DFNX.L vs. NATO.L
DFNX.L (VanEck Defense UCITS ETF) and NATO.L (HANetf Future of Defence UCITS ETF - Accumulating) are both Aerospace & Defense funds - DFNX.L tracks the MarketVector Global Defense Industry Index while NATO.L tracks the EQM Future of Defence Index. Both are passively managed. Over the past year, DFNX.L returned 76.97% vs 21.41% for NATO.L. A 0.78 correlation means they provide meaningful diversification when combined. DFNX.L charges 0.55%/yr vs 0.49%/yr for NATO.L.
Performance
DFNX.L vs. NATO.L - Performance Comparison
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Different Trading Currencies
DFNX.L is traded in GBp, while NATO.L is traded in USD. To make them comparable, the NATO.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, DFNX.L achieves a 34.91% return, which is significantly higher than NATO.L's 13.47% return.
DFNX.L
- 1D
- -1.79%
- 1M
- 13.81%
- YTD
- 34.91%
- 6M
- 42.66%
- 1Y
- 76.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NATO.L
- 1D
- -0.52%
- 1M
- 10.08%
- YTD
- 13.47%
- 6M
- 16.91%
- 1Y
- 21.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DFNX.L vs. NATO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DFNX.L VanEck Defense UCITS ETF | 34.91% | 45.07% | 9.49% |
NATO.L HANetf Future of Defence UCITS ETF - Accumulating | 13.47% | 43.80% | 5.95% |
Correlation
The correlation between DFNX.L and NATO.L is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2024 | 0.78 |
The correlation between DFNX.L and NATO.L has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.
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Return for Risk
DFNX.L vs. NATO.L — Risk / Return Rank
DFNX.L
NATO.L
DFNX.L vs. NATO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNX.L) and HANetf Future of Defence UCITS ETF - Accumulating (NATO.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 | NATO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.07 | ||
| Sortino ratioReturn per unit of downside risk | +2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.19 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 6.33 | 1.86 | +4.47 |
| Martin ratioReturn relative to average drawdown | 16.40 | 4.06 | +12.34 |
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
| DFNX.L | NATO.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.14 | 1.06 | +2.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.53 | 1.39 | +1.14 |
Drawdowns
DFNX.L vs. NATO.L - Drawdown Comparison
The maximum DFNX.L drawdown since its inception was -15.39%, smaller than the maximum NATO.L drawdown of -21.71%. Use the drawdown chart below to compare losses from any high point for DFNX.L and NATO.L.
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Drawdown Indicators
| DFNX.L | NATO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -21.71% | +6.32% |
Max Drawdown (1Y)Largest decline over 1 year | -12.10% | -11.45% | -0.65% |
Current DrawdownCurrent decline from peak | -5.07% | -2.00% | -3.07% |
Average DrawdownAverage peak-to-trough decline | -3.51% | -2.46% | -1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.68% | 5.26% | -0.58% |
Volatility
DFNX.L vs. NATO.L - Volatility Comparison
VanEck Defense UCITS ETF (DFNX.L) has a higher volatility of 9.16% compared to HANetf Future of Defence UCITS ETF - Accumulating (NATO.L) at 6.35%. This indicates that DFNX.L's price experiences larger fluctuations and is considered to be riskier than NATO.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 | NATO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.16% | 6.35% | +2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 19.61% | 15.87% | +3.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.44% | 20.04% | +4.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.72% | 27.09% | -2.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.72% | 27.09% | -2.37% |
DFNX.L vs. NATO.L - Expense Ratio Comparison
DFNX.L has a 0.55% expense ratio, which is higher than NATO.L's 0.49% expense ratio.
Dividends
DFNX.L vs. NATO.L - Dividend Comparison
Neither DFNX.L nor NATO.L has paid dividends to shareholders.
Frequently Asked Questions
DFNX.L and NATO.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NATO.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NATO.L is cheaper with a 0.49% expense ratio, compared with 0.55% for DFNX.L.
DFNX.L tracks MarketVector Global Defense Industry Index, while NATO.L tracks EQM Future of Defence Index. They also come from different issuers: VanEck and HANetf. Their fees differ too: 0.55% for DFNX.L and 0.49% for NATO.L.
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