GDGB.L vs. DFNG.L
GDGB.L (VanEck Gold Miners UCITS ETF) and DFNG.L (VanEck Defense ETF A USD Acc GBP) are both exchange-traded funds - GDGB.L is a Gold fund tracking the MarketVector Global Gold Miners Index, while DFNG.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry index. Both are passively managed. Over the past 3 years, GDGB.L returned 37.68%/yr vs 39.23%/yr for DFNG.L. At a 0.16 correlation, their price movements are largely independent. GDGB.L charges 0.53%/yr vs 0.55%/yr for DFNG.L.
Performance
GDGB.L vs. DFNG.L - Performance Comparison
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Returns By Period
In the year-to-date period, GDGB.L achieves a 0.91% return, which is significantly lower than DFNG.L's 3.59% return.
GDGB.L
- 1D
- 0.68%
- 1M
- 0.97%
- YTD
- 0.91%
- 6M
- 6.45%
- 1Y
- 64.98%
- 3Y*
- 37.68%
- 5Y*
- 20.20%
- 10Y*
- —
DFNG.L
- 1D
- 0.47%
- 1M
- -3.43%
- YTD
- 3.59%
- 6M
- 5.95%
- 1Y
- 17.04%
- 3Y*
- 39.23%
- 5Y*
- —
- 10Y*
- —
GDGB.L vs. DFNG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GDGB.L VanEck Gold Miners UCITS ETF | 0.91% | 138.26% | 11.24% | -9.04% |
DFNG.L VanEck Defense ETF A USD Acc GBP | 3.59% | 56.54% | 46.20% | 22.89% |
Correlation
The correlation between GDGB.L and DFNG.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023 | 0.16 |
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Return for Risk
GDGB.L vs. DFNG.L — Risk / Return Rank
GDGB.L
DFNG.L
GDGB.L vs. DFNG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners UCITS ETF (GDGB.L) and VanEck Defense ETF A USD Acc GBP (DFNG.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.
| GDGB.L | DFNG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.14 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 0.92 | +1.31 |
| Martin ratioReturn relative to average drawdown | 5.70 | 2.28 | +3.42 |
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
| GDGB.L | DFNG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.55 | 0.70 | +0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 1.97 | -1.47 |
Drawdowns
GDGB.L vs. DFNG.L - Drawdown Comparison
The maximum GDGB.L drawdown since its inception was -40.80%, which is greater than DFNG.L's maximum drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for GDGB.L and DFNG.L.
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Drawdown Indicators
| GDGB.L | DFNG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.80% | -18.38% | -22.42% |
Max Drawdown (1Y)Largest decline over 1 year | -28.97% | -18.38% | -10.59% |
Max Drawdown (3Y)Largest decline over 3 years | -28.97% | -18.38% | -10.59% |
Max Drawdown (5Y)Largest decline over 5 years | -35.49% | — | — |
Current DrawdownCurrent decline from peak | -24.72% | -15.37% | -9.35% |
Average DrawdownAverage peak-to-trough decline | -17.52% | -3.13% | -14.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.36% | 7.46% | +3.90% |
Volatility
GDGB.L vs. DFNG.L - Volatility Comparison
VanEck Gold Miners UCITS ETF (GDGB.L) has a higher volatility of 14.28% compared to VanEck Defense ETF A USD Acc GBP (DFNG.L) at 7.88%. This indicates that GDGB.L's price experiences larger fluctuations and is considered to be riskier than DFNG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDGB.L | DFNG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.28% | 7.88% | +6.40% |
Volatility (6M)Calculated over the trailing 6-month period | 33.43% | 18.71% | +14.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.77% | 24.17% | +17.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.58% | 20.38% | +12.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.11% | 20.38% | +11.73% |
GDGB.L vs. DFNG.L - Expense Ratio Comparison
GDGB.L has a 0.53% expense ratio, which is lower than DFNG.L's 0.55% expense ratio.
Dividends
GDGB.L vs. DFNG.L - Dividend Comparison
Neither GDGB.L nor DFNG.L has paid dividends to shareholders.
Frequently Asked Questions
GDGB.L and DFNG.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GDGB.L is cheaper at 0.53% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GDGB.L is cheaper with a 0.53% expense ratio, compared with 0.55% for DFNG.L.
GDGB.L is categorized as Gold, while DFNG.L is Aerospace & Defense. GDGB.L tracks MarketVector Global Gold Miners Index, while DFNG.L tracks MarketVector Global Defense Industry index. Their fees differ too: 0.53% for GDGB.L and 0.55% for DFNG.L.
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