DFNS.L vs. IBE.MC

Last updated Apr 1, 2026

Compare and contrast key facts about VanEck Defense UCITS ETF (DFNS.L) and Iberdrola S.A. (IBE.MC).

DFNS.L is a passively managed fund by VanEck that tracks the performance of the MarketVector™ Global Defense Industry Index. It was launched on Mar 31, 2023.

Performance

DFNS.L vs. IBE.MC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Defense UCITS ETF (DFNS.L) and Iberdrola S.A. (IBE.MC). The values are adjusted to include any dividend payments, if applicable.

DFNS.L vs. IBE.MC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFNS.L VanEck Defense UCITS ETF	6.45%	68.21%	43.74%	25.73%
IBE.MC Iberdrola S.A.	6.79%	64.34%	10.16%	5.57%

Different Trading Currencies

DFNS.L is traded in USD, while IBE.MC is traded in EUR. To make them comparable, the IBE.MC 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 6.45% return, which is significantly lower than IBE.MC's 6.79% return.

DFNS.L

• 1D: 0.15%
• 1M: -7.06%
• YTD: 6.45%
• 6M: 0.22%
• 1Y: 48.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBE.MC

• 1D: 1.10%
• 1M: -3.55%
• YTD: 6.79%
• 6M: 22.57%
• 1Y: 47.08%
• 3Y*: 27.88%
• 5Y*: 16.88%
• 10Y*: 17.97%

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

Return for Risk

DFNS.L vs. IBE.MC — 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: 87
DFNS.L Sharpe Ratio Rank: 89
DFNS.L Sortino Ratio Rank: 90
DFNS.L Omega Ratio Rank: 84
DFNS.L Calmar Ratio Rank: 91
DFNS.L Martin Ratio Rank: 80

IBE.MC

IBE.MC Risk / Return Rank: 91
IBE.MC Sharpe Ratio Rank: 92
IBE.MC Sortino Ratio Rank: 89
IBE.MC Omega Ratio Rank: 92
IBE.MC Calmar Ratio Rank: 92
IBE.MC Martin Ratio Rank: 90

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. IBE.MC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and Iberdrola S.A. (IBE.MC). 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	IBE.MC	Difference
Sharpe ratio Return per unit of total volatility	1.88	2.28	-0.40
Sortino ratio Return per unit of downside risk	2.50	2.81	-0.31
Omega ratio Gain probability vs. loss probability	1.32	1.42	-0.11
Calmar ratio Return relative to maximum drawdown	3.06	4.42	-1.36
Martin ratio Return relative to average drawdown	8.30	11.31	-3.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFNS.L vs. IBE.MC - Sharpe Ratio Comparison

The current DFNS.L Sharpe Ratio is 1.88, which is comparable to the IBE.MC Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of DFNS.L and IBE.MC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DFNS.L	IBE.MC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.28	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.28	0.31	+1.96

Correlation

The correlation between DFNS.L and IBE.MC is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

DFNS.L vs. IBE.MC - Dividend Comparison

DFNS.L has not paid dividends to shareholders, while IBE.MC's dividend yield for the trailing twelve months is around 3.40%.

	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%
IBE.MC Iberdrola S.A.	3.40%	3.49%	4.23%	4.22%	4.11%	4.05%	3.42%	3.82%	4.65%	4.83%	2.52%	2.20%

Drawdowns

DFNS.L vs. IBE.MC - Drawdown Comparison

The maximum DFNS.L drawdown since its inception was -14.92%, smaller than the maximum IBE.MC drawdown of -76.26%. Use the drawdown chart below to compare losses from any high point for DFNS.L and IBE.MC.

Drawdown Indicators

	DFNS.L	IBE.MC	Difference
Max Drawdown Largest peak-to-trough decline	-14.92%	-71.23%	+56.31%
Max Drawdown (1Y) Largest decline over 1 year	-14.92%	-9.92%	-5.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.27%	—
Current Drawdown Current decline from peak	-12.94%	-2.97%	-9.97%
Average Drawdown Average peak-to-trough decline	-2.91%	-16.84%	+13.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.50%	2.97%	+2.53%

Volatility

DFNS.L vs. IBE.MC - Volatility Comparison

VanEck Defense UCITS ETF (DFNS.L) has a higher volatility of 8.01% compared to Iberdrola S.A. (IBE.MC) at 7.53%. This indicates that DFNS.L's price experiences larger fluctuations and is considered to be riskier than IBE.MC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNS.L	IBE.MC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.01%	7.53%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	18.61%	12.07%	+6.54%
Volatility (1Y) Calculated over the trailing 1-year period	25.60%	20.37%	+5.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.07%	21.08%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.07%	21.63%	-0.56%