ISPY.L vs. DFNX.L
ISPY.L (L&G Cyber Security UCITS ETF) and DFNX.L (VanEck Defense UCITS ETF) are both exchange-traded funds - ISPY.L is a Cybersecurity fund tracking the ISE Cyber Security UCITS Index, while DFNX.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index. Both are passively managed. Over the past year, ISPY.L returned 44.59% vs 38.37% for DFNX.L. At a 0.49 correlation, their price movements are largely independent. ISPY.L charges 0.69%/yr vs 0.55%/yr for DFNX.L.
Performance
ISPY.L vs. DFNX.L - Performance Comparison
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Returns By Period
In the year-to-date period, ISPY.L achieves a 47.11% return, which is significantly higher than DFNX.L's 19.54% return.
ISPY.L
- 1D
- -2.96%
- 1M
- 11.14%
- 6M
- 50.18%
- YTD
- 47.11%
- 1Y
- 44.59%
- 3Y*
- 28.79%
- 5Y*
- 13.16%
- 10Y*
- 17.12%
DFNX.L
- 1D
- 0.00%
- 1M
- -7.32%
- 6M
- 1.12%
- YTD
- 19.54%
- 1Y
- 38.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ISPY.L vs. DFNX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ISPY.L L&G Cyber Security UCITS ETF | 47.11% | 0.28% | 14.08% |
DFNX.L VanEck Defense UCITS ETF | 19.54% | 45.07% | 8,360.21% |
Correlation
The correlation between ISPY.L and DFNX.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2024 | 0.49 |
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Return for Risk
ISPY.L vs. DFNX.L — Risk / Return Rank
ISPY.L
DFNX.L
ISPY.L vs. DFNX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Cyber Security UCITS ETF (ISPY.L) and VanEck Defense UCITS ETF (DFNX.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.
| ISPY.L | DFNX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.26 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 1.21 | +0.97 |
| Martin ratioReturn relative to average drawdown | 5.43 | 2.48 | +2.95 |
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Drawdowns
ISPY.L vs. DFNX.L - Drawdown Comparison
The maximum ISPY.L drawdown since its inception was -50.17%, which is greater than DFNX.L's maximum drawdown of -31.65%. Use the drawdown chart below to compare losses from any high point for ISPY.L and DFNX.L.
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Drawdown Indicators
| ISPY.L | DFNX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.17% | -31.65% | -18.52% |
Max Drawdown (1Y)Largest decline over 1 year | -20.33% | -31.65% | +11.32% |
Max Drawdown (3Y)Largest decline over 3 years | -28.19% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -31.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.77% | — | — |
Current DrawdownCurrent decline from peak | -2.96% | -15.89% | +12.93% |
Average DrawdownAverage peak-to-trough decline | -12.86% | -8.47% | -4.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.19% | 15.44% | -7.25% |
Volatility
ISPY.L vs. DFNX.L - Volatility Comparison
L&G Cyber Security UCITS ETF (ISPY.L) has a higher volatility of 10.58% compared to VanEck Defense UCITS ETF (DFNX.L) at 7.59%. This indicates that ISPY.L's price experiences larger fluctuations and is considered to be riskier than DFNX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISPY.L | DFNX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.58% | 7.59% | +2.99% |
Volatility (6M)Calculated over the trailing 6-month period | 24.94% | 20.08% | +4.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.86% | 50.06% | -22.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.58% | 5,900.75% | -5,873.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.47% | 5,900.75% | -5,876.28% |
ISPY.L vs. DFNX.L - Expense Ratio Comparison
ISPY.L has a 0.69% expense ratio, which is higher than DFNX.L's 0.55% expense ratio.
Dividends
ISPY.L vs. DFNX.L - Dividend Comparison
Neither ISPY.L nor DFNX.L has paid dividends to shareholders.
Frequently Asked Questions
ISPY.L and DFNX.L have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DFNX.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DFNX.L is cheaper with a 0.55% expense ratio, compared with 0.69% for ISPY.L.
ISPY.L is categorized as Cybersecurity, while DFNX.L is Aerospace & Defense. ISPY.L tracks ISE Cyber Security UCITS Index, while DFNX.L tracks MarketVector Global Defense Industry Index. They also come from different issuers: L&G and VanEck. Their fees differ too: 0.69% for ISPY.L and 0.55% for DFNX.L.
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