DFNS.L vs. SSLN.L
DFNS.L (VanEck Defense UCITS ETF) and SSLN.L (iShares Physical Silver ETC) are both exchange-traded funds - DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while SSLN.L is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 3 years, DFNS.L returned 42.95%/yr vs 45.47%/yr for SSLN.L. At a 0.20 correlation, their price movements are largely independent. DFNS.L charges 0.55%/yr vs 0.20%/yr for SSLN.L.
Performance
DFNS.L vs. SSLN.L - Performance Comparison
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Different Trading Currencies
DFNS.L is traded in USD, while SSLN.L is traded in GBp. To make them comparable, the SSLN.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, DFNS.L achieves a 2.88% return, which is significantly higher than SSLN.L's 2.44% return.
DFNS.L
- 1D
- -1.80%
- 1M
- -5.10%
- YTD
- 2.88%
- 6M
- 8.71%
- 1Y
- 15.78%
- 3Y*
- 42.95%
- 5Y*
- —
- 10Y*
- —
SSLN.L
- 1D
- -3.30%
- 1M
- -3.12%
- YTD
- 2.44%
- 6M
- 24.62%
- 1Y
- 112.44%
- 3Y*
- 45.47%
- 5Y*
- 21.59%
- 10Y*
- 15.86%
DFNS.L vs. SSLN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | 2.88% | 68.21% | 43.74% | 25.73% |
SSLN.L iShares Physical Silver ETC | 2.44% | 147.64% | 21.15% | -4.63% |
Correlation
The correlation between DFNS.L and SSLN.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023 | 0.20 |
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Return for Risk
DFNS.L vs. SSLN.L — Risk / Return Rank
DFNS.L
SSLN.L
DFNS.L vs. SSLN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and iShares Physical Silver ETC (SSLN.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 | SSLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.35 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 2.74 | -1.90 |
| Martin ratioReturn relative to average drawdown | 2.09 | 6.02 | -3.92 |
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 | SSLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 2.00 | -1.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.62 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.01 | 0.12 | +1.89 |
Drawdowns
DFNS.L vs. SSLN.L - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -18.72%, smaller than the maximum SSLN.L drawdown of -76.85%. Use the drawdown chart below to compare losses from any high point for DFNS.L and SSLN.L.
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Drawdown Indicators
| DFNS.L | SSLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.72% | -76.85% | +58.13% |
Max Drawdown (1Y)Largest decline over 1 year | -18.72% | -40.85% | +22.13% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | -40.85% | +22.13% |
Max Drawdown (5Y)Largest decline over 5 years | — | -40.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.60% | — |
Current DrawdownCurrent decline from peak | -15.86% | -35.76% | +19.90% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -53.91% | +50.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 18.62% | -11.12% |
Volatility
DFNS.L vs. SSLN.L - Volatility Comparison
The current volatility for VanEck Defense UCITS ETF (DFNS.L) is 8.07%, while iShares Physical Silver ETC (SSLN.L) has a volatility of 17.28%. This indicates that DFNS.L experiences smaller price fluctuations and is considered to be less risky than SSLN.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 | SSLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.07% | 17.28% | -9.21% |
Volatility (6M)Calculated over the trailing 6-month period | 19.53% | 53.52% | -33.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.88% | 55.92% | -31.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.56% | 35.31% | -13.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.56% | 31.02% | -9.46% |
DFNS.L vs. SSLN.L - Expense Ratio Comparison
DFNS.L has a 0.55% expense ratio, which is higher than SSLN.L's 0.20% expense ratio.
Dividends
DFNS.L vs. SSLN.L - Dividend Comparison
Neither DFNS.L nor SSLN.L has paid dividends to shareholders.
Frequently Asked Questions
DFNS.L and SSLN.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SSLN.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SSLN.L is cheaper with a 0.20% expense ratio, compared with 0.55% for DFNS.L.
DFNS.L is categorized as Aerospace & Defense, while SSLN.L is Silver. DFNS.L tracks MarketVector™ Global Defense Industry Index, while SSLN.L tracks LBMA Silver Price. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.55% for DFNS.L and 0.20% for SSLN.L.
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