GFA.L vs. DFNG.L
GFA.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) and DFNG.L (VanEck Defense UCITS ETF) are both exchange-traded funds - GFA.L is a High Yield Bonds fund tracking the VanEck Global Fallen Angel High Yield Bond UCITS ETF, while DFNG.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry index. Both are passively managed. Over the past 3 years, GFA.L returned 7.70%/yr vs 35.03%/yr for DFNG.L. At a 0.28 correlation, their price movements are largely independent. GFA.L charges 0.40%/yr vs 0.55%/yr for DFNG.L.
Performance
GFA.L vs. DFNG.L - Performance Comparison
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Different Trading Currencies
GFA.L is traded in USD, while DFNG.L is traded in GBP. To make them comparable, the DFNG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GFA.L achieves a 2.23% return, which is significantly higher than DFNG.L's -5.91% return.
GFA.L
- 1D
- -1.58%
- 1M
- -1.67%
- 6M
- 2.02%
- YTD
- 2.23%
- 1Y
- 5.68%
- 3Y*
- 7.70%
- 5Y*
- 2.71%
- 10Y*
- —
DFNG.L
- 1D
- 0.00%
- 1M
- -5.81%
- 6M
- -20.89%
- YTD
- -5.91%
- 1Y
- 1.84%
- 3Y*
- 35.03%
- 5Y*
- —
- 10Y*
- —
GFA.L vs. DFNG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GFA.L VanEck Global Fallen Angel High Yield Bond UCITS ETF | 2.23% | 9.97% | 6.02% | 7.79% |
DFNG.L VanEck Defense UCITS ETF | -5.91% | 68.35% | 43.76% | 1.98% |
Correlation
The correlation between GFA.L and DFNG.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.28 |
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Return for Risk
GFA.L vs. DFNG.L — Risk / Return Rank
GFA.L
DFNG.L
GFA.L vs. DFNG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFA.L) and VanEck Defense UCITS ETF (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.
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.
| GFA.L | DFNG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.03 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 0.07 | +1.35 |
| Martin ratioReturn relative to average drawdown | 3.83 | 0.18 | +3.65 |
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Drawdowns
GFA.L vs. DFNG.L - Drawdown Comparison
The maximum GFA.L drawdown since its inception was -22.98%, smaller than the maximum DFNG.L drawdown of -25.63%. Use the drawdown chart below to compare losses from any high point for GFA.L and DFNG.L.
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Drawdown Indicators
| GFA.L | DFNG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.98% | -25.63% | +2.65% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | -25.63% | +21.73% |
Max Drawdown (3Y)Largest decline over 3 years | -5.14% | -25.63% | +20.49% |
Max Drawdown (5Y)Largest decline over 5 years | -22.54% | — | — |
Current DrawdownCurrent decline from peak | -2.07% | -22.96% | +20.89% |
Average DrawdownAverage peak-to-trough decline | -4.38% | -5.53% | +1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 10.15% | -8.70% |
Volatility
GFA.L vs. DFNG.L - Volatility Comparison
The current volatility for VanEck Global Fallen Angel High Yield Bond UCITS ETF (GFA.L) is 2.17%, while VanEck Defense UCITS ETF (DFNG.L) has a volatility of 10.03%. This indicates that GFA.L experiences smaller price fluctuations and is considered to be less risky 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
| GFA.L | DFNG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 10.03% | -7.86% |
Volatility (6M)Calculated over the trailing 6-month period | 5.88% | 20.69% | -14.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.68% | 26.66% | -19.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.29% | 24.61% | -16.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.44% | 24.61% | -16.17% |
GFA.L vs. DFNG.L - Expense Ratio Comparison
GFA.L has a 0.40% expense ratio, which is lower than DFNG.L's 0.55% expense ratio.
Dividends
GFA.L vs. DFNG.L - Dividend Comparison
Neither GFA.L nor DFNG.L has paid dividends to shareholders.
Frequently Asked Questions
GFA.L and DFNG.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GFA.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GFA.L is cheaper with a 0.40% expense ratio, compared with 0.55% for DFNG.L.
GFA.L is categorized as High Yield Bonds, while DFNG.L is Aerospace & Defense. GFA.L tracks VanEck Global Fallen Angel High Yield Bond UCITS ETF, while DFNG.L tracks MarketVector Global Defense Industry index. Their fees differ too: 0.40% for GFA.L and 0.55% for DFNG.L.
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