IUES.L vs. DFNG.L
IUES.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) and DFNG.L (VanEck Defense ETF A USD Acc GBP) are both exchange-traded funds - IUES.L is a Energy Equities fund tracking the MSCI World/Energy NR USD, while DFNG.L is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry index. Both are passively managed. Over the past 3 years, IUES.L returned 15.16%/yr vs 40.47%/yr for DFNG.L. At a 0.21 correlation, their price movements are largely independent. IUES.L charges 0.15%/yr vs 0.55%/yr for DFNG.L.
Performance
IUES.L vs. DFNG.L - Performance Comparison
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Different Trading Currencies
IUES.L is traded in USD, while DFNG.L is traded in GBP. To make them comparable, the DFNG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IUES.L achieves a 28.42% return, which is significantly higher than DFNG.L's 0.98% return.
IUES.L
- 1D
- -0.66%
- 1M
- 1.42%
- YTD
- 28.42%
- 6M
- 28.69%
- 1Y
- 37.46%
- 3Y*
- 15.16%
- 5Y*
- 19.69%
- 10Y*
- 9.22%
DFNG.L
- 1D
- 0.00%
- 1M
- 0.05%
- YTD
- 0.98%
- 6M
- 2.42%
- 1Y
- 12.83%
- 3Y*
- 40.47%
- 5Y*
- —
- 10Y*
- —
IUES.L vs. DFNG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc) | 28.42% | 9.91% | 3.87% | 4.06% |
DFNG.L VanEck Defense ETF A USD Acc GBP | 0.98% | 68.35% | 43.76% | 1.98% |
Correlation
The correlation between IUES.L and DFNG.L is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.21 |
The correlation between IUES.L and DFNG.L shifts across timeframes, from 0.05 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IUES.L vs. DFNG.L — Risk / Return Rank
IUES.L
DFNG.L
IUES.L vs. DFNG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) and VanEck Defense ETF A USD Acc GBP (DFNG.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.
| IUES.L | DFNG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.10 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 0.65 | +1.92 |
| Martin ratioReturn relative to average drawdown | 7.76 | 1.61 | +6.14 |
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Drawdowns
IUES.L vs. DFNG.L - Drawdown Comparison
The maximum IUES.L drawdown since its inception was -66.79%, which is greater than DFNG.L's maximum drawdown of -22.14%. Use the drawdown chart below to compare losses from any high point for IUES.L and DFNG.L.
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Drawdown Indicators
| IUES.L | DFNG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.79% | -22.14% | -44.65% |
Max Drawdown (1Y)Largest decline over 1 year | -14.52% | -19.94% | +5.42% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -19.94% | -0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -27.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.79% | — | — |
Current DrawdownCurrent decline from peak | -8.88% | -17.31% | +8.43% |
Average DrawdownAverage peak-to-trough decline | -14.19% | -5.10% | -9.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.82% | 7.98% | -3.16% |
Volatility
IUES.L vs. DFNG.L - Volatility Comparison
The current volatility for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) is 6.75%, while VanEck Defense ETF A USD Acc GBP (DFNG.L) has a volatility of 8.63%. This indicates that IUES.L experiences smaller price fluctuations and is considered to be less risky than DFNG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IUES.L | DFNG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.75% | 8.63% | -1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 18.55% | 20.09% | -1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.81% | 25.35% | -3.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.73% | 24.31% | +2.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.49% | 24.31% | +4.18% |
IUES.L vs. DFNG.L - Expense Ratio Comparison
IUES.L has a 0.15% expense ratio, which is lower than DFNG.L's 0.55% expense ratio.
Dividends
IUES.L vs. DFNG.L - Dividend Comparison
Neither IUES.L nor DFNG.L has paid dividends to shareholders.
Frequently Asked Questions
IUES.L and DFNG.L have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IUES.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IUES.L is cheaper with a 0.15% expense ratio, compared with 0.55% for DFNG.L.
IUES.L is categorized as Energy Equities, while DFNG.L is Aerospace & Defense. IUES.L tracks MSCI World/Energy NR USD, while DFNG.L tracks MarketVector Global Defense Industry index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.15% for IUES.L and 0.55% for DFNG.L.
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