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GJGB.L vs. DFNS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GJGB.L vs. DFNS.L

Last updated Jun 5, 2026

GJGB.L (VanEck Junior Gold Miners UCITS ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - GJGB.L is a Gold fund tracking the MVIS Global Junior Gold Miners Index, while DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, GJGB.L returned 42.48%/yr vs 39.35%/yr for DFNS.L. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.

Performance

GJGB.L vs. DFNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Junior Gold Miners UCITS ETF (GJGB.L) and VanEck Defense UCITS ETF (DFNS.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

GJGB.L is traded in GBP, while DFNS.L is traded in USD. To make them comparable, the DFNS.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GJGB.L achieves a -1.48% return, which is significantly lower than DFNS.L's 3.81% return.

GJGB.L

1D
0.69%
1M
-7.95%
YTD
-1.48%
6M
6.02%
1Y
64.29%
3Y*
42.48%
5Y*
18.91%
10Y*
—

DFNS.L

1D
0.49%
1M
-3.47%
YTD
3.81%
6M
6.00%
1Y
17.26%
3Y*
39.35%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GJGB.L vs. DFNS.L - Yearly Performance Comparison

2026 (YTD)202520242023
GJGB.L
VanEck Junior Gold Miners UCITS ETF		-1.48%156.51%14.83%-7.82%
DFNS.L
VanEck Defense UCITS ETF		3.77%56.23%46.26%23.06%

Correlation

The correlation between GJGB.L and DFNS.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (3Y)
Calculated over the trailing 3-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Apr 6, 2023

0.20

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VanEck Junior Gold Miners UCITS ETF

VanEck Defense UCITS ETF

Often compared with GJGB.L:
GJGB.L vs. GDXJGJGB.L vs. GDGB.LGJGB.L vs. AUCP.LGJGB.L vs. SGLS.LGJGB.L vs. SGLN.LGJGB.L vs. SMHGJGB.L vs. SPGP.L
Often compared with DFNS.L:
DFNS.L vs. NATO.LDFNS.L vs. DFEN.DEDFNS.L vs. DFND.ASDFNS.L vs. PPADFNS.L vs. VOODFNS.L vs. WDEF.LDFNS.L vs. IBE.MC

Return for Risk

GJGB.L vs. DFNS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GJGB.L
GJGB.L Risk / Return Rank: 4040
Overall Rank
GJGB.L Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
GJGB.L Sortino Ratio Rank: 3838
Sortino Ratio Rank
GJGB.L Omega Ratio Rank: 3838
Omega Ratio Rank
GJGB.L Calmar Ratio Rank: 4545
Calmar Ratio Rank
GJGB.L Martin Ratio Rank: 3535
Martin Ratio Rank
DFNS.L
DFNS.L Risk / Return Rank: 2020
Overall Rank
DFNS.L Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
DFNS.L Sortino Ratio Rank: 2121
Sortino Ratio Rank
DFNS.L Omega Ratio Rank: 2020
Omega Ratio Rank
DFNS.L Calmar Ratio Rank: 2020
Calmar Ratio Rank
DFNS.L Martin Ratio Rank: 2020
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GJGB.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 (GJGB.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.

GJGB.LDFNS.LDifference
Sharpe ratioReturn per unit of total volatility
1.43
0.70

+0.73

Sortino ratioReturn per unit of downside risk
1.92
1.14

+0.79

Omega ratioGain probability vs. loss probability

1.24

1.13

+0.11

Calmar ratioReturn relative to maximum drawdown

2.18

0.92

+1.26

Martin ratioReturn relative to average drawdown

5.30

2.28

+3.02

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GJGB.L vs. DFNS.L - Sharpe Ratio Comparison

The current GJGB.L Sharpe Ratio is 1.43, which is higher than the DFNS.L Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of GJGB.L and DFNS.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GJGB.LDFNS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.43

0.70

+0.73

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

1.92

-1.52

Drawdowns

GJGB.L vs. DFNS.L - Drawdown Comparison

The maximum GJGB.L drawdown since its inception was -49.12%, which is greater than DFNS.L's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for GJGB.L and DFNS.L.

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Drawdown Indicators

GJGB.LDFNS.LDifference

Max Drawdown

Largest peak-to-trough decline

-49.12%

-18.58%

-30.54%

Max Drawdown (1Y)

Largest decline over 1 year

-29.95%

-18.58%

-11.37%

Max Drawdown (3Y)

Largest decline over 3 years

-29.95%

-18.58%

-11.37%

Max Drawdown (5Y)

Largest decline over 5 years

-36.65%

—

—

Current Drawdown

Current decline from peak

-27.14%

-15.40%

-11.74%

Average Drawdown

Average peak-to-trough decline

-22.35%

-3.20%

-19.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.37%

7.53%

+4.84%

Volatility

GJGB.L vs. DFNS.L - Volatility Comparison

VanEck Junior Gold Miners UCITS ETF (GJGB.L) has a higher volatility of 16.00% compared to VanEck Defense UCITS ETF (DFNS.L) at 8.01%. This indicates that GJGB.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

GJGB.LDFNS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.00%

8.01%

+7.99%

Volatility (6M)

Calculated over the trailing 6-month period

36.81%

18.97%

+17.84%

Volatility (1Y)

Calculated over the trailing 1-year period

45.62%

24.46%

+21.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.94%

20.96%

+15.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.80%

20.96%

+15.84%

GJGB.L vs. DFNS.L - Expense Ratio Comparison

Both GJGB.L and DFNS.L have an expense ratio of 0.55%.

Dividends

GJGB.L vs. DFNS.L - Dividend Comparison

Neither GJGB.L nor DFNS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

GJGB.L and DFNS.L have a correlation of 0.28, 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.

GJGB.L and DFNS.L have the same expense ratio: 0.55% per year.

GJGB.L is categorized as Gold, while DFNS.L is Aerospace & Defense. GJGB.L tracks MVIS Global Junior Gold Miners Index, while DFNS.L tracks MarketVector™ Global Defense Industry Index.

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