DFNX.L vs. SMGB.L

Last updated Jun 5, 2026

DFNX.L (VanEck Defense UCITS ETF) and SMGB.L (VanEck Semiconductor UCITS ETF) are both exchange-traded funds - DFNX.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index, while SMGB.L is a Semiconductors fund tracking the MSCI World/Information Tech NR USD. Both are passively managed. Over the past year, DFNX.L returned 78.01% vs 173.74% for SMGB.L. A 0.53 correlation means they provide meaningful diversification when combined. DFNX.L charges 0.55%/yr vs 0.35%/yr for SMGB.L.

Performance

DFNX.L vs. SMGB.L - Performance Comparison

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

Different Trading Currencies

DFNX.L is traded in GBp, while SMGB.L is traded in GBP. To make them comparable, the SMGB.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 37.35% return, which is significantly lower than SMGB.L's 85.49% return.

DFNX.L

• 1D: 1.81%
• 1M: 15.11%
• YTD: 37.35%
• 6M: 40.02%
• 1Y: 78.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMGB.L

• 1D: -2.49%
• 1M: 23.49%
• YTD: 85.49%
• 6M: 84.69%
• 1Y: 173.74%
• 3Y*: 57.16%
• 5Y*: 38.39%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
DFNX.L VanEck Defense UCITS ETF	37.35%	45.07%	9.49%
SMGB.L VanEck Semiconductor UCITS ETF	85.49%	38.79%	3.75%

Correlation

The correlation between DFNX.L and SMGB.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Nov 6, 2024	0.53

The correlation between DFNX.L and SMGB.L has been stable across timeframes, ranging from 0.46 to 0.53 - a consistent structural relationship.

Return for Risk

DFNX.L vs. SMGB.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: 88
DFNX.L Sharpe Ratio Rank: 92
DFNX.L Sortino Ratio Rank: 89
DFNX.L Omega Ratio Rank: 83
DFNX.L Calmar Ratio Rank: 93
DFNX.L Martin Ratio Rank: 83

SMGB.L

SMGB.L Risk / Return Rank: 97
SMGB.L Sharpe Ratio Rank: 98
SMGB.L Sortino Ratio Rank: 96
SMGB.L Omega Ratio Rank: 95
SMGB.L Calmar Ratio Rank: 98
SMGB.L Martin Ratio Rank: 97

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. SMGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNX.L) and VanEck Semiconductor UCITS ETF (SMGB.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	SMGB.L	Difference
Sharpe ratio: Return per unit of total volatility	3.18	5.58	-2.40
Sortino ratio: Return per unit of downside risk	4.06	5.70	-1.64
Omega ratio: Gain probability vs. loss probability	1.49	1.74	-0.25
Calmar ratio: Return relative to maximum drawdown	6.41	14.46	-8.05
Martin ratio: Return relative to average drawdown	16.60	50.72	-34.12
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. SMGB.L - Sharpe Ratio Comparison

The current DFNX.L Sharpe Ratio is 3.18, which is lower than the SMGB.L Sharpe Ratio of 5.58. The chart below compares the historical Sharpe Ratios of DFNX.L and SMGB.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	SMGB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.18	5.58	-2.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.60	1.25	+1.35

Drawdowns

DFNX.L vs. SMGB.L - Drawdown Comparison

The maximum DFNX.L drawdown since its inception was -15.39%, smaller than the maximum SMGB.L drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for DFNX.L and SMGB.L.

Drawdown Indicators

	DFNX.L	SMGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-15.39%	-36.24%	+20.85%
Max Drawdown (1Y) Largest decline over 1 year	-12.10%	-11.94%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-36.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.24%	—
Current Drawdown Current decline from peak	-3.35%	-2.49%	-0.86%
Average Drawdown Average peak-to-trough decline	-3.51%	-9.75%	+6.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.68%	3.41%	+1.27%

Volatility

DFNX.L vs. SMGB.L - Volatility Comparison

The current volatility for VanEck Defense UCITS ETF (DFNX.L) is 9.23%, while VanEck Semiconductor UCITS ETF (SMGB.L) has a volatility of 12.41%. This indicates that DFNX.L experiences smaller price fluctuations and is considered to be less risky than SMGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNX.L	SMGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.23%	12.41%	-3.18%
Volatility (6M) Calculated over the trailing 6-month period	19.56%	23.93%	-4.37%
Volatility (1Y) Calculated over the trailing 1-year period	24.44%	30.96%	-6.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.72%	30.45%	-5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.72%	30.19%	-5.47%

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

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

Dividends

DFNX.L vs. SMGB.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022
DFNX.L VanEck Defense UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%
SMGB.L VanEck Semiconductor UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.44%

Frequently Asked Questions

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

DFNX.L and SMGB.L have a correlation of 0.46, 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 SMGB.L?

On fees, SMGB.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 SMGB.L?

SMGB.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 SMGB.L?

DFNX.L is categorized as Aerospace & Defense, while SMGB.L is Semiconductors. DFNX.L tracks MarketVector Global Defense Industry Index, while SMGB.L tracks MSCI World/Information Tech NR USD. Their fees differ too: 0.55% for DFNX.L and 0.35% for SMGB.L.