DFNS.L vs. HEAE.L
DFNS.L (VanEck Defense UCITS ETF) and HEAE.L (SPDR MSCI Europe Health Care UCITS ETF) are both exchange-traded funds - DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while HEAE.L is a Health & Biotech Equities fund tracking the MSCI World/Health Care NR USD. Both are passively managed. Over the past 3 years, DFNS.L returned 40.45%/yr vs 5.98%/yr for HEAE.L. At a 0.25 correlation, their price movements are largely independent. DFNS.L charges 0.55%/yr vs 0.18%/yr for HEAE.L.
Performance
DFNS.L vs. HEAE.L - Performance Comparison
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Different Trading Currencies
DFNS.L is traded in USD, while HEAE.L is traded in GBP. To make them comparable, the HEAE.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 0.90% return, which is significantly higher than HEAE.L's -1.78% return.
DFNS.L
- 1D
- 0.00%
- 1M
- -1.09%
- YTD
- 0.90%
- 6M
- 2.54%
- 1Y
- 10.82%
- 3Y*
- 40.45%
- 5Y*
- —
- 10Y*
- —
HEAE.L
- 1D
- 0.00%
- 1M
- 1.22%
- YTD
- -1.78%
- 6M
- -0.11%
- 1Y
- 6.29%
- 3Y*
- 5.98%
- 5Y*
- 1.03%
- 10Y*
- 4.85%
DFNS.L vs. HEAE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 0.90% | 68.21% | 43.74% | 25.97% |
HEAE.L SPDR MSCI Europe Health Care UCITS ETF | -1.78% | 21.17% | -2.23% | 5.66% |
Correlation
The correlation between DFNS.L and HEAE.L is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.25 |
The correlation between DFNS.L and HEAE.L shifts across timeframes, from 0.15 (1 year) to 0.25 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
DFNS.L vs. HEAE.L — Risk / Return Rank
DFNS.L
HEAE.L
DFNS.L vs. HEAE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and SPDR MSCI Europe Health Care UCITS ETF (HEAE.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.
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 | HEAE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.06 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 0.33 | +0.33 |
| Martin ratioReturn relative to average drawdown | 1.61 | 0.75 | +0.86 |
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Drawdowns
DFNS.L vs. HEAE.L - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -19.66%, smaller than the maximum HEAE.L drawdown of -39.87%. Use the drawdown chart below to compare losses from any high point for DFNS.L and HEAE.L.
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Drawdown Indicators
| DFNS.L | HEAE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.66% | -39.87% | +20.21% |
Max Drawdown (1Y)Largest decline over 1 year | -19.66% | -14.74% | -4.92% |
Max Drawdown (3Y)Largest decline over 3 years | -19.66% | -26.29% | +6.63% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.55% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.55% | — |
Current DrawdownCurrent decline from peak | -17.48% | -11.01% | -6.47% |
Average DrawdownAverage peak-to-trough decline | -3.49% | -13.11% | +9.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.00% | 6.65% | +1.35% |
Volatility
DFNS.L vs. HEAE.L - Volatility Comparison
VanEck Defense UCITS ETF (DFNS.L) has a higher volatility of 8.29% compared to SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) at 5.18%. This indicates that DFNS.L's price experiences larger fluctuations and is considered to be riskier than HEAE.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 | HEAE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.29% | 5.18% | +3.11% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 13.19% | +6.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.07% | 18.28% | +6.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.58% | 18.60% | +2.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.58% | 18.77% | +2.81% |
DFNS.L vs. HEAE.L - Expense Ratio Comparison
DFNS.L has a 0.55% expense ratio, which is higher than HEAE.L's 0.18% expense ratio.
Dividends
DFNS.L vs. HEAE.L - Dividend Comparison
Neither DFNS.L nor HEAE.L has paid dividends to shareholders.
Frequently Asked Questions
DFNS.L and HEAE.L have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEAE.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEAE.L is cheaper with a 0.18% expense ratio, compared with 0.55% for DFNS.L.
DFNS.L is categorized as Aerospace & Defense, while HEAE.L is Health & Biotech Equities. DFNS.L tracks MarketVector™ Global Defense Industry Index, while HEAE.L tracks MSCI World/Health Care NR USD. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.55% for DFNS.L and 0.18% for HEAE.L.
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