DFNS.L vs. PEX
DFNS.L (VanEck Defense UCITS ETF) and PEX (ProShares Global Listed Private Equity ETF) are both exchange-traded funds - DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index. Both are passively managed. Over the past 3 years, DFNS.L returned 40.45%/yr vs 3.51%/yr for PEX. At a 0.33 correlation, their price movements are largely independent. DFNS.L charges 0.55%/yr vs 3.13%/yr for PEX.
Performance
DFNS.L vs. PEX - Performance Comparison
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Returns By Period
In the year-to-date period, DFNS.L achieves a 0.90% return, which is significantly higher than PEX's -10.66% return.
DFNS.L
- 1D
- 0.00%
- 1M
- 1.53%
- YTD
- 0.90%
- 6M
- 2.54%
- 1Y
- 10.82%
- 3Y*
- 40.45%
- 5Y*
- —
- 10Y*
- —
PEX
- 1D
- 0.68%
- 1M
- 1.52%
- YTD
- -10.66%
- 6M
- -10.17%
- 1Y
- -11.68%
- 3Y*
- 3.51%
- 5Y*
- -0.81%
- 10Y*
- 4.55%
DFNS.L vs. PEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 0.90% | 68.21% | 43.74% | 25.97% |
PEX ProShares Global Listed Private Equity ETF | -10.66% | 0.21% | 13.05% | 17.71% |
Correlation
The correlation between DFNS.L and PEX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.33 |
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Return for Risk
DFNS.L vs. PEX — Risk / Return Rank
DFNS.L
PEX
DFNS.L vs. PEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and ProShares Global Listed Private Equity ETF (PEX). 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 | PEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.88 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | -0.52 | +1.18 |
| Martin ratioReturn relative to average drawdown | 1.61 | -1.02 | +2.63 |
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Drawdowns
DFNS.L vs. PEX - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -19.66%, smaller than the maximum PEX drawdown of -49.17%. Use the drawdown chart below to compare losses from any high point for DFNS.L and PEX.
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Drawdown Indicators
| DFNS.L | PEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.66% | -49.17% | +29.51% |
Max Drawdown (1Y)Largest decline over 1 year | -19.66% | -24.72% | +5.06% |
Max Drawdown (3Y)Largest decline over 3 years | -19.66% | -24.72% | +5.06% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.58% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.17% | — |
Current DrawdownCurrent decline from peak | -17.48% | -19.26% | +1.78% |
Average DrawdownAverage peak-to-trough decline | -3.49% | -8.23% | +4.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.00% | 12.67% | -4.67% |
Volatility
DFNS.L vs. PEX - Volatility Comparison
VanEck Defense UCITS ETF (DFNS.L) has a higher volatility of 8.29% compared to ProShares Global Listed Private Equity ETF (PEX) at 5.26%. This indicates that DFNS.L's price experiences larger fluctuations and is considered to be riskier than PEX 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 | PEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.29% | 5.26% | +3.03% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 13.35% | +6.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.07% | 15.89% | +9.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.58% | 18.01% | +3.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.58% | 19.45% | +2.13% |
DFNS.L vs. PEX - Expense Ratio Comparison
DFNS.L has a 0.55% expense ratio, which is lower than PEX's 3.13% expense ratio.
Dividends
DFNS.L vs. PEX - Dividend Comparison
DFNS.L has not paid dividends to shareholders, while PEX's dividend yield for the trailing twelve months is around 12.55%.
| 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% |
PEX ProShares Global Listed Private Equity ETF | 12.55% | 12.80% | 14.11% | 13.02% | 1.77% | 13.64% | 5.52% | 7.94% | 4.72% | 24.26% | 3.24% | 12.50% |
Frequently Asked Questions
DFNS.L and PEX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DFNS.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DFNS.L is cheaper with a 0.55% expense ratio, compared with 3.13% for PEX.
DFNS.L is categorized as Aerospace & Defense, while PEX is Financials Equities. DFNS.L tracks MarketVector™ Global Defense Industry Index, while PEX tracks LPX Direct Listed Private Equity Index. They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.55% for DFNS.L and 3.13% for PEX.
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