DFNS.L vs. SMH.L
DFNS.L (VanEck Defense UCITS ETF) and SMH.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index. Both are passively managed. Over the past 3 years, DFNS.L returned 38.07%/yr vs 62.19%/yr for SMH.L. At a 0.40 correlation, their price movements are largely independent. DFNS.L charges 0.55%/yr vs 0.35%/yr for SMH.L.
Performance
DFNS.L vs. SMH.L - Performance Comparison
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Returns By Period
In the year-to-date period, DFNS.L achieves a -4.20% return, which is significantly lower than SMH.L's 88.92% return.
DFNS.L
- 1D
- 0.00%
- 1M
- -7.03%
- YTD
- -4.20%
- 6M
- -5.27%
- 1Y
- 6.69%
- 3Y*
- 38.07%
- 5Y*
- —
- 10Y*
- —
SMH.L
- 1D
- -5.66%
- 1M
- 11.42%
- YTD
- 88.92%
- 6M
- 90.14%
- 1Y
- 166.06%
- 3Y*
- 62.19%
- 5Y*
- 37.02%
- 10Y*
- —
DFNS.L vs. SMH.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | -4.20% | 68.21% | 43.74% | 25.97% |
SMH.L VanEck Semiconductor UCITS ETF | 88.92% | 49.20% | 24.11% | 35.21% |
Correlation
The correlation between DFNS.L and SMH.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.40 |
The correlation between DFNS.L and SMH.L shifts across timeframes, from 0.28 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DFNS.L vs. SMH.L — Risk / Return Rank
DFNS.L
SMH.L
DFNS.L vs. SMH.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and VanEck Semiconductor UCITS ETF (SMH.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.
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 | SMH.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.53 | ||
| Sortino ratioReturn per unit of downside risk | -4.36 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.63 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 11.87 | -11.56 |
| Martin ratioReturn relative to average drawdown | 0.78 | 41.71 | -40.93 |
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Drawdowns
DFNS.L vs. SMH.L - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -21.65%, smaller than the maximum SMH.L drawdown of -45.38%. Use the drawdown chart below to compare losses from any high point for DFNS.L and SMH.L.
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Drawdown Indicators
| DFNS.L | SMH.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.65% | -45.38% | +23.73% |
Max Drawdown (1Y)Largest decline over 1 year | -21.65% | -13.91% | -7.74% |
Max Drawdown (3Y)Largest decline over 3 years | -21.65% | -36.25% | +14.60% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.38% | — |
Current DrawdownCurrent decline from peak | -21.65% | -5.66% | -15.99% |
Average DrawdownAverage peak-to-trough decline | -3.62% | -11.17% | +7.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.61% | 3.96% | +4.65% |
Volatility
DFNS.L vs. SMH.L - Volatility Comparison
The current volatility for VanEck Defense UCITS ETF (DFNS.L) is 8.80%, while VanEck Semiconductor UCITS ETF (SMH.L) has a volatility of 14.35%. This indicates that DFNS.L experiences smaller price fluctuations and is considered to be less risky than SMH.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 | SMH.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.80% | 14.35% | -5.55% |
Volatility (6M)Calculated over the trailing 6-month period | 20.00% | 27.88% | -7.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.42% | 34.41% | -8.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 32.99% | -11.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.68% | 32.55% | -10.87% |
DFNS.L vs. SMH.L - Expense Ratio Comparison
DFNS.L has a 0.55% expense ratio, which is higher than SMH.L's 0.35% expense ratio.
Dividends
DFNS.L vs. SMH.L - Dividend Comparison
Neither DFNS.L nor SMH.L has paid dividends to shareholders.
Frequently Asked Questions
DFNS.L and SMH.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMH.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMH.L is cheaper with a 0.35% expense ratio, compared with 0.55% for DFNS.L.
DFNS.L is categorized as Aerospace & Defense, while SMH.L is Semiconductors. DFNS.L tracks MarketVector™ Global Defense Industry Index, while SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index. Their fees differ too: 0.55% for DFNS.L and 0.35% for SMH.L.
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