IEFV.L vs. DFNS.L
IEFV.L (iShares Edge MSCI Europe Value Factor UCITS ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - IEFV.L is a Europe Equities fund tracking the MSCI Europe Value NR EUR, while DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, IEFV.L returned 21.49%/yr vs 37.58%/yr for DFNS.L. At a 0.33 correlation, their price movements are largely independent. IEFV.L charges 0.25%/yr vs 0.55%/yr for DFNS.L.
Performance
IEFV.L vs. DFNS.L - Performance Comparison
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Different Trading Currencies
IEFV.L is traded in GBp, while DFNS.L is traded in USD. To make them comparable, the DFNS.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, IEFV.L achieves a 13.29% return, which is significantly higher than DFNS.L's 1.33% return.
IEFV.L
- 1D
- 2.32%
- 1M
- 3.09%
- YTD
- 13.29%
- 6M
- 14.84%
- 1Y
- 34.42%
- 3Y*
- 21.49%
- 5Y*
- 14.55%
- 10Y*
- 12.53%
DFNS.L
- 1D
- 0.00%
- 1M
- 0.77%
- YTD
- 1.33%
- 6M
- 2.20%
- 1Y
- 14.60%
- 3Y*
- 37.58%
- 5Y*
- —
- 10Y*
- —
IEFV.L vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IEFV.L iShares Edge MSCI Europe Value Factor UCITS ETF | 13.29% | 42.20% | 5.40% | 5.34% |
DFNS.L VanEck Defense UCITS ETF | 1.33% | 56.23% | 46.26% | 22.03% |
Correlation
The correlation between IEFV.L and DFNS.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.33 |
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Return for Risk
IEFV.L vs. DFNS.L — Risk / Return Rank
IEFV.L
DFNS.L
IEFV.L vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Europe Value Factor UCITS ETF (IEFV.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.
| IEFV.L | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.93 | ||
| Sortino ratioReturn per unit of downside risk | +2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.12 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 0.76 | +2.49 |
| Martin ratioReturn relative to average drawdown | 11.85 | 1.84 | +10.02 |
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Drawdowns
IEFV.L vs. DFNS.L - Drawdown Comparison
The maximum IEFV.L drawdown since its inception was -34.64%, which is greater than DFNS.L's maximum drawdown of -19.32%. Use the drawdown chart below to compare losses from any high point for IEFV.L and DFNS.L.
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Drawdown Indicators
| IEFV.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.64% | -19.32% | -15.32% |
Max Drawdown (1Y)Largest decline over 1 year | -10.57% | -19.32% | +8.75% |
Max Drawdown (3Y)Largest decline over 3 years | -15.02% | -19.32% | +4.30% |
Max Drawdown (5Y)Largest decline over 5 years | -16.16% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.64% | — | — |
Current DrawdownCurrent decline from peak | -0.39% | -17.42% | +17.03% |
Average DrawdownAverage peak-to-trough decline | -6.20% | -3.29% | -2.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.90% | 7.95% | -5.05% |
Volatility
IEFV.L vs. DFNS.L - Volatility Comparison
The current volatility for iShares Edge MSCI Europe Value Factor UCITS ETF (IEFV.L) is 4.41%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 7.93%. This indicates that IEFV.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.
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Volatility by Period
| IEFV.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 7.93% | -3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 11.07% | 18.84% | -7.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.57% | 24.62% | -11.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.11% | 20.96% | -3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.63% | 20.96% | -3.33% |
IEFV.L vs. DFNS.L - Expense Ratio Comparison
IEFV.L has a 0.25% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.
Dividends
IEFV.L vs. DFNS.L - Dividend Comparison
Neither IEFV.L nor DFNS.L has paid dividends to shareholders.
Frequently Asked Questions
IEFV.L and DFNS.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEFV.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEFV.L is cheaper with a 0.25% expense ratio, compared with 0.55% for DFNS.L.
IEFV.L is categorized as Europe Equities, while DFNS.L is Aerospace & Defense. IEFV.L tracks MSCI Europe Value NR EUR, while DFNS.L tracks MarketVector™ Global Defense Industry Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.25% for IEFV.L and 0.55% for DFNS.L.
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