DFNX.L vs. WDEF.L
DFNX.L (VanEck Defense UCITS ETF) and WDEF.L (WisdomTree Europe Defence UCITS ETF - EUR Acc EUR) are both Aerospace & Defense funds - DFNX.L tracks the MarketVector Global Defense Industry Index while WDEF.L tracks the WisdomTree Europe Defence UCITS Index. Both are passively managed. Over the past year, DFNX.L returned 76.97% vs -1.35% for WDEF.L. At a 0.49 correlation, their price movements are largely independent. DFNX.L charges 0.55%/yr vs 0.40%/yr for WDEF.L.
Performance
DFNX.L vs. WDEF.L - Performance Comparison
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Different Trading Currencies
DFNX.L is traded in GBp, while WDEF.L is traded in EUR. To make them comparable, the WDEF.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 WDEF.L's 1.15% return.
DFNX.L
- 1D
- -1.79%
- 1M
- 13.81%
- YTD
- 34.91%
- 6M
- 42.66%
- 1Y
- 76.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
WDEF.L
- 1D
- 0.00%
- 1M
- -1.89%
- YTD
- 1.15%
- 6M
- 5.28%
- 1Y
- -1.35%
- 3Y*
- 10.52%
- 5Y*
- 5.54%
- 10Y*
- —
DFNX.L vs. WDEF.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DFNX.L VanEck Defense UCITS ETF | 34.91% | 45.07% | 9.49% |
WDEF.L WisdomTree Europe Defence UCITS ETF - EUR Acc EUR | 0.04% | 32.72% | -1.75% |
Correlation
The correlation between DFNX.L and WDEF.L is 0.54, 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 | 0.54 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2024 | 0.49 |
The correlation between DFNX.L and WDEF.L has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.
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Return for Risk
DFNX.L vs. WDEF.L — Risk / Return Rank
DFNX.L
WDEF.L
DFNX.L vs. WDEF.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Defense UCITS ETF (DFNX.L) and WisdomTree Europe Defence UCITS ETF - EUR Acc EUR (WDEF.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 | WDEF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.16 | ||
| Sortino ratioReturn per unit of downside risk | +3.46 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.10 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 6.33 | -0.05 | +6.38 |
| Martin ratioReturn relative to average drawdown | 16.40 | -0.14 | +16.54 |
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 | WDEF.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.14 | -0.02 | +3.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.53 | 0.34 | +2.19 |
Drawdowns
DFNX.L vs. WDEF.L - Drawdown Comparison
The maximum DFNX.L drawdown since its inception was -15.39%, smaller than the maximum WDEF.L drawdown of -27.89%. Use the drawdown chart below to compare losses from any high point for DFNX.L and WDEF.L.
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Drawdown Indicators
| DFNX.L | WDEF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -27.89% | +12.50% |
Max Drawdown (1Y)Largest decline over 1 year | -12.10% | -26.45% | +14.35% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.45% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.89% | — |
Current DrawdownCurrent decline from peak | -5.07% | -14.87% | +9.80% |
Average DrawdownAverage peak-to-trough decline | -3.51% | -7.81% | +4.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.68% | 9.19% | -4.51% |
Volatility
DFNX.L vs. WDEF.L - Volatility Comparison
The current volatility for VanEck Defense UCITS ETF (DFNX.L) is 9.16%, while WisdomTree Europe Defence UCITS ETF - EUR Acc EUR (WDEF.L) has a volatility of 10.39%. This indicates that DFNX.L experiences smaller price fluctuations and is considered to be less risky than WDEF.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 | WDEF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.16% | 10.39% | -1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 19.61% | 64.49% | -44.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.44% | 73.74% | -49.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.72% | 42.74% | -18.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.72% | 41.41% | -16.69% |
DFNX.L vs. WDEF.L - Expense Ratio Comparison
DFNX.L has a 0.55% expense ratio, which is higher than WDEF.L's 0.40% expense ratio.
Dividends
DFNX.L vs. WDEF.L - Dividend Comparison
Neither DFNX.L nor WDEF.L has paid dividends to shareholders.
Frequently Asked Questions
DFNX.L and WDEF.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, WDEF.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
WDEF.L is cheaper with a 0.40% expense ratio, compared with 0.55% for DFNX.L.
DFNX.L tracks MarketVector Global Defense Industry Index, while WDEF.L tracks WisdomTree Europe Defence UCITS Index. They also come from different issuers: VanEck and WisdomTree. Their fees differ too: 0.55% for DFNX.L and 0.40% for WDEF.L.
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