IAEX.AS vs. DFND.AS

Last updated Jun 4, 2026

IAEX.AS (iShares AEX UCITS ETF) and DFND.AS (iShares Global Aerospace & Defence UCITS ETF) are both exchange-traded funds - IAEX.AS is a Europe Equities fund tracking the Euronext AEX All Share TR EUR, while DFND.AS is a Industrials Equities fund tracking the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR. Both are passively managed. At a 0.18 correlation, their price movements are largely independent. IAEX.AS charges 0.30%/yr vs 0.35%/yr for DFND.AS.

Performance

IAEX.AS vs. DFND.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares AEX UCITS ETF (IAEX.AS) and iShares Global Aerospace & Defence UCITS ETF (DFND.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IAEX.AS is traded in EUR, while DFND.AS is traded in USD. To make them comparable, the DFND.AS values have been converted to EUR using the latest available exchange rates.

Returns By Period

IAEX.AS

• 1D: -0.40%
• 1M: 4.61%
• YTD: 11.34%
• 6M: 11.29%
• 1Y: 15.87%
• 3Y*: 13.39%
• 5Y*: 10.04%
• 10Y*: 11.39%

DFND.AS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IAEX.AS vs. DFND.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IAEX.AS iShares AEX UCITS ETF	11.34%	10.37%	4.57%
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	19.34%

Correlation

The correlation between IAEX.AS and DFND.AS is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2024	0.18

Return for Risk

IAEX.AS vs. DFND.AS — Risk / Return Rank

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

IAEX.AS

IAEX.AS Risk / Return Rank: 36
IAEX.AS Sharpe Ratio Rank: 33
IAEX.AS Sortino Ratio Rank: 32
IAEX.AS Omega Ratio Rank: 31
IAEX.AS Calmar Ratio Rank: 48
IAEX.AS Martin Ratio Rank: 37

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.

IAEX.AS vs. DFND.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares AEX UCITS ETF (IAEX.AS) and iShares Global Aerospace & Defence UCITS ETF (DFND.AS). 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.

	IAEX.AS	DFND.AS	Difference
Sharpe ratio: Return per unit of total volatility	1.18	—	—
Sortino ratio: Return per unit of downside risk	1.70	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	2.31	—	—
Martin ratio: Return relative to average drawdown	5.66	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IAEX.AS	DFND.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	—	—

Drawdowns

Drawdown Indicators

	IAEX.AS	DFND.AS	Difference
Max Drawdown Largest peak-to-trough decline	-64.96%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.78%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.49%	—	—
Current Drawdown Current decline from peak	-0.92%	—	—
Average Drawdown Average peak-to-trough decline	-17.21%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	—	—

Volatility

Volatility by Period

	IAEX.AS	DFND.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.25%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	—	—

IAEX.AS vs. DFND.AS - Expense Ratio Comparison

IAEX.AS has a 0.30% expense ratio, which is lower than DFND.AS's 0.35% expense ratio.

Dividends

IAEX.AS vs. DFND.AS - Dividend Comparison

IAEX.AS's dividend yield for the trailing twelve months is around 1.84%, while DFND.AS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFND.AS iShares Global Aerospace & Defence 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%
IAEX.AS iShares AEX UCITS ETF	1.84%	2.07%	2.13%	2.12%	2.28%	1.54%	1.23%	2.79%	3.15%	2.74%	2.86%	2.90%

Frequently Asked Questions

Can I hold both IAEX.AS and DFND.AS in my portfolio?

IAEX.AS and DFND.AS have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IAEX.AS or DFND.AS?

On fees, IAEX.AS is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IAEX.AS or DFND.AS?

IAEX.AS is cheaper with a 0.30% expense ratio, compared with 0.35% for DFND.AS.

What is the main difference between IAEX.AS and DFND.AS?

IAEX.AS is categorized as Europe Equities, while DFND.AS is Industrials Equities. IAEX.AS tracks Euronext AEX All Share TR EUR, while DFND.AS tracks S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR. Their fees differ too: 0.30% for IAEX.AS and 0.35% for DFND.AS.