GOAT.L vs. DFNS.L
GOAT.L (VanEck Morningstar Global Wide Moat UCITS ETF A USD) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - GOAT.L is a Global Equities fund tracking the VanEck Morningstar Global Wide Moat UCITS ETF A USD, while DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, GOAT.L returned 11.83%/yr vs 35.29%/yr for DFNS.L. A 0.54 correlation means they provide meaningful diversification when combined. GOAT.L charges 0.52%/yr vs 0.55%/yr for DFNS.L.
Performance
GOAT.L vs. DFNS.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GOAT.L achieves a -0.11% return, which is significantly higher than DFNS.L's -5.22% return.
GOAT.L
- 1D
- -0.39%
- 1M
- 0.19%
- 6M
- -4.36%
- YTD
- -0.11%
- 1Y
- 7.55%
- 3Y*
- 11.83%
- 5Y*
- 6.61%
- 10Y*
- —
DFNS.L
- 1D
- 0.00%
- 1M
- -5.79%
- 6M
- -20.35%
- YTD
- -5.22%
- 1Y
- 2.66%
- 3Y*
- 35.29%
- 5Y*
- —
- 10Y*
- —
GOAT.L vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GOAT.L VanEck Morningstar Global Wide Moat UCITS ETF A USD | -0.11% | 25.59% | 9.45% | 6.48% |
DFNS.L VanEck Defense UCITS ETF | -5.22% | 68.21% | 43.74% | 25.97% |
Correlation
The correlation between GOAT.L and DFNS.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.54 |
The correlation between GOAT.L and DFNS.L has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GOAT.L vs. DFNS.L — Risk / Return Rank
GOAT.L
DFNS.L
GOAT.L vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar Global Wide Moat UCITS ETF A USD (GOAT.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.
| GOAT.L | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.04 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 0.11 | +0.52 |
| Martin ratioReturn relative to average drawdown | 1.77 | 0.26 | +1.51 |
Loading charts...
Drawdowns
GOAT.L vs. DFNS.L - Drawdown Comparison
The maximum GOAT.L drawdown since its inception was -23.97%, smaller than the maximum DFNS.L drawdown of -25.29%. Use the drawdown chart below to compare losses from any high point for GOAT.L and DFNS.L.
Loading charts...
Drawdown Indicators
| GOAT.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.97% | -25.29% | +1.32% |
Max Drawdown (1Y)Largest decline over 1 year | -12.17% | -25.29% | +13.12% |
Max Drawdown (3Y)Largest decline over 3 years | -14.39% | -25.29% | +10.90% |
Max Drawdown (5Y)Largest decline over 5 years | -23.97% | — | — |
Current DrawdownCurrent decline from peak | -5.29% | -22.48% | +17.19% |
Average DrawdownAverage peak-to-trough decline | -5.29% | -3.97% | -1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.33% | 10.18% | -5.85% |
Volatility
GOAT.L vs. DFNS.L - Volatility Comparison
The current volatility for VanEck Morningstar Global Wide Moat UCITS ETF A USD (GOAT.L) is 3.18%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 8.92%. This indicates that GOAT.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.
Loading charts...
Volatility by Period
| GOAT.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 8.92% | -5.74% |
Volatility (6M)Calculated over the trailing 6-month period | 11.74% | 19.77% | -8.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.19% | 25.92% | -11.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.71% | 21.86% | -6.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.49% | 21.86% | -6.37% |
GOAT.L vs. DFNS.L - Expense Ratio Comparison
GOAT.L has a 0.52% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.
Dividends
GOAT.L vs. DFNS.L - Dividend Comparison
Neither GOAT.L nor DFNS.L has paid dividends to shareholders.
Frequently Asked Questions
GOAT.L and DFNS.L have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GOAT.L is cheaper at 0.52% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GOAT.L is cheaper with a 0.52% expense ratio, compared with 0.55% for DFNS.L.
GOAT.L is categorized as Global Equities, while DFNS.L is Aerospace & Defense. GOAT.L tracks VanEck Morningstar Global Wide Moat UCITS ETF A USD, while DFNS.L tracks MarketVector™ Global Defense Industry Index. Their fees differ too: 0.52% for GOAT.L and 0.55% for DFNS.L.
Find the right allocation for GOAT.L and DFNS.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer