GDXJ.L vs. DFNS.L
GDXJ.L (VanEck Junior Gold Miners UCITS ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - GDXJ.L is a Commodity Producers Equities fund tracking the VanEck Junior Gold Miners UCITS ETF, while DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, GDXJ.L returned 38.40%/yr vs 35.29%/yr for DFNS.L. At a 0.31 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.
Performance
GDXJ.L vs. DFNS.L - Performance Comparison
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Returns By Period
In the year-to-date period, GDXJ.L achieves a -15.83% return, which is significantly lower than DFNS.L's -5.22% return.
GDXJ.L
- 1D
- 0.06%
- 1M
- -15.26%
- 6M
- -24.53%
- YTD
- -15.83%
- 1Y
- 45.92%
- 3Y*
- 38.40%
- 5Y*
- 17.93%
- 10Y*
- 8.54%
DFNS.L
- 1D
- 0.00%
- 1M
- -5.79%
- 6M
- -20.35%
- YTD
- -5.22%
- 1Y
- 2.66%
- 3Y*
- 35.29%
- 5Y*
- —
- 10Y*
- —
GDXJ.L vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GDXJ.L VanEck Junior Gold Miners UCITS ETF | -15.83% | 175.70% | 13.26% | -2.62% |
DFNS.L VanEck Defense UCITS ETF | -5.22% | 68.21% | 43.74% | 25.97% |
Correlation
The correlation between GDXJ.L and DFNS.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.31 |
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Return for Risk
GDXJ.L vs. DFNS.L — Risk / Return Rank
GDXJ.L
DFNS.L
GDXJ.L vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners UCITS ETF (GDXJ.L) and VanEck Defense UCITS ETF (DFNS.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.
| GDXJ.L | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.04 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 0.11 | +1.02 |
| Martin ratioReturn relative to average drawdown | 2.57 | 0.26 | +2.31 |
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Drawdowns
GDXJ.L vs. DFNS.L - Drawdown Comparison
The maximum GDXJ.L drawdown since its inception was -58.17%, which is greater than DFNS.L's maximum drawdown of -25.29%. Use the drawdown chart below to compare losses from any high point for GDXJ.L and DFNS.L.
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Drawdown Indicators
| GDXJ.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.17% | -25.29% | -32.88% |
Max Drawdown (1Y)Largest decline over 1 year | -39.08% | -25.29% | -13.79% |
Max Drawdown (3Y)Largest decline over 3 years | -39.08% | -25.29% | -13.79% |
Max Drawdown (5Y)Largest decline over 5 years | -47.48% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -58.17% | — | — |
Current DrawdownCurrent decline from peak | -37.70% | -22.48% | -15.22% |
Average DrawdownAverage peak-to-trough decline | -27.07% | -3.97% | -23.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.17% | 10.18% | +6.99% |
Volatility
GDXJ.L vs. DFNS.L - Volatility Comparison
VanEck Junior Gold Miners UCITS ETF (GDXJ.L) has a higher volatility of 16.88% compared to VanEck Defense UCITS ETF (DFNS.L) at 8.92%. This indicates that GDXJ.L's price experiences larger fluctuations and is considered to be riskier than DFNS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXJ.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.88% | 8.92% | +7.96% |
Volatility (6M)Calculated over the trailing 6-month period | 43.73% | 19.77% | +23.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.13% | 25.92% | +27.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.00% | 21.86% | +19.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.67% | 21.86% | +18.81% |
GDXJ.L vs. DFNS.L - Expense Ratio Comparison
Both GDXJ.L and DFNS.L have an expense ratio of 0.55%.
Dividends
GDXJ.L vs. DFNS.L - Dividend Comparison
Neither GDXJ.L nor DFNS.L has paid dividends to shareholders.
Frequently Asked Questions
GDXJ.L and DFNS.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
GDXJ.L and DFNS.L have the same expense ratio: 0.55% per year.
GDXJ.L is categorized as Commodity Producers Equities, while DFNS.L is Aerospace & Defense. GDXJ.L tracks VanEck Junior Gold Miners UCITS ETF, while DFNS.L tracks MarketVector™ Global Defense Industry Index.
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