IEUR vs. DFNS.L
IEUR (iShares Core MSCI Europe ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market 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, IEUR returned 16.42%/yr vs 40.45%/yr for DFNS.L. At a 0.34 correlation, their price movements are largely independent. IEUR charges 0.09%/yr vs 0.55%/yr for DFNS.L.
Performance
IEUR vs. DFNS.L - Performance Comparison
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Returns By Period
In the year-to-date period, IEUR achieves a 7.65% return, which is significantly higher than DFNS.L's 0.90% return.
IEUR
- 1D
- 0.14%
- 1M
- 2.40%
- YTD
- 7.65%
- 6M
- 9.78%
- 1Y
- 19.09%
- 3Y*
- 16.42%
- 5Y*
- 8.26%
- 10Y*
- 10.11%
DFNS.L
- 1D
- 0.00%
- 1M
- -1.09%
- YTD
- 0.90%
- 6M
- 2.54%
- 1Y
- 10.82%
- 3Y*
- 40.45%
- 5Y*
- —
- 10Y*
- —
IEUR vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IEUR iShares Core MSCI Europe ETF | 7.65% | 35.67% | 1.40% | 8.93% |
DFNS.L VanEck Defense UCITS ETF | 0.90% | 68.21% | 43.74% | 25.97% |
Correlation
The correlation between IEUR and DFNS.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.34 |
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Return for Risk
IEUR vs. DFNS.L — Risk / Return Rank
IEUR
DFNS.L
IEUR vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe ETF (IEUR) 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.
| IEUR | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.10 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 0.66 | +0.79 |
| Martin ratioReturn relative to average drawdown | 5.40 | 1.61 | +3.79 |
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Drawdowns
IEUR vs. DFNS.L - Drawdown Comparison
The maximum IEUR drawdown since its inception was -36.96%, 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 IEUR and DFNS.L.
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Drawdown Indicators
| IEUR | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.96% | -19.66% | -17.30% |
Max Drawdown (1Y)Largest decline over 1 year | -12.04% | -19.66% | +7.62% |
Max Drawdown (3Y)Largest decline over 3 years | -14.25% | -19.66% | +5.41% |
Max Drawdown (5Y)Largest decline over 5 years | -32.75% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -36.96% | — | — |
Current DrawdownCurrent decline from peak | -0.44% | -17.48% | +17.04% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -3.49% | -4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 8.00% | -4.78% |
Volatility
IEUR vs. DFNS.L - Volatility Comparison
The current volatility for iShares Core MSCI Europe ETF (IEUR) is 5.70%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 8.29%. This indicates that IEUR 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
| IEUR | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.70% | 8.29% | -2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 13.31% | 19.56% | -6.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.83% | 25.07% | -9.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 21.58% | -3.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.68% | 21.58% | -2.90% |
IEUR vs. DFNS.L - Expense Ratio Comparison
IEUR has a 0.09% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.
Dividends
IEUR vs. DFNS.L - Dividend Comparison
IEUR's dividend yield for the trailing twelve months is around 2.76%, 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% |
IEUR iShares Core MSCI Europe ETF | 2.76% | 2.97% | 3.54% | 3.17% | 3.05% | 2.88% | 2.13% | 3.26% | 3.76% | 2.64% | 3.19% | 2.79% |
Frequently Asked Questions
IEUR and DFNS.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEUR is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEUR is cheaper with a 0.09% expense ratio, compared with 0.55% for DFNS.L.
IEUR is categorized as Europe Equities, while DFNS.L is Aerospace & Defense. IEUR tracks MSCI Europe Investable Market Index, while DFNS.L tracks MarketVector™ Global Defense Industry Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.09% for IEUR and 0.55% for DFNS.L.
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