DFNG.L.
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Drawdown Indicators
| DFNS.L | DFNG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.72% | -18.77% | +0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -18.72% | -18.77% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | -18.77% | +0.05% |
Current DrawdownCurrent decline from peak | -15.86% | -15.77% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -3.36% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 7.42% | +0.08% |
Volatility
DFNS.L vs. DFNG.L - Volatility Comparison
VanEck Defense UCITS ETF (DFNS.L) and VanEck Defense ETF A USD Acc GBP (DFNG.L) have volatilities of 8.07% and 7.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFNS.L | DFNG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.07% | 7.95% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 19.53% | 19.65% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.88% | 24.84% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.56% | 21.31% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.56% | 21.31% | +0.25% |
DFNS.L vs. DFNG.L - Expense Ratio Comparison
Both DFNS.L and DFNG.L have an expense ratio of 0.55%.
Dividends
DFNS.L vs. DFNG.L - Dividend Comparison
Neither DFNS.L nor DFNG.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, DFNS.L and DFNG.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
DFNS.L and DFNG.L have the same expense ratio: 0.55% per year.
DFNS.L tracks MarketVector™ Global Defense Industry Index, while DFNG.L tracks MarketVector Global Defense Industry index.
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