DFNS.L vs. ITA
DFNS.L (VanEck Defense UCITS ETF) and ITA (iShares U.S. Aerospace & Defense ETF) are both Aerospace & Defense funds - DFNS.L tracks the MarketVector™ Global Defense Industry Index while ITA tracks the Dow Jones U.S. Select Aerospace & Defense Index. Both are passively managed. Over the past 3 years, DFNS.L returned 42.95%/yr vs 26.89%/yr for ITA. At a 0.47 correlation, their price movements are largely independent. DFNS.L charges 0.55%/yr vs 0.38%/yr for ITA.
Performance
DFNS.L vs. ITA - 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 lower than ITA's 4.82% return.
DFNS.L
- 1D
- -1.80%
- 1M
- -5.10%
- YTD
- 2.88%
- 6M
- 8.71%
- 1Y
- 15.78%
- 3Y*
- 42.95%
- 5Y*
- —
- 10Y*
- —
ITA
- 1D
- -1.51%
- 1M
- 4.93%
- YTD
- 4.82%
- 6M
- 11.61%
- 1Y
- 26.06%
- 3Y*
- 26.89%
- 5Y*
- 15.93%
- 10Y*
- 14.82%
DFNS.L vs. ITA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 2.88% | 68.21% | 43.74% | 25.73% |
ITA iShares U.S. Aerospace & Defense ETF | 4.82% | 48.64% | 15.81% | 11.31% |
Correlation
The correlation between DFNS.L and ITA is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023 | 0.47 |
The correlation between DFNS.L and ITA has been stable across timeframes, ranging from 0.47 to 0.55 - a consistent structural relationship.
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Return for Risk
DFNS.L vs. ITA — Risk / Return Rank
DFNS.L
ITA
DFNS.L vs. ITA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and iShares U.S. Aerospace & Defense ETF (ITA). 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 | ITA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.22 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 1.65 | -0.82 |
| Martin ratioReturn relative to average drawdown | 2.09 | 4.49 | -2.40 |
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 | ITA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 1.26 | -0.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.80 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.01 | 0.51 | +1.50 |
Drawdowns
DFNS.L vs. ITA - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -18.72%, smaller than the maximum ITA drawdown of -59.72%. Use the drawdown chart below to compare losses from any high point for DFNS.L and ITA.
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Drawdown Indicators
| DFNS.L | ITA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.72% | -59.72% | +41.00% |
Max Drawdown (1Y)Largest decline over 1 year | -18.72% | -15.82% | -2.90% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | -15.82% | -2.90% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.72% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.00% | — |
Current DrawdownCurrent decline from peak | -15.86% | -10.19% | -5.67% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -9.46% | +6.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 5.82% | +1.68% |
Volatility
DFNS.L vs. ITA - Volatility Comparison
VanEck Defense UCITS ETF (DFNS.L) has a higher volatility of 8.07% compared to iShares U.S. Aerospace & Defense ETF (ITA) at 7.28%. This indicates that DFNS.L's price experiences larger fluctuations and is considered to be riskier than ITA 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 | ITA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.07% | 7.28% | +0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 19.53% | 17.47% | +2.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.88% | 20.86% | +4.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.56% | 20.02% | +1.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.56% | 23.14% | -1.58% |
DFNS.L vs. ITA - Expense Ratio Comparison
DFNS.L has a 0.55% expense ratio, which is higher than ITA's 0.38% expense ratio.
Dividends
DFNS.L vs. ITA - Dividend Comparison
DFNS.L has not paid dividends to shareholders, while ITA's dividend yield for the trailing twelve months is around 0.48%.
| 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% |
ITA iShares U.S. Aerospace & Defense ETF | 0.48% | 0.55% | 0.85% | 0.93% | 0.95% | 0.82% | 1.07% | 1.54% | 1.13% | 0.91% | 1.07% | 1.04% |
Frequently Asked Questions
DFNS.L and ITA have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ITA is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ITA is cheaper with a 0.38% expense ratio, compared with 0.55% for DFNS.L.
DFNS.L tracks MarketVector™ Global Defense Industry Index, while ITA tracks Dow Jones U.S. Select Aerospace & Defense Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.55% for DFNS.L and 0.38% for ITA.
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