GRID vs. DFNS.L

Last updated Jun 13, 2026

GRID (First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - GRID is a Alternative Energy Equities fund tracking the Nasdaq Clean Edge Smart Grid Infrastructure 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, GRID returned 23.21%/yr vs 40.45%/yr for DFNS.L. At a 0.39 correlation, their price movements are largely independent. GRID charges 0.70%/yr vs 0.55%/yr for DFNS.L.

Performance

GRID vs. DFNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) and VanEck Defense UCITS ETF (DFNS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRID achieves a 23.59% return, which is significantly higher than DFNS.L's 0.90% return.

GRID

• 1D: -0.18%
• 1M: -4.18%
• YTD: 23.59%
• 6M: 24.02%
• 1Y: 41.72%
• 3Y*: 23.21%
• 5Y*: 16.83%
• 10Y*: 19.76%

DFNS.L

• 1D: 0.00%
• 1M: -0.02%
• YTD: 0.90%
• 6M: 2.54%
• 1Y: 12.91%
• 3Y*: 40.45%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GRID vs. DFNS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	23.59%	29.65%	15.18%	9.75%
DFNS.L VanEck Defense UCITS ETF	0.90%	68.21%	43.74%	25.97%

Correlation

The correlation between GRID and DFNS.L is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023	0.39

Return for Risk

GRID vs. DFNS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GRID

GRID Risk / Return Rank: 73
GRID Sharpe Ratio Rank: 72
GRID Sortino Ratio Rank: 69
GRID Omega Ratio Rank: 69
GRID Calmar Ratio Rank: 79
GRID Martin Ratio Rank: 78

DFNS.L

DFNS.L Risk / Return Rank: 18
DFNS.L Sharpe Ratio Rank: 18
DFNS.L Sortino Ratio Rank: 19
DFNS.L Omega Ratio Rank: 18
DFNS.L Calmar Ratio Rank: 18
DFNS.L Martin Ratio Rank: 18

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.

GRID vs. DFNS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) 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.

	GRID	DFNS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.02	0.52	+1.51
Sortino ratio: Return per unit of downside risk	2.70	0.91	+1.79
Omega ratio: Gain probability vs. loss probability	1.35	1.10	+0.25
Calmar ratio: Return relative to maximum drawdown	3.57	0.66	+2.92
Martin ratio: Return relative to average drawdown	12.89	1.61	+11.28

GRID vs. DFNS.L - Sharpe Ratio Comparison

The current GRID Sharpe Ratio is 2.02, which is higher than the DFNS.L Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of GRID 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.

Drawdowns

GRID vs. DFNS.L - Drawdown Comparison

The maximum GRID drawdown since its inception was -40.56%, which is greater than DFNS.L's maximum drawdown of -19.66%. Use the drawdown chart below to compare losses from any high point for GRID and DFNS.L.

Drawdown Indicators

	GRID	DFNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.56%	-19.66%	-20.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-19.66%	+7.93%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-19.66%	-1.11%
Max Drawdown (5Y) Largest decline over 5 years	-29.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.56%	—	—
Current Drawdown Current decline from peak	-5.40%	-17.48%	+12.08%
Average Drawdown Average peak-to-trough decline	-8.42%	-3.49%	-4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	8.00%	-4.75%

Volatility

GRID vs. DFNS.L - Volatility Comparison

First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) has a higher volatility of 9.56% compared to VanEck Defense UCITS ETF (DFNS.L) at 8.29%. This indicates that GRID'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.

Volatility by Period

	GRID	DFNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	8.29%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	17.70%	19.56%	-1.86%
Volatility (1Y) Calculated over the trailing 1-year period	20.73%	25.07%	-4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.24%	21.58%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.90%	21.58%	+1.32%

GRID vs. DFNS.L - Expense Ratio Comparison

GRID has a 0.70% expense ratio, which is higher than DFNS.L's 0.55% expense ratio.

Dividends

GRID vs. DFNS.L - Dividend Comparison

GRID's dividend yield for the trailing twelve months is around 0.80%, while DFNS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFNS.L VanEck Defense UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GRID First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	0.80%	1.01%	1.06%	1.23%	1.26%	0.63%	0.68%	1.26%	1.28%	1.07%	1.07%	1.23%

Frequently Asked Questions

Can I hold both GRID and DFNS.L in my portfolio?

GRID and DFNS.L have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GRID or DFNS.L?

On fees, DFNS.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GRID or DFNS.L?

DFNS.L is cheaper with a 0.55% expense ratio, compared with 0.70% for GRID.

What is the main difference between GRID and DFNS.L?

GRID is categorized as Alternative Energy Equities, while DFNS.L is Aerospace & Defense. GRID tracks Nasdaq Clean Edge Smart Grid Infrastructure Index, while DFNS.L tracks MarketVector™ Global Defense Industry Index. They also come from different issuers: First Trust and VanEck. Their fees differ too: 0.70% for GRID and 0.55% for DFNS.L.