DFNS.L vs. GRID

Last updated Jun 13, 2026

DFNS.L (VanEck Defense UCITS ETF) and GRID (First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund) are both exchange-traded funds - DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while GRID is a Alternative Energy Equities fund tracking the Nasdaq Clean Edge Smart Grid Infrastructure Index. Both are passively managed. Over the past 3 years, DFNS.L returned 40.45%/yr vs 23.21%/yr for GRID. At a 0.39 correlation, their price movements are largely independent. DFNS.L charges 0.55%/yr vs 0.70%/yr for GRID.

Performance

DFNS.L vs. GRID - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Defense UCITS ETF (DFNS.L) and First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFNS.L achieves a 0.90% return, which is significantly lower than GRID's 23.59% return.

DFNS.L

• 1D: 0.00%
• 1M: -0.02%
• YTD: 0.90%
• 6M: 2.54%
• 1Y: 12.91%
• 3Y*: 40.45%
• 5Y*: —
• 10Y*: —

GRID

• 1D: -0.18%
• 1M: -4.18%
• YTD: 23.59%
• 6M: 24.02%
• 1Y: 41.72%
• 3Y*: 23.21%
• 5Y*: 16.83%
• 10Y*: 19.76%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFNS.L vs. GRID - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFNS.L VanEck Defense UCITS ETF	0.90%	68.21%	43.74%	25.97%
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	23.59%	29.65%	15.18%	9.75%

Correlation

The correlation between DFNS.L and GRID is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023	0.39

Return for Risk

DFNS.L vs. GRID — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFNS.L

DFNS.L Risk / Return Rank: 18
DFNS.L Sharpe Ratio Rank: 18
DFNS.L Sortino Ratio Rank: 19
DFNS.L Omega Ratio Rank: 18
DFNS.L Calmar Ratio Rank: 18
DFNS.L Martin Ratio Rank: 18

GRID

GRID Risk / Return Rank: 73
GRID Sharpe Ratio Rank: 72
GRID Sortino Ratio Rank: 69
GRID Omega Ratio Rank: 69
GRID Calmar Ratio Rank: 79
GRID Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFNS.L vs. GRID - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID). 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	GRID	Difference
Sharpe ratio: Return per unit of total volatility	0.52	2.02	-1.51
Sortino ratio: Return per unit of downside risk	0.91	2.70	-1.79
Omega ratio: Gain probability vs. loss probability	1.10	1.35	-0.25
Calmar ratio: Return relative to maximum drawdown	0.66	3.57	-2.92
Martin ratio: Return relative to average drawdown	1.61	12.89	-11.28

DFNS.L vs. GRID - Sharpe Ratio Comparison

The current DFNS.L Sharpe Ratio is 0.52, which is lower than the GRID Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of DFNS.L and GRID, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFNS.L vs. GRID - Drawdown Comparison

The maximum DFNS.L drawdown since its inception was -19.66%, smaller than the maximum GRID drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for DFNS.L and GRID.

Drawdown Indicators

	DFNS.L	GRID	Difference
Max Drawdown Largest peak-to-trough decline	-19.66%	-40.56%	+20.90%
Max Drawdown (1Y) Largest decline over 1 year	-19.66%	-11.73%	-7.93%
Max Drawdown (3Y) Largest decline over 3 years	-19.66%	-20.77%	+1.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.56%	—
Current Drawdown Current decline from peak	-17.48%	-5.40%	-12.08%
Average Drawdown Average peak-to-trough decline	-3.49%	-8.42%	+4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.00%	3.25%	+4.75%

Volatility

DFNS.L vs. GRID - Volatility Comparison

The current volatility for VanEck Defense UCITS ETF (DFNS.L) is 8.29%, while First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) has a volatility of 9.56%. This indicates that DFNS.L experiences smaller price fluctuations and is considered to be less risky than GRID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNS.L	GRID	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	9.56%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	19.56%	17.70%	+1.86%
Volatility (1Y) Calculated over the trailing 1-year period	25.07%	20.73%	+4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.58%	21.24%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	22.90%	-1.32%

DFNS.L vs. GRID - Expense Ratio Comparison

DFNS.L has a 0.55% expense ratio, which is lower than GRID's 0.70% expense ratio.

Dividends

DFNS.L vs. GRID - Dividend Comparison

DFNS.L has not paid dividends to shareholders, while GRID's dividend yield for the trailing twelve months is around 0.80%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFNS.L VanEck Defense UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	0.80%	1.01%	1.06%	1.23%	1.26%	0.63%	0.68%	1.26%	1.28%	1.07%	1.07%	1.23%

Frequently Asked Questions

Can I hold both DFNS.L and GRID in my portfolio?

DFNS.L and GRID have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFNS.L or GRID?

On fees, DFNS.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFNS.L or GRID?

DFNS.L is cheaper with a 0.55% expense ratio, compared with 0.70% for GRID.

What is the main difference between DFNS.L and GRID?

DFNS.L is categorized as Aerospace & Defense, while GRID is Alternative Energy Equities. DFNS.L tracks MarketVector™ Global Defense Industry Index, while GRID tracks Nasdaq Clean Edge Smart Grid Infrastructure Index. They also come from different issuers: VanEck and First Trust. Their fees differ too: 0.55% for DFNS.L and 0.70% for GRID.