DFNS.L vs. TRET.L
DFNS.L (VanEck Defense UCITS ETF) and TRET.L (VanEck Global Real Estate UCITS ETF) are both exchange-traded funds - DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index, while TRET.L is a REIT fund tracking the GPR Global 100 Index. Both are passively managed. Over the past 3 years, DFNS.L returned 33.99%/yr vs 12.34%/yr for TRET.L. At a 0.30 correlation, their price movements are largely independent. DFNS.L charges 0.55%/yr vs 0.25%/yr for TRET.L.
Performance
DFNS.L vs. TRET.L - Performance Comparison
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Returns By Period
In the year-to-date period, DFNS.L achieves a -6.38% return, which is significantly lower than TRET.L's 12.76% return.
DFNS.L
- 1D
- 0.00%
- 1M
- -8.45%
- 6M
- -22.79%
- YTD
- -6.38%
- 1Y
- -0.24%
- 3Y*
- 33.99%
- 5Y*
- —
- 10Y*
- —
TRET.L
- 1D
- 0.96%
- 1M
- 5.65%
- 6M
- 9.86%
- YTD
- 12.76%
- 1Y
- 19.32%
- 3Y*
- 12.34%
- 5Y*
- 3.35%
- 10Y*
- 5.42%
DFNS.L vs. TRET.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DFNS.L VanEck Defense UCITS ETF | -6.38% | 68.21% | 43.74% | 25.97% |
TRET.L VanEck Global Real Estate UCITS ETF | 12.76% | 14.41% | 1.07% | 14.48% |
Correlation
The correlation between DFNS.L and TRET.L is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.30 |
The correlation between DFNS.L and TRET.L shifts across timeframes, from 0.13 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DFNS.L vs. TRET.L — Risk / Return Rank
DFNS.L
TRET.L
DFNS.L vs. TRET.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNS.L) and VanEck Global Real Estate UCITS ETF (TRET.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 | TRET.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.26 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 1.83 | -1.84 |
| Martin ratioReturn relative to average drawdown | -0.02 | 6.11 | -6.13 |
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Drawdowns
DFNS.L vs. TRET.L - Drawdown Comparison
The maximum DFNS.L drawdown since its inception was -25.29%, smaller than the maximum TRET.L drawdown of -42.25%. Use the drawdown chart below to compare losses from any high point for DFNS.L and TRET.L.
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Drawdown Indicators
| DFNS.L | TRET.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.29% | -42.25% | +16.96% |
Max Drawdown (1Y)Largest decline over 1 year | -25.29% | -10.49% | -14.80% |
Max Drawdown (3Y)Largest decline over 3 years | -25.29% | -16.92% | -8.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.35% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.25% | — |
Current DrawdownCurrent decline from peak | -23.43% | 0.00% | -23.43% |
Average DrawdownAverage peak-to-trough decline | -4.01% | -10.55% | +6.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.39% | 3.16% | +7.23% |
Volatility
DFNS.L vs. TRET.L - Volatility Comparison
VanEck Defense UCITS ETF (DFNS.L) has a higher volatility of 8.02% compared to VanEck Global Real Estate UCITS ETF (TRET.L) at 4.00%. This indicates that DFNS.L's price experiences larger fluctuations and is considered to be riskier than TRET.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 | TRET.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.02% | 4.00% | +4.02% |
Volatility (6M)Calculated over the trailing 6-month period | 19.72% | 10.60% | +9.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.91% | 12.88% | +13.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.84% | 16.90% | +4.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.84% | 17.98% | +3.86% |
DFNS.L vs. TRET.L - Expense Ratio Comparison
DFNS.L has a 0.55% expense ratio, which is higher than TRET.L's 0.25% expense ratio.
Dividends
DFNS.L vs. TRET.L - Dividend Comparison
DFNS.L has not paid dividends to shareholders, while TRET.L's dividend yield for the trailing twelve months is around 3.22%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TRET.L VanEck Global Real Estate UCITS ETF | 3.22% | 3.54% | 3.56% | 3.54% | 4.55% | 1.86% | 4.18% | 3.32% | 5.03% | 3.63% |
Frequently Asked Questions
DFNS.L and TRET.L have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRET.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRET.L is cheaper with a 0.25% expense ratio, compared with 0.55% for DFNS.L.
DFNS.L is categorized as Aerospace & Defense, while TRET.L is REIT. DFNS.L tracks MarketVector™ Global Defense Industry Index, while TRET.L tracks GPR Global 100 Index. Their fees differ too: 0.55% for DFNS.L and 0.25% for TRET.L.
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