DFNS.L vs. ESPO
DFNS.L (VanEck Defense UCITS ETF) and ESPO (VanEck Vectors Video Gaming and eSports ETF) are both exchange-traded funds - DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while ESPO is a Large Cap Growth Equities fund tracking the MVIS Global Video Gaming and eSports Index. Both are passively managed. Over the past 3 years, DFNS.L returned 42.95%/yr vs 19.46%/yr for ESPO. At a 0.30 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.
Performance
DFNS.L vs. ESPO - Performance Comparison
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Returns By Period
In the year-to-date period, DFNS.L achieves a 2.88% return, which is significantly higher than ESPO's -13.31% return.
DFNS.L
- 1D
- -1.80%
- 1M
- -5.10%
- YTD
- 2.88%
- 6M
- 8.71%
- 1Y
- 15.78%
- 3Y*
- 42.95%
- 5Y*
- —
- 10Y*
- —
ESPO
- 1D
- -2.20%
- 1M
- -1.23%
- YTD
- -13.31%
- 6M
- -16.99%
- 1Y
- -11.55%
- 3Y*
- 19.46%
- 5Y*
- 6.23%
- 10Y*
- —
DFNS.L vs. ESPO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 2.88% | 68.21% | 43.74% | 25.73% |
ESPO VanEck Vectors Video Gaming and eSports ETF | -13.31% | 25.79% | 47.61% | 9.42% |
Correlation
The correlation between DFNS.L and ESPO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023 | 0.30 |
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Return for Risk
DFNS.L vs. ESPO — Risk / Return Rank
DFNS.L
ESPO
DFNS.L vs. ESPO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and VanEck Vectors Video Gaming and eSports ETF (ESPO). 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 | ESPO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.91 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | -0.42 | +1.25 |
| Martin ratioReturn relative to average drawdown | 2.09 | -0.76 | +2.85 |
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 | ESPO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | -0.62 | +1.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.25 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.01 | 0.63 | +1.38 |
Drawdowns
DFNS.L vs. ESPO - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -18.72%, smaller than the maximum ESPO drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for DFNS.L and ESPO.
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Drawdown Indicators
| DFNS.L | ESPO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.72% | -50.99% | +32.27% |
Max Drawdown (1Y)Largest decline over 1 year | -18.72% | -27.81% | +9.09% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | -27.81% | +9.09% |
Max Drawdown (5Y)Largest decline over 5 years | — | -48.33% | — |
Current DrawdownCurrent decline from peak | -15.86% | -25.66% | +9.80% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -15.03% | +11.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 15.30% | -7.80% |
Volatility
DFNS.L vs. ESPO - Volatility Comparison
VanEck Defense UCITS ETF (DFNS.L) has a higher volatility of 8.07% compared to VanEck Vectors Video Gaming and eSports ETF (ESPO) at 5.00%. This indicates that DFNS.L's price experiences larger fluctuations and is considered to be riskier than ESPO 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 | ESPO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.07% | 5.00% | +3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 19.53% | 14.58% | +4.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.88% | 18.85% | +6.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.56% | 25.12% | -3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.56% | 25.75% | -4.19% |
DFNS.L vs. ESPO - Expense Ratio Comparison
Both DFNS.L and ESPO have an expense ratio of 0.55%.
Dividends
DFNS.L vs. ESPO - Dividend Comparison
DFNS.L has not paid dividends to shareholders, while ESPO's dividend yield for the trailing twelve months is around 1.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ESPO VanEck Vectors Video Gaming and eSports ETF | 1.44% | 1.24% | 0.44% | 0.96% | 0.91% | 3.36% | 0.12% | 0.22% | 0.04% |
Frequently Asked Questions
DFNS.L and ESPO have a correlation of 0.28, 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 ESPO have the same expense ratio: 0.55% per year.
DFNS.L is categorized as Aerospace & Defense, while ESPO is Large Cap Growth Equities. DFNS.L tracks MarketVector™ Global Defense Industry Index, while ESPO tracks MVIS Global Video Gaming and eSports Index.
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