DFNX.L vs. ISPY.L
DFNX.L (VanEck Defense UCITS ETF) and ISPY.L (L&G Cyber Security UCITS ETF) are both exchange-traded funds - DFNX.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index, while ISPY.L is a Cybersecurity fund tracking the ISE Cyber Security UCITS Index. Both are passively managed. Over the past year, DFNX.L returned 31.95% vs 40.14% for ISPY.L. At a 0.49 correlation, their price movements are largely independent. DFNX.L charges 0.55%/yr vs 0.69%/yr for ISPY.L.
Performance
DFNX.L vs. ISPY.L - Performance Comparison
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Returns By Period
In the year-to-date period, DFNX.L achieves a 16.35% return, which is significantly lower than ISPY.L's 43.67% return.
DFNX.L
- 1D
- 0.00%
- 1M
- -9.55%
- 6M
- -5.03%
- YTD
- 16.35%
- 1Y
- 31.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ISPY.L
- 1D
- -1.05%
- 1M
- 9.88%
- 6M
- 45.94%
- YTD
- 43.67%
- 1Y
- 40.14%
- 3Y*
- 26.90%
- 5Y*
- 12.62%
- 10Y*
- 16.73%
DFNX.L vs. ISPY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DFNX.L VanEck Defense UCITS ETF | 16.35% | 45.07% | 8,360.21% |
ISPY.L L&G Cyber Security UCITS ETF | 43.67% | 0.28% | 14.08% |
Correlation
The correlation between DFNX.L and ISPY.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2024 | 0.49 |
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Return for Risk
DFNX.L vs. ISPY.L — Risk / Return Rank
DFNX.L
ISPY.L
DFNX.L vs. ISPY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNX.L) and L&G Cyber Security UCITS ETF (ISPY.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 | ISPY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.27 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 1.97 | -0.96 |
| Martin ratioReturn relative to average drawdown | 2.06 | 4.88 | -2.82 |
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Drawdowns
DFNX.L vs. ISPY.L - Drawdown Comparison
The maximum DFNX.L drawdown since its inception was -31.65%, smaller than the maximum ISPY.L drawdown of -50.17%. Use the drawdown chart below to compare losses from any high point for DFNX.L and ISPY.L.
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Drawdown Indicators
| DFNX.L | ISPY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.65% | -50.17% | +18.52% |
Max Drawdown (1Y)Largest decline over 1 year | -31.65% | -20.33% | -11.32% |
Max Drawdown (3Y)Largest decline over 3 years | — | -28.19% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -31.77% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.77% | — |
Current DrawdownCurrent decline from peak | -18.13% | -5.22% | -12.91% |
Average DrawdownAverage peak-to-trough decline | -8.52% | -12.85% | +4.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.53% | 8.20% | +7.33% |
Volatility
DFNX.L vs. ISPY.L - Volatility Comparison
The current volatility for VanEck Defense UCITS ETF (DFNX.L) is 7.56%, while L&G Cyber Security UCITS ETF (ISPY.L) has a volatility of 10.69%. This indicates that DFNX.L experiences smaller price fluctuations and is considered to be less risky than ISPY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFNX.L | ISPY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.56% | 10.69% | -3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 20.10% | 24.97% | -4.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.09% | 27.87% | +22.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5,887.11% | 27.58% | +5,859.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5,887.11% | 24.47% | +5,862.64% |
DFNX.L vs. ISPY.L - Expense Ratio Comparison
DFNX.L has a 0.55% expense ratio, which is lower than ISPY.L's 0.69% expense ratio.
Dividends
DFNX.L vs. ISPY.L - Dividend Comparison
Neither DFNX.L nor ISPY.L has paid dividends to shareholders.
Frequently Asked Questions
DFNX.L and ISPY.L have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DFNX.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DFNX.L is cheaper with a 0.55% expense ratio, compared with 0.69% for ISPY.L.
DFNX.L is categorized as Aerospace & Defense, while ISPY.L is Cybersecurity. DFNX.L tracks MarketVector Global Defense Industry Index, while ISPY.L tracks ISE Cyber Security UCITS Index. They also come from different issuers: VanEck and L&G. Their fees differ too: 0.55% for DFNX.L and 0.69% for ISPY.L.
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