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

ICLN vs. DFNS.L

Last updated Jun 14, 2026

ICLN (iShares Global Clean Energy ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy 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, ICLN returned 5.25%/yr vs 40.45%/yr for DFNS.L. At a 0.25 correlation, their price movements are largely independent. ICLN charges 0.39%/yr vs 0.55%/yr for DFNS.L.

Performance

ICLN vs. DFNS.L - Performance Comparison

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

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Returns By Period

In the year-to-date period, ICLN achieves a 27.33% return, which is significantly higher than DFNS.L's 0.90% return.

ICLN

1D
0.87%
1M
-5.47%
YTD
27.33%
6M
27.01%
1Y
60.20%
3Y*
5.25%
5Y*
-0.21%
10Y*
11.67%

DFNS.L

1D
0.00%
1M
-1.09%
YTD
0.90%
6M
2.54%
1Y
10.82%
3Y*
40.45%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICLN vs. DFNS.L - Yearly Performance Comparison

2026 (YTD)202520242023
ICLN
iShares Global Clean Energy ETF		27.33%47.05%-25.72%-18.89%
DFNS.L
VanEck Defense UCITS ETF		0.90%68.21%43.74%25.97%

Correlation

The correlation between ICLN and DFNS.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.31

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

0.24

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2023

0.25

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Global Clean Energy ETF

VanEck Defense UCITS ETF

Often compared with ICLN:
ICLN vs. TANICLN vs. QCLNICLN vs. GRIDICLN vs. INRG.LICLN vs. PBWICLN vs. CNRGICLN vs. LIT
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

ICLN vs. DFNS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICLN
ICLN Risk / Return Rank: 7575
Overall Rank
ICLN Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
ICLN Sortino Ratio Rank: 7070
Sortino Ratio Rank
ICLN Omega Ratio Rank: 6767
Omega Ratio Rank
ICLN Calmar Ratio Rank: 8181
Calmar Ratio Rank
ICLN Martin Ratio Rank: 8181
Martin Ratio Rank
DFNS.L
DFNS.L Risk / Return Rank: 1818
Overall Rank
DFNS.L Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
DFNS.L Sortino Ratio Rank: 1919
Sortino Ratio Rank
DFNS.L Omega Ratio Rank: 1818
Omega Ratio Rank
DFNS.L Calmar Ratio Rank: 1818
Calmar Ratio Rank
DFNS.L Martin Ratio Rank: 1818
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) 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.

ICLNDFNS.LDifference
Sharpe ratioReturn per unit of total volatility
2.17
0.52

+1.65

Sortino ratioReturn per unit of downside risk
2.73
0.91

+1.82

Omega ratioGain probability vs. loss probability

1.34

1.10

+0.24

Calmar ratioReturn relative to maximum drawdown

3.73

0.66

+3.07

Martin ratioReturn relative to average drawdown

13.84

1.61

+12.23

ICLN vs. DFNS.L - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 2.17, which is higher than the DFNS.L Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of ICLN 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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Drawdowns

ICLN vs. DFNS.L - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, 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 ICLN and DFNS.L.

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Drawdown Indicators

ICLNDFNS.LDifference

Max Drawdown

Largest peak-to-trough decline

-87.15%

-19.66%

-67.49%

Max Drawdown (1Y)

Largest decline over 1 year

-16.38%

-19.66%

+3.28%

Max Drawdown (3Y)

Largest decline over 3 years

-43.18%

-19.66%

-23.52%

Max Drawdown (5Y)

Largest decline over 5 years

-57.16%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-66.75%

—

—

Current Drawdown

Current decline from peak

-43.03%

-17.48%

-25.55%

Average Drawdown

Average peak-to-trough decline

-66.56%

-3.49%

-63.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.41%

8.00%

-3.59%

Volatility

ICLN vs. DFNS.L - Volatility Comparison

iShares Global Clean Energy ETF (ICLN) has a higher volatility of 12.97% compared to VanEck Defense UCITS ETF (DFNS.L) at 8.29%. This indicates that ICLN'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

ICLNDFNS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.97%

8.29%

+4.68%

Volatility (6M)

Calculated over the trailing 6-month period

22.62%

19.56%

+3.06%

Volatility (1Y)

Calculated over the trailing 1-year period

28.21%

25.07%

+3.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.55%

21.58%

+5.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.32%

21.58%

+5.74%

ICLN vs. DFNS.L - Expense Ratio Comparison

ICLN has a 0.39% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.

Dividends

ICLN vs. DFNS.L - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 1.28%, while DFNS.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
ICLN
iShares Global Clean Energy ETF		1.28%1.63%1.85%1.59%0.89%1.18%0.34%1.36%2.77%2.49%3.88%2.36%

Frequently Asked Questions

ICLN and DFNS.L have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ICLN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ICLN is cheaper with a 0.39% expense ratio, compared with 0.55% for DFNS.L.

ICLN is categorized as Alternative Energy Equities, while DFNS.L is Aerospace & Defense. ICLN tracks S&P Global Clean Energy Index, while DFNS.L tracks MarketVector™ Global Defense Industry Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.39% for ICLN and 0.55% for DFNS.L.

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