DFNS.L vs. DFNX.L
DFNS.L (VanEck Defense UCITS ETF) and DFNX.L (VanEck Defense UCITS ETF) are both Aerospace & Defense funds from VanEck - DFNS.L tracks the MarketVector™ Global Defense Industry Index while DFNX.L tracks the MarketVector Global Defense Industry Index. Both are passively managed. Over the past year, DFNS.L returned 15.78% vs 75.79% for DFNX.L. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.
Performance
DFNS.L vs. DFNX.L - Performance Comparison
Loading charts...
Different Trading Currencies
DFNS.L is traded in USD, while DFNX.L is traded in GBp. To make them comparable, the DFNX.L 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 DFNX.L's 34.59% return.
DFNS.L
- 1D
- -1.80%
- 1M
- -5.10%
- YTD
- 2.88%
- 6M
- 8.71%
- 1Y
- 15.78%
- 3Y*
- 42.95%
- 5Y*
- —
- 10Y*
- —
DFNX.L
- 1D
- -2.05%
- 1M
- 12.61%
- YTD
- 34.59%
- 6M
- 43.43%
- 1Y
- 75.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DFNS.L vs. DFNX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 2.88% | 68.21% | -3.25% |
DFNX.L VanEck Defense UCITS ETF | 34.59% | 56.01% | 5.05% |
Correlation
The correlation between DFNS.L and DFNX.L is 0.80, 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 | 0.80 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2024 | 0.79 |
The correlation between DFNS.L and DFNX.L has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DFNS.L vs. DFNX.L — Risk / Return Rank
DFNS.L
DFNX.L
DFNS.L vs. DFNX.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 UCITS ETF (DFNX.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 | DFNX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.34 | ||
| Sortino ratioReturn per unit of downside risk | -2.85 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.46 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 5.59 | -4.76 |
| Martin ratioReturn relative to average drawdown | 2.09 | 16.30 | -14.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| DFNS.L | DFNX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 2.97 | -2.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.01 | 2.55 | -0.54 |
Drawdowns
DFNS.L vs. DFNX.L - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -18.72%, which is greater than DFNX.L's maximum drawdown of -14.40%. Use the drawdown chart below to compare losses from any high point for DFNS.L and DFNX.L.
Loading charts...
Drawdown Indicators
| DFNS.L | DFNX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.72% | -14.40% | -4.32% |
Max Drawdown (1Y)Largest decline over 1 year | -18.72% | -13.48% | -5.24% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | — | — |
Current DrawdownCurrent decline from peak | -15.86% | -5.02% | -10.84% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -3.02% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 4.63% | +2.87% |
Volatility
DFNS.L vs. DFNX.L - Volatility Comparison
The current volatility for VanEck Defense UCITS ETF (DFNS.L) is 8.07%, while VanEck Defense UCITS ETF (DFNX.L) has a volatility of 9.32%. This indicates that DFNS.L experiences smaller price fluctuations and is considered to be less risky than DFNX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DFNS.L | DFNX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.07% | 9.32% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 19.53% | 20.65% | -1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.88% | 25.43% | -0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.56% | 25.75% | -4.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.56% | 25.75% | -4.19% |
DFNS.L vs. DFNX.L - Expense Ratio Comparison
Both DFNS.L and DFNX.L have an expense ratio of 0.55%.
Dividends
DFNS.L vs. DFNX.L - Dividend Comparison
Neither DFNS.L nor DFNX.L has paid dividends to shareholders.
Frequently Asked Questions
DFNS.L and DFNX.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 DFNX.L have the same expense ratio: 0.55% per year.
DFNS.L tracks MarketVector™ Global Defense Industry Index, while DFNX.L tracks MarketVector Global Defense Industry Index.
Find the right allocation for DFNS.L and DFNX.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer