DFNS.L vs. MOAT.L
DFNS.L (VanEck Defense UCITS ETF) and MOAT.L (VanEck Morningstar US Sustainable Wide Moat UCITS ETF) are both exchange-traded funds - DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while MOAT.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 3 years, DFNS.L returned 42.95%/yr vs 7.80%/yr for MOAT.L. At a 0.45 correlation, their price movements are largely independent. DFNS.L charges 0.55%/yr vs 0.49%/yr for MOAT.L.
Performance
DFNS.L vs. MOAT.L - 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 higher than MOAT.L's -3.71% return.
DFNS.L
- 1D
- -1.80%
- 1M
- -5.10%
- YTD
- 2.88%
- 6M
- 8.71%
- 1Y
- 15.78%
- 3Y*
- 42.95%
- 5Y*
- —
- 10Y*
- —
MOAT.L
- 1D
- -0.27%
- 1M
- 1.64%
- YTD
- -3.71%
- 6M
- -3.47%
- 1Y
- 8.25%
- 3Y*
- 7.80%
- 5Y*
- 2.96%
- 10Y*
- 10.54%
DFNS.L vs. MOAT.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 2.88% | 68.21% | 43.74% | 25.73% |
MOAT.L VanEck Morningstar US Sustainable Wide Moat UCITS ETF | -3.71% | 7.34% | 11.12% | 12.94% |
Correlation
The correlation between DFNS.L and MOAT.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023 | 0.45 |
Over the past year, the correlation between DFNS.L and MOAT.L has dropped to 0.24 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
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Return for Risk
DFNS.L vs. MOAT.L — Risk / Return Rank
DFNS.L
MOAT.L
DFNS.L vs. MOAT.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and VanEck Morningstar US Sustainable Wide Moat UCITS ETF (MOAT.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.
| DFNS.L | MOAT.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.11 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 0.69 | +0.14 |
| Martin ratioReturn relative to average drawdown | 2.09 | 1.87 | +0.23 |
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 | MOAT.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 0.60 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.18 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.01 | 0.65 | +1.36 |
Drawdowns
DFNS.L vs. MOAT.L - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -18.72%, smaller than the maximum MOAT.L drawdown of -32.78%. Use the drawdown chart below to compare losses from any high point for DFNS.L and MOAT.L.
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Drawdown Indicators
| DFNS.L | MOAT.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.72% | -32.78% | +14.06% |
Max Drawdown (1Y)Largest decline over 1 year | -18.72% | -11.86% | -6.86% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | -21.84% | +3.12% |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.06% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.78% | — |
Current DrawdownCurrent decline from peak | -15.86% | -6.04% | -9.82% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -5.58% | +2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 4.41% | +3.09% |
Volatility
DFNS.L vs. MOAT.L - Volatility Comparison
VanEck Defense UCITS ETF (DFNS.L) has a higher volatility of 8.07% compared to VanEck Morningstar US Sustainable Wide Moat UCITS ETF (MOAT.L) at 3.76%. This indicates that DFNS.L's price experiences larger fluctuations and is considered to be riskier than MOAT.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 | MOAT.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.07% | 3.76% | +4.31% |
Volatility (6M)Calculated over the trailing 6-month period | 19.53% | 9.55% | +9.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.88% | 13.78% | +11.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.56% | 16.32% | +5.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.56% | 16.93% | +4.63% |
DFNS.L vs. MOAT.L - Expense Ratio Comparison
DFNS.L has a 0.55% expense ratio, which is higher than MOAT.L's 0.49% expense ratio.
Dividends
DFNS.L vs. MOAT.L - Dividend Comparison
Neither DFNS.L nor MOAT.L has paid dividends to shareholders.
Frequently Asked Questions
DFNS.L and MOAT.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MOAT.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MOAT.L is cheaper with a 0.49% expense ratio, compared with 0.55% for DFNS.L.
DFNS.L is categorized as Aerospace & Defense, while MOAT.L is Large Cap Blend Equities. DFNS.L tracks MarketVector™ Global Defense Industry Index, while MOAT.L tracks Russell 1000 TR USD. Their fees differ too: 0.55% for DFNS.L and 0.49% for MOAT.L.
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