DFNS.L vs. SHLD

Last updated Jun 4, 2026

DFNS.L (VanEck Defense UCITS ETF) and SHLD (Global X Defense Tech ETF) are both Aerospace & Defense funds - DFNS.L tracks the MarketVector™ Global Defense Industry Index while SHLD tracks the Global X Defense Tech Index. Both are passively managed. Over the past year, DFNS.L returned 15.78% vs 9.71% for SHLD. A 0.75 correlation means they provide meaningful diversification when combined. DFNS.L charges 0.55%/yr vs 0.50%/yr for SHLD.

Performance

DFNS.L vs. SHLD - Performance Comparison

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

Returns By Period

In the year-to-date period, DFNS.L achieves a 2.88% return, which is significantly higher than SHLD's -2.28% return.

DFNS.L

• 1D: -1.80%
• 1M: -5.10%
• YTD: 2.88%
• 6M: 8.71%
• 1Y: 15.78%
• 3Y*: 42.95%
• 5Y*: —
• 10Y*: —

SHLD

• 1D: -2.39%
• 1M: -7.01%
• YTD: -2.28%
• 6M: 1.71%
• 1Y: 9.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFNS.L vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFNS.L VanEck Defense UCITS ETF	2.88%	68.21%	43.74%	8.06%
SHLD Global X Defense Tech ETF	-2.28%	74.16%	35.03%	12.89%

Correlation

The correlation between DFNS.L and SHLD is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.75

The correlation between DFNS.L and SHLD has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

Return for Risk

DFNS.L vs. SHLD — 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: 19
DFNS.L Sharpe Ratio Rank: 19
DFNS.L Sortino Ratio Rank: 20
DFNS.L Omega Ratio Rank: 18
DFNS.L Calmar Ratio Rank: 19
DFNS.L Martin Ratio Rank: 19

SHLD

SHLD Risk / Return Rank: 15
SHLD Sharpe Ratio Rank: 14
SHLD Sortino Ratio Rank: 15
SHLD Omega Ratio Rank: 14
SHLD Calmar Ratio Rank: 14
SHLD Martin Ratio Rank: 15

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.63	0.41	+0.22
Sortino ratio: Return per unit of downside risk	1.06	0.74	+0.32
Omega ratio: Gain probability vs. loss probability	1.12	1.08	+0.04
Calmar ratio: Return relative to maximum drawdown	0.84	0.49	+0.35
Martin ratio: Return relative to average drawdown	2.09	1.30	+0.80
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. SHLD - Sharpe Ratio Comparison

The current DFNS.L Sharpe Ratio is 0.63, which is higher than the SHLD Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of DFNS.L and SHLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFNS.L	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	0.41	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	2.00	+0.01

Drawdowns

DFNS.L vs. SHLD - Drawdown Comparison

The maximum DFNS.L drawdown since its inception was -18.72%, smaller than the maximum SHLD drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for DFNS.L and SHLD.

Drawdown Indicators

	DFNS.L	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-20.10%	+1.38%
Max Drawdown (1Y) Largest decline over 1 year	-18.72%	-20.10%	+1.38%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	—	—
Current Drawdown Current decline from peak	-15.86%	-18.85%	+2.99%
Average Drawdown Average peak-to-trough decline	-3.39%	-3.19%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.50%	7.51%	-0.01%

Volatility

DFNS.L vs. SHLD - Volatility Comparison

VanEck Defense UCITS ETF (DFNS.L) and Global X Defense Tech ETF (SHLD) have volatilities of 8.07% and 7.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNS.L	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.07%	7.81%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	19.53%	19.35%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	24.88%	24.05%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.56%	21.13%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.56%	21.13%	+0.43%

DFNS.L vs. SHLD - Expense Ratio Comparison

DFNS.L has a 0.55% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

DFNS.L vs. SHLD - Dividend Comparison

DFNS.L has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.56%.

Position	TTM	2025	2024	2023
DFNS.L VanEck Defense UCITS ETF	0.00%	0.00%	0.00%	0.00%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both DFNS.L and SHLD in my portfolio?

DFNS.L and SHLD have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFNS.L or SHLD?

On fees, SHLD is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFNS.L or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.55% for DFNS.L.

What is the main difference between DFNS.L and SHLD?

DFNS.L tracks MarketVector™ Global Defense Industry Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: VanEck and Global X. Their fees differ too: 0.55% for DFNS.L and 0.50% for SHLD.