DFNX.L vs. IDFN.L

Last updated Jun 4, 2026

DFNX.L (VanEck Defense UCITS ETF) and IDFN.L (Invesco Defence Innovation UCITS ETF Acc) are both Aerospace & Defense funds - DFNX.L tracks the MarketVector Global Defense Industry Index while IDFN.L tracks the S&P Kensho Global Future Defense Index. Both are passively managed. Over the past year, DFNX.L returned 76.97% vs 77.21% for IDFN.L. With a 0.97 correlation, they move nearly in lockstep. DFNX.L charges 0.55%/yr vs 0.35%/yr for IDFN.L.

Performance

DFNX.L vs. IDFN.L - Performance Comparison

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

Different Trading Currencies

DFNX.L is traded in GBp, while IDFN.L is traded in USD. To make them comparable, the IDFN.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with DFNX.L having a 34.91% return and IDFN.L slightly higher at 35.04%.

DFNX.L

• 1D: -1.79%
• 1M: 13.81%
• YTD: 34.91%
• 6M: 42.66%
• 1Y: 76.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IDFN.L

• 1D: -1.59%
• 1M: 13.67%
• YTD: 35.04%
• 6M: 42.69%
• 1Y: 77.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
DFNX.L VanEck Defense UCITS ETF	34.91%	45.07%	9.49%
IDFN.L Invesco Defence Innovation UCITS ETF Acc	35.04%	44.82%	9.99%

Correlation

The correlation between DFNX.L and IDFN.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 6, 2024	0.97

The correlation between DFNX.L and IDFN.L has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

DFNX.L vs. IDFN.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: 87
DFNX.L Sharpe Ratio Rank: 91
DFNX.L Sortino Ratio Rank: 88
DFNX.L Omega Ratio Rank: 81
DFNX.L Calmar Ratio Rank: 92
DFNX.L Martin Ratio Rank: 82

IDFN.L

IDFN.L Risk / Return Rank: 85
IDFN.L Sharpe Ratio Rank: 88
IDFN.L Sortino Ratio Rank: 85
IDFN.L Omega Ratio Rank: 76
IDFN.L Calmar Ratio Rank: 90
IDFN.L Martin Ratio Rank: 83

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. IDFN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNX.L) and Invesco Defence Innovation UCITS ETF Acc (IDFN.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.

	DFNX.L	IDFN.L	Difference
Sharpe ratio: Return per unit of total volatility	3.14	3.02	+0.11
Sortino ratio: Return per unit of downside risk	4.02	3.84	+0.18
Omega ratio: Gain probability vs. loss probability	1.48	1.46	+0.02
Calmar ratio: Return relative to maximum drawdown	6.33	6.42	-0.09
Martin ratio: Return relative to average drawdown	16.40	16.62	-0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current DFNX.L Sharpe Ratio is 3.14, which is comparable to the IDFN.L Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of DFNX.L and IDFN.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.

Sharpe Ratios by Period

	DFNX.L	IDFN.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	3.02	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	2.53	2.36	+0.17

Drawdowns

DFNX.L vs. IDFN.L - Drawdown Comparison

The maximum DFNX.L drawdown since its inception was -15.39%, which is greater than IDFN.L's maximum drawdown of -14.61%. Use the drawdown chart below to compare losses from any high point for DFNX.L and IDFN.L.

Drawdown Indicators

	DFNX.L	IDFN.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-14.61%	-0.78%
Max Drawdown (1Y) Largest decline over 1 year	-12.10%	-11.96%	-0.14%
Current Drawdown Current decline from peak	-5.07%	-5.07%	0.00%
Average Drawdown Average peak-to-trough decline	-3.51%	-3.46%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	4.63%	+0.05%

Volatility

DFNX.L vs. IDFN.L - Volatility Comparison

The current volatility for VanEck Defense UCITS ETF (DFNX.L) is 9.16%, while Invesco Defence Innovation UCITS ETF Acc (IDFN.L) has a volatility of 10.18%. This indicates that DFNX.L experiences smaller price fluctuations and is considered to be less risky than IDFN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNX.L	IDFN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.16%	10.18%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	19.61%	20.48%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	24.44%	25.43%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.72%	26.37%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.72%	26.37%	-1.65%

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

DFNX.L has a 0.55% expense ratio, which is higher than IDFN.L's 0.35% expense ratio.

Dividends

DFNX.L vs. IDFN.L - Dividend Comparison

Neither DFNX.L nor IDFN.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.97, DFNX.L and IDFN.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

On fees, IDFN.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

IDFN.L is cheaper with a 0.35% expense ratio, compared with 0.55% for DFNX.L.

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

DFNX.L tracks MarketVector Global Defense Industry Index, while IDFN.L tracks S&P Kensho Global Future Defense Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.55% for DFNX.L and 0.35% for IDFN.L.