IWDA.L vs. DFNS.L
IWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - IWDA.L is a Global Equities fund tracking the MSCI World Index (Net), while DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, IWDA.L returned 19.55%/yr vs 40.45%/yr for DFNS.L. A 0.58 correlation means they provide meaningful diversification when combined. IWDA.L charges 0.20%/yr vs 0.55%/yr for DFNS.L.
Performance
IWDA.L vs. DFNS.L - Performance Comparison
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Returns By Period
In the year-to-date period, IWDA.L achieves a 8.48% return, which is significantly higher than DFNS.L's 0.90% return.
IWDA.L
- 1D
- 2.15%
- 1M
- -0.15%
- YTD
- 8.48%
- 6M
- 9.90%
- 1Y
- 23.88%
- 3Y*
- 19.55%
- 5Y*
- 11.47%
- 10Y*
- 13.34%
DFNS.L
- 1D
- 0.00%
- 1M
- -1.09%
- YTD
- 0.90%
- 6M
- 2.54%
- 1Y
- 10.82%
- 3Y*
- 40.45%
- 5Y*
- —
- 10Y*
- —
IWDA.L vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IWDA.L iShares Core MSCI World UCITS ETF USD (Acc) | 8.48% | 21.03% | 19.11% | 16.66% |
DFNS.L VanEck Defense UCITS ETF | 0.90% | 68.21% | 43.74% | 25.97% |
Correlation
The correlation between IWDA.L and DFNS.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.58 |
The correlation between IWDA.L and DFNS.L shifts across timeframes, from 0.46 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IWDA.L vs. DFNS.L — Risk / Return Rank
IWDA.L
DFNS.L
IWDA.L vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.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.
| IWDA.L | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.38 | ||
| Sortino ratioReturn per unit of downside risk | +1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.10 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 0.66 | +2.14 |
| Martin ratioReturn relative to average drawdown | 11.55 | 1.61 | +9.94 |
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Drawdowns
IWDA.L vs. DFNS.L - Drawdown Comparison
The maximum IWDA.L drawdown since its inception was -34.11%, 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 IWDA.L and DFNS.L.
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Drawdown Indicators
| IWDA.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.11% | -19.66% | -14.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.31% | -19.66% | +11.35% |
Max Drawdown (3Y)Largest decline over 3 years | -16.94% | -19.66% | +2.72% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.11% | — | — |
Current DrawdownCurrent decline from peak | -1.65% | -17.48% | +15.83% |
Average DrawdownAverage peak-to-trough decline | -4.41% | -3.49% | -0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 8.00% | -5.98% |
Volatility
IWDA.L vs. DFNS.L - Volatility Comparison
The current volatility for iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.L) is 3.96%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 8.29%. This indicates that IWDA.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
| IWDA.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.96% | 8.29% | -4.33% |
Volatility (6M)Calculated over the trailing 6-month period | 9.61% | 19.56% | -9.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.26% | 25.07% | -12.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.72% | 21.58% | -5.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.92% | 21.58% | -5.66% |
IWDA.L vs. DFNS.L - Expense Ratio Comparison
IWDA.L has a 0.20% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.
Dividends
IWDA.L vs. DFNS.L - Dividend Comparison
Neither IWDA.L nor DFNS.L has paid dividends to shareholders.
Frequently Asked Questions
IWDA.L and DFNS.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IWDA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IWDA.L is cheaper with a 0.20% expense ratio, compared with 0.55% for DFNS.L.
IWDA.L is categorized as Global Equities, while DFNS.L is Aerospace & Defense. IWDA.L tracks MSCI World Index (Net), while DFNS.L tracks MarketVector™ Global Defense Industry Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.20% for IWDA.L and 0.55% for DFNS.L.
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