DFNX.L vs. EQQQ.L

Last updated Jul 18, 2026

DFNX.L (VanEck Defense UCITS ETF) and EQQQ.L (Invesco EQQQ NASDAQ-100 UCITS ETF) are both exchange-traded funds - DFNX.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index, while EQQQ.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past year, DFNX.L returned 31.95% vs 23.87% for EQQQ.L. A 0.54 correlation means they provide meaningful diversification when combined. DFNX.L charges 0.55%/yr vs 0.30%/yr for EQQQ.L.

Performance

DFNX.L vs. EQQQ.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Defense UCITS ETF (DFNX.L) and Invesco EQQQ NASDAQ-100 UCITS ETF (EQQQ.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFNX.L achieves a 16.35% return, which is significantly higher than EQQQ.L's 12.60% return.

DFNX.L

• 1D: 0.00%
• 1M: -9.55%
• 6M: -5.03%
• YTD: 16.35%
• 1Y: 31.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EQQQ.L

• 1D: -2.03%
• 1M: -5.45%
• 6M: 11.36%
• YTD: 12.60%
• 1Y: 23.87%
• 3Y*: 21.46%
• 5Y*: 15.18%
• 10Y*: 20.31%

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

DFNX.L vs. EQQQ.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFNX.L VanEck Defense UCITS ETF	16.35%	45.07%	8,360.21%
EQQQ.L Invesco EQQQ NASDAQ-100 UCITS ETF	12.60%	11.54%	8.22%

Correlation

The correlation between DFNX.L and EQQQ.L is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Oct 29, 2024	0.54

The correlation between DFNX.L and EQQQ.L has been stable across timeframes, ranging from 0.50 to 0.54 - a consistent structural relationship.

Return for Risk

DFNX.L vs. EQQQ.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFNX.L

DFNX.L Risk / Return Rank: 30
DFNX.L Sharpe Ratio Rank: 23
DFNX.L Sortino Ratio Rank: 30
DFNX.L Omega Ratio Rank: 46
DFNX.L Calmar Ratio Rank: 26
DFNX.L Martin Ratio Rank: 23

EQQQ.L

EQQQ.L Risk / Return Rank: 51
EQQQ.L Sharpe Ratio Rank: 53
EQQQ.L Sortino Ratio Rank: 51
EQQQ.L Omega Ratio Rank: 51
EQQQ.L Calmar Ratio Rank: 54
EQQQ.L Martin Ratio Rank: 46

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.

DFNX.L vs. EQQQ.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNX.L) and Invesco EQQQ NASDAQ-100 UCITS ETF (EQQQ.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.

	DFNX.L	EQQQ.L	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.45	-0.81
Sortino ratio: Return per unit of downside risk	1.32	2.02	-0.71
Omega ratio: Gain probability vs. loss probability	1.23	1.26	-0.03
Calmar ratio: Return relative to maximum drawdown	1.01	2.17	-1.16
Martin ratio: Return relative to average drawdown	2.06	6.04	-3.98

DFNX.L vs. EQQQ.L - Sharpe Ratio Comparison

The current DFNX.L Sharpe Ratio is 0.64, which is lower than the EQQQ.L Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of DFNX.L and EQQQ.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFNX.L vs. EQQQ.L - Drawdown Comparison

The maximum DFNX.L drawdown since its inception was -31.65%, smaller than the maximum EQQQ.L drawdown of -65.36%. Use the drawdown chart below to compare losses from any high point for DFNX.L and EQQQ.L.

Drawdown Indicators

	DFNX.L	EQQQ.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.65%	-65.36%	+33.71%
Max Drawdown (1Y) Largest decline over 1 year	-31.65%	-10.97%	-20.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.09%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.76%	—
Current Drawdown Current decline from peak	-18.13%	-7.46%	-10.67%
Average Drawdown Average peak-to-trough decline	-8.52%	-12.46%	+3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.53%	3.94%	+11.59%

Volatility

DFNX.L vs. EQQQ.L - Volatility Comparison

VanEck Defense UCITS ETF (DFNX.L) has a higher volatility of 7.56% compared to Invesco EQQQ NASDAQ-100 UCITS ETF (EQQQ.L) at 6.16%. This indicates that DFNX.L's price experiences larger fluctuations and is considered to be riskier than EQQQ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNX.L	EQQQ.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.56%	6.16%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	20.10%	12.54%	+7.56%
Volatility (1Y) Calculated over the trailing 1-year period	50.09%	16.46%	+33.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5,887.11%	19.42%	+5,867.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5,887.11%	19.39%	+5,867.72%

DFNX.L vs. EQQQ.L - Expense Ratio Comparison

DFNX.L has a 0.55% expense ratio, which is higher than EQQQ.L's 0.30% expense ratio.

Dividends

DFNX.L vs. EQQQ.L - Dividend Comparison

DFNX.L has not paid dividends to shareholders, while EQQQ.L's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFNX.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%
EQQQ.L Invesco EQQQ NASDAQ-100 UCITS ETF	0.24%	0.29%	0.38%	0.39%	0.56%	0.25%	0.41%	0.56%	0.63%	0.67%	0.77%	0.72%

Frequently Asked Questions

Can I hold both DFNX.L and EQQQ.L in my portfolio?

DFNX.L and EQQQ.L have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFNX.L or EQQQ.L?

On fees, EQQQ.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFNX.L or EQQQ.L?

EQQQ.L is cheaper with a 0.30% expense ratio, compared with 0.55% for DFNX.L.

What is the main difference between DFNX.L and EQQQ.L?

DFNX.L is categorized as Aerospace & Defense, while EQQQ.L is Nasdaq-100. DFNX.L tracks MarketVector Global Defense Industry Index, while EQQQ.L tracks NASDAQ-100 Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.55% for DFNX.L and 0.30% for EQQQ.L.