HDRO.L vs. DFNS.L

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Hydrogen Economy UCITS ETF (HDRO.L) and VanEck Defense UCITS ETF (DFNS.L).

HDRO.L and DFNS.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HDRO.L is a passively managed fund by VanEck that tracks the performance of the MVIS Global Hydrogen Economy ESG Index. It was launched on Mar 26, 2021. DFNS.L is a passively managed fund by VanEck that tracks the performance of the MarketVector™ Global Defense Industry Index. It was launched on Mar 31, 2023. Both HDRO.L and DFNS.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HDRO.L vs. DFNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Hydrogen Economy UCITS ETF (HDRO.L) and VanEck Defense UCITS ETF (DFNS.L). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023
HDRO.L VanEck Hydrogen Economy UCITS ETF	14.51%	17.70%	-29.88%	-20.84%
DFNS.L VanEck Defense UCITS ETF	13.40%	68.21%	43.74%	25.73%

Returns By Period

In the year-to-date period, HDRO.L achieves a 14.51% return, which is significantly higher than DFNS.L's 13.40% return.

HDRO.L

• 1D: 3.72%
• 1M: -2.25%
• YTD: 14.51%
• 6M: 0.15%
• 1Y: 62.24%
• 3Y*: -11.00%
• 5Y*: —
• 10Y*: —

DFNS.L

• 1D: 6.53%
• 1M: -3.64%
• YTD: 13.40%
• 6M: 6.03%
• 1Y: 55.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

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

HDRO.L

VanEck Hydrogen Economy UCITS ETF

DFNS.L

VanEck Defense UCITS ETF

Return for Risk

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

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

HDRO.L

HDRO.L Risk / Return Rank: 76
HDRO.L Sharpe Ratio Rank: 85
HDRO.L Sortino Ratio Rank: 86
HDRO.L Omega Ratio Rank: 75
HDRO.L Calmar Ratio Rank: 79
HDRO.L Martin Ratio Rank: 54

DFNS.L

DFNS.L Risk / Return Rank: 89
DFNS.L Sharpe Ratio Rank: 91
DFNS.L Sortino Ratio Rank: 92
DFNS.L Omega Ratio Rank: 86
DFNS.L Calmar Ratio Rank: 93
DFNS.L Martin Ratio Rank: 83

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.

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

This table presents a comparison of risk-adjusted performance metrics for VanEck Hydrogen Economy UCITS ETF (HDRO.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.

	HDRO.L	DFNS.L	Difference
Sharpe ratio Return per unit of total volatility	1.81	2.09	-0.28
Sortino ratio Return per unit of downside risk	2.44	2.78	-0.34
Omega ratio Gain probability vs. loss probability	1.30	1.35	-0.06
Calmar ratio Return relative to maximum drawdown	2.50	3.64	-1.14
Martin ratio Return relative to average drawdown	5.91	9.84	-3.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HDRO.L Sharpe Ratio is 1.81, which is comparable to the DFNS.L Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of HDRO.L and DFNS.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HDRO.L	DFNS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.09	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	2.39	-2.89

Correlation

The correlation between HDRO.L and DFNS.L is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HDRO.L vs. DFNS.L - Dividend Comparison

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

Tickers have no history of dividend payments

Drawdowns

HDRO.L vs. DFNS.L - Drawdown Comparison

The maximum HDRO.L drawdown since its inception was -81.30%, which is greater than DFNS.L's maximum drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for HDRO.L and DFNS.L.

Drawdown Indicators

	HDRO.L	DFNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-81.30%	-14.92%	-66.38%
Max Drawdown (1Y) Largest decline over 1 year	-24.66%	-14.92%	-9.74%
Current Drawdown Current decline from peak	-65.72%	-7.25%	-58.47%
Average Drawdown Average peak-to-trough decline	-54.07%	-2.92%	-51.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.45%	5.52%	+4.93%

Volatility

HDRO.L vs. DFNS.L - Volatility Comparison

The current volatility for VanEck Hydrogen Economy UCITS ETF (HDRO.L) is 8.71%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 10.50%. This indicates that HDRO.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.

Volatility by Period

	HDRO.L	DFNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.71%	10.50%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	25.75%	19.64%	+6.11%
Volatility (1Y) Calculated over the trailing 1-year period	34.22%	26.35%	+7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.02%	21.38%	+16.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.02%	21.38%	+16.64%