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

IGF vs. DFNS.L

Last updated Jun 13, 2026

IGF (iShares Global Infrastructure ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - IGF is a Industrials Equities fund tracking the S&P Global Infrastructure 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, IGF returned 16.28%/yr vs 40.45%/yr for DFNS.L. At a 0.27 correlation, their price movements are largely independent. IGF charges 0.39%/yr vs 0.55%/yr for DFNS.L.

Performance

IGF vs. DFNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Infrastructure ETF (IGF) 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, IGF achieves a 9.68% return, which is significantly higher than DFNS.L's 0.90% return.

IGF

1D
0.67%
1M
0.31%
YTD
9.68%
6M
10.24%
1Y
16.24%
3Y*
16.28%
5Y*
10.22%
10Y*
8.67%

DFNS.L

1D
0.00%
1M
-0.02%
YTD
0.90%
6M
2.54%
1Y
12.91%
3Y*
40.45%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGF vs. DFNS.L - Yearly Performance Comparison

2026 (YTD)202520242023
IGF
iShares Global Infrastructure ETF		9.68%21.31%14.81%2.07%
DFNS.L
VanEck Defense UCITS ETF		0.90%68.21%43.74%25.97%

Correlation

The correlation between IGF and DFNS.L is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.21

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

0.27

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

0.27

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 Infrastructure ETF

VanEck Defense UCITS ETF

Often compared with IGF:
IGF vs. IFRAIGF vs. GIIIGF vs. NFRAIGF vs. SPYIGF vs. GLIFXIGF vs. VPUIGF vs. XLU
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

IGF vs. DFNS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGF
IGF Risk / Return Rank: 5454
Overall Rank
IGF Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
IGF Sortino Ratio Rank: 5252
Sortino Ratio Rank
IGF Omega Ratio Rank: 4949
Omega Ratio Rank
IGF Calmar Ratio Rank: 6464
Calmar Ratio Rank
IGF Martin Ratio Rank: 5353
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Global Infrastructure ETF (IGF) 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.

IGFDFNS.LDifference
Sharpe ratioReturn per unit of total volatility
1.55
0.52

+1.03

Sortino ratioReturn per unit of downside risk
2.22
0.91

+1.31

Omega ratioGain probability vs. loss probability

1.27

1.10

+0.17

Calmar ratioReturn relative to maximum drawdown

2.78

0.66

+2.12

Martin ratioReturn relative to average drawdown

8.03

1.61

+6.42

IGF vs. DFNS.L - Sharpe Ratio Comparison

The current IGF Sharpe Ratio is 1.55, which is higher than the DFNS.L Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of IGF 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

IGF vs. DFNS.L - Drawdown Comparison

The maximum IGF drawdown since its inception was -58.33%, 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 IGF and DFNS.L.

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Drawdown Indicators

IGFDFNS.LDifference

Max Drawdown

Largest peak-to-trough decline

-58.33%

-19.66%

-38.67%

Max Drawdown (1Y)

Largest decline over 1 year

-5.87%

-19.66%

+13.79%

Max Drawdown (3Y)

Largest decline over 3 years

-14.28%

-19.66%

+5.38%

Max Drawdown (5Y)

Largest decline over 5 years

-20.83%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-42.11%

—

—

Current Drawdown

Current decline from peak

-2.98%

-17.48%

+14.50%

Average Drawdown

Average peak-to-trough decline

-11.86%

-3.49%

-8.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.04%

8.00%

-5.96%

Volatility

IGF vs. DFNS.L - Volatility Comparison

The current volatility for iShares Global Infrastructure ETF (IGF) is 3.85%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 8.29%. This indicates that IGF 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

IGFDFNS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.85%

8.29%

-4.44%

Volatility (6M)

Calculated over the trailing 6-month period

8.73%

19.56%

-10.83%

Volatility (1Y)

Calculated over the trailing 1-year period

10.58%

25.07%

-14.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.00%

21.58%

-7.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.83%

21.58%

-4.75%

IGF vs. DFNS.L - Expense Ratio Comparison

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

Dividends

IGF vs. DFNS.L - Dividend Comparison

IGF's dividend yield for the trailing twelve months is around 2.94%, 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%
IGF
iShares Global Infrastructure ETF		2.94%3.23%3.21%3.36%2.67%2.42%2.33%3.27%3.52%2.95%2.98%3.25%

Frequently Asked Questions

IGF and DFNS.L have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

IGF is categorized as Industrials Equities, while DFNS.L is Aerospace & Defense. IGF tracks S&P Global Infrastructure 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 IGF and 0.55% for DFNS.L.

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