GFA.L vs. DFNS.L
GFA.L (VanEck Global Fallen Angel High Yield Bond UCITS ETF) and DFNS.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 DFNS.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 35.29%/yr for DFNS.L. At a 0.31 correlation, their price movements are largely independent. GFA.L charges 0.40%/yr vs 0.55%/yr for DFNS.L.
Performance
GFA.L vs. DFNS.L - Performance Comparison
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Returns By Period
In the year-to-date period, GFA.L achieves a 2.23% return, which is significantly higher than DFNS.L's -5.22% 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*
- —
DFNS.L
- 1D
- 0.00%
- 1M
- -5.79%
- 6M
- -20.35%
- YTD
- -5.22%
- 1Y
- 2.66%
- 3Y*
- 35.29%
- 5Y*
- —
- 10Y*
- —
GFA.L vs. DFNS.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% |
DFNS.L VanEck Defense UCITS ETF | -5.22% | 68.21% | 43.74% | 25.97% |
Correlation
The correlation between GFA.L and DFNS.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 | 0.30 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.31 |
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Return for Risk
GFA.L vs. DFNS.L — Risk / Return Rank
GFA.L
DFNS.L
GFA.L vs. DFNS.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 (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.
| GFA.L | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.04 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 0.11 | +1.32 |
| Martin ratioReturn relative to average drawdown | 3.83 | 0.26 | +3.57 |
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Drawdowns
GFA.L vs. DFNS.L - Drawdown Comparison
The maximum GFA.L drawdown since its inception was -22.98%, smaller than the maximum DFNS.L drawdown of -25.29%. Use the drawdown chart below to compare losses from any high point for GFA.L and DFNS.L.
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Drawdown Indicators
| GFA.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.98% | -25.29% | +2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | -25.29% | +21.39% |
Max Drawdown (3Y)Largest decline over 3 years | -5.14% | -25.29% | +20.15% |
Max Drawdown (5Y)Largest decline over 5 years | -22.54% | — | — |
Current DrawdownCurrent decline from peak | -2.07% | -22.48% | +20.41% |
Average DrawdownAverage peak-to-trough decline | -4.38% | -3.97% | -0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 10.18% | -8.73% |
Volatility
GFA.L vs. DFNS.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 (DFNS.L) has a volatility of 8.92%. This indicates that GFA.L experiences smaller price fluctuations and is considered to be less risky 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
| GFA.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.17% | 8.92% | -6.75% |
Volatility (6M)Calculated over the trailing 6-month period | 5.88% | 19.77% | -13.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.68% | 25.92% | -19.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.29% | 21.86% | -13.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.44% | 21.86% | -13.42% |
GFA.L vs. DFNS.L - Expense Ratio Comparison
GFA.L has a 0.40% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.
Dividends
GFA.L vs. DFNS.L - Dividend Comparison
Neither GFA.L nor DFNS.L has paid dividends to shareholders.
Frequently Asked Questions
GFA.L and DFNS.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, 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 DFNS.L.
GFA.L is categorized as High Yield Bonds, while DFNS.L is Aerospace & Defense. GFA.L tracks VanEck Global Fallen Angel High Yield Bond UCITS ETF, while DFNS.L tracks MarketVector™ Global Defense Industry Index. Their fees differ too: 0.40% for GFA.L and 0.55% for DFNS.L.
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