DFNS.L vs. EMGB.L
DFNS.L (VanEck Defense UCITS ETF) and EMGB.L (VanEck J.P. Morgan EM Local Currency Bond UCITS ETF) are both exchange-traded funds - DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while EMGB.L is a Emerging Markets Bonds fund tracking the JPM GBI-EM Global Diversified TR USD. Both are passively managed. Over the past 3 years, DFNS.L returned 42.94%/yr vs 6.79%/yr for EMGB.L. At a 0.20 correlation, their price movements are largely independent. DFNS.L charges 0.55%/yr vs 0.30%/yr for EMGB.L.
Performance
DFNS.L vs. EMGB.L - Performance Comparison
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Different Trading Currencies
DFNS.L is traded in USD, while EMGB.L is traded in GBP. To make them comparable, the EMGB.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 3.39% return, which is significantly higher than EMGB.L's 0.99% return.
DFNS.L
- 1D
- 0.49%
- 1M
- -4.34%
- YTD
- 3.39%
- 6M
- 6.74%
- 1Y
- 16.14%
- 3Y*
- 42.94%
- 5Y*
- —
- 10Y*
- —
EMGB.L
- 1D
- 0.08%
- 1M
- 0.90%
- YTD
- 0.99%
- 6M
- 2.16%
- 1Y
- 9.12%
- 3Y*
- 6.79%
- 5Y*
- 1.19%
- 10Y*
- —
DFNS.L vs. EMGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 3.39% | 68.21% | 43.74% | 25.73% |
EMGB.L VanEck J.P. Morgan EM Local Currency Bond UCITS ETF | 0.99% | 18.54% | -2.61% | 5.12% |
Correlation
The correlation between DFNS.L and EMGB.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023 | 0.20 |
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Return for Risk
DFNS.L vs. EMGB.L — Risk / Return Rank
DFNS.L
EMGB.L
DFNS.L vs. EMGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EMGB.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 | EMGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.25 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 1.45 | -0.60 |
| Martin ratioReturn relative to average drawdown | 2.12 | 4.89 | -2.77 |
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 | EMGB.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.64 | 1.35 | -0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.14 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.02 | 0.11 | +1.90 |
Drawdowns
DFNS.L vs. EMGB.L - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -18.72%, smaller than the maximum EMGB.L drawdown of -27.18%. Use the drawdown chart below to compare losses from any high point for DFNS.L and EMGB.L.
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Drawdown Indicators
| DFNS.L | EMGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.72% | -27.18% | +8.46% |
Max Drawdown (1Y)Largest decline over 1 year | -18.72% | -6.25% | -12.47% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | -8.96% | -9.76% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.02% | — |
Current DrawdownCurrent decline from peak | -15.44% | -2.69% | -12.75% |
Average DrawdownAverage peak-to-trough decline | -3.40% | -9.88% | +6.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.56% | 1.86% | +5.70% |
Volatility
DFNS.L vs. EMGB.L - Volatility Comparison
VanEck Defense UCITS ETF (DFNS.L) has a higher volatility of 8.10% compared to VanEck J.P. Morgan EM Local Currency Bond UCITS ETF (EMGB.L) at 2.23%. This indicates that DFNS.L's price experiences larger fluctuations and is considered to be riskier than EMGB.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 | EMGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 2.23% | +5.87% |
Volatility (6M)Calculated over the trailing 6-month period | 19.53% | 5.66% | +13.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.86% | 6.72% | +18.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 8.69% | +12.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.55% | 9.36% | +12.19% |
DFNS.L vs. EMGB.L - Expense Ratio Comparison
DFNS.L has a 0.55% expense ratio, which is higher than EMGB.L's 0.30% expense ratio.
Dividends
DFNS.L vs. EMGB.L - Dividend Comparison
Neither DFNS.L nor EMGB.L has paid dividends to shareholders.
Frequently Asked Questions
DFNS.L and EMGB.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EMGB.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EMGB.L is cheaper with a 0.30% expense ratio, compared with 0.55% for DFNS.L.
DFNS.L is categorized as Aerospace & Defense, while EMGB.L is Emerging Markets Bonds. DFNS.L tracks MarketVector™ Global Defense Industry Index, while EMGB.L tracks JPM GBI-EM Global Diversified TR USD. Their fees differ too: 0.55% for DFNS.L and 0.30% for EMGB.L.
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