PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
DFNS.L vs. ICLN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DFNS.L vs. ICLN

Last updated Jun 13, 2026

DFNS.L (VanEck Defense UCITS ETF) and ICLN (iShares Global Clean Energy ETF) are both exchange-traded funds - DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index. Both are passively managed. Over the past 3 years, DFNS.L returned 40.45%/yr vs 5.25%/yr for ICLN. At a 0.25 correlation, their price movements are largely independent. DFNS.L charges 0.55%/yr vs 0.39%/yr for ICLN.

Performance

DFNS.L vs. ICLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Defense UCITS ETF (DFNS.L) and iShares Global Clean Energy ETF (ICLN). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, DFNS.L achieves a 0.90% return, which is significantly lower than ICLN's 27.33% return.

DFNS.L

1D
0.00%
1M
-1.09%
YTD
0.90%
6M
2.54%
1Y
10.82%
3Y*
40.45%
5Y*
—
10Y*
—

ICLN

1D
0.87%
1M
-5.47%
YTD
27.33%
6M
27.01%
1Y
60.20%
3Y*
5.25%
5Y*
-0.21%
10Y*
11.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DFNS.L vs. ICLN - Yearly Performance Comparison

2026 (YTD)202520242023
DFNS.L
VanEck Defense UCITS ETF		0.90%68.21%43.74%25.97%
ICLN
iShares Global Clean Energy ETF		27.33%47.05%-25.72%-18.89%

Correlation

The correlation between DFNS.L and ICLN is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2023

0.25

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Defense UCITS ETF

iShares Global Clean Energy ETF

Often compared with DFNS.L:
DFNS.L vs. NATO.LDFNS.L vs. DFEN.DEDFNS.L vs. DFND.ASDFNS.L vs. PPADFNS.L vs. VOODFNS.L vs. WDEF.LDFNS.L vs. IBE.MC
Often compared with ICLN:
ICLN vs. TANICLN vs. QCLNICLN vs. GRIDICLN vs. INRG.LICLN vs. PBWICLN vs. CNRGICLN vs. LIT

Return for Risk

DFNS.L vs. ICLN — 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: 1818
Overall Rank
DFNS.L Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
DFNS.L Sortino Ratio Rank: 1919
Sortino Ratio Rank
DFNS.L Omega Ratio Rank: 1818
Omega Ratio Rank
DFNS.L Calmar Ratio Rank: 1818
Calmar Ratio Rank
DFNS.L Martin Ratio Rank: 1818
Martin Ratio Rank
ICLN
ICLN Risk / Return Rank: 7575
Overall Rank
ICLN Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
ICLN Sortino Ratio Rank: 7070
Sortino Ratio Rank
ICLN Omega Ratio Rank: 6767
Omega Ratio Rank
ICLN Calmar Ratio Rank: 8181
Calmar Ratio Rank
ICLN Martin Ratio Rank: 8181
Martin Ratio Rank
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. ICLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and iShares Global Clean Energy ETF (ICLN). 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.LICLNDifference
Sharpe ratioReturn per unit of total volatility
0.52
2.17

-1.65

Sortino ratioReturn per unit of downside risk
0.91
2.73

-1.82

Omega ratioGain probability vs. loss probability

1.10

1.34

-0.24

Calmar ratioReturn relative to maximum drawdown

0.66

3.73

-3.07

Martin ratioReturn relative to average drawdown

1.61

13.84

-12.23

DFNS.L vs. ICLN - Sharpe Ratio Comparison

The current DFNS.L Sharpe Ratio is 0.52, which is lower than the ICLN Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of DFNS.L and ICLN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

DFNS.L vs. ICLN - Drawdown Comparison

The maximum DFNS.L drawdown since its inception was -19.66%, smaller than the maximum ICLN drawdown of -87.15%. Use the drawdown chart below to compare losses from any high point for DFNS.L and ICLN.

Loading charts...

Drawdown Indicators

DFNS.LICLNDifference

Max Drawdown

Largest peak-to-trough decline

-19.66%

-87.15%

+67.49%

Max Drawdown (1Y)

Largest decline over 1 year

-19.66%

-16.38%

-3.28%

Max Drawdown (3Y)

Largest decline over 3 years

-19.66%

-43.18%

+23.52%

Max Drawdown (5Y)

Largest decline over 5 years

—

-57.16%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-66.75%

—

Current Drawdown

Current decline from peak

-17.48%

-43.03%

+25.55%

Average Drawdown

Average peak-to-trough decline

-3.49%

-66.56%

+63.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.00%

4.41%

+3.59%

Volatility

DFNS.L vs. ICLN - Volatility Comparison

The current volatility for VanEck Defense UCITS ETF (DFNS.L) is 8.29%, while iShares Global Clean Energy ETF (ICLN) has a volatility of 12.97%. This indicates that DFNS.L experiences smaller price fluctuations and is considered to be less risky than ICLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

DFNS.LICLNDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.29%

12.97%

-4.68%

Volatility (6M)

Calculated over the trailing 6-month period

19.56%

22.62%

-3.06%

Volatility (1Y)

Calculated over the trailing 1-year period

25.07%

28.21%

-3.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.58%

27.55%

-5.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.58%

27.32%

-5.74%

DFNS.L vs. ICLN - Expense Ratio Comparison

DFNS.L has a 0.55% expense ratio, which is higher than ICLN's 0.39% expense ratio.

Dividends

DFNS.L vs. ICLN - Dividend Comparison

DFNS.L has not paid dividends to shareholders, while ICLN's dividend yield for the trailing twelve months is around 1.28%.

PositionTTM20252024202320222021202020192018201720162015
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%
ICLN
iShares Global Clean Energy ETF		1.28%1.63%1.85%1.59%0.89%1.18%0.34%1.36%2.77%2.49%3.88%2.36%

Frequently Asked Questions

DFNS.L and ICLN have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ICLN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ICLN is cheaper with a 0.39% expense ratio, compared with 0.55% for DFNS.L.

DFNS.L is categorized as Aerospace & Defense, while ICLN is Alternative Energy Equities. DFNS.L tracks MarketVector™ Global Defense Industry Index, while ICLN tracks S&P Global Clean Energy Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.55% for DFNS.L and 0.39% for ICLN.

Portfolio Optimizer

Find the right allocation for DFNS.L and ICLN

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer