JEDG.L vs. DFNS.L
JEDG.L (VanEck Space Innovators UCITS ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - JEDG.L is a Industrials Equities fund tracking the MSCI World/Materials NR USD, while DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, JEDG.L returned 65.85%/yr vs 39.35%/yr for DFNS.L. At a 0.50 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.
Performance
JEDG.L vs. DFNS.L - Performance Comparison
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Different Trading Currencies
JEDG.L is traded in GBP, while DFNS.L is traded in USD. To make them comparable, the DFNS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, JEDG.L achieves a 74.89% return, which is significantly higher than DFNS.L's 3.81% return.
JEDG.L
- 1D
- 1.49%
- 1M
- 23.72%
- YTD
- 74.89%
- 6M
- 96.65%
- 1Y
- 211.91%
- 3Y*
- 65.85%
- 5Y*
- —
- 10Y*
- —
DFNS.L
- 1D
- 0.49%
- 1M
- -3.47%
- YTD
- 3.81%
- 6M
- 6.00%
- 1Y
- 17.26%
- 3Y*
- 39.35%
- 5Y*
- —
- 10Y*
- —
JEDG.L vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JEDG.L VanEck Space Innovators UCITS ETF | 74.89% | 80.38% | 46.13% | 4.55% |
DFNS.L VanEck Defense UCITS ETF | 3.81% | 56.23% | 46.26% | 23.06% |
Correlation
The correlation between JEDG.L and DFNS.L is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023 | 0.50 |
The correlation between JEDG.L and DFNS.L has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.
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Return for Risk
JEDG.L vs. DFNS.L — Risk / Return Rank
JEDG.L
DFNS.L
JEDG.L vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Space Innovators UCITS ETF (JEDG.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.
| JEDG.L | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.07 | ||
| Sortino ratioReturn per unit of downside risk | +3.63 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.13 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 9.18 | 0.92 | +8.26 |
| Martin ratioReturn relative to average drawdown | 30.71 | 2.28 | +28.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JEDG.L | DFNS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.77 | 0.70 | +4.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.36 | 1.92 | -0.56 |
Drawdowns
JEDG.L vs. DFNS.L - Drawdown Comparison
The maximum JEDG.L drawdown since its inception was -26.80%, which is greater than DFNS.L's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for JEDG.L and DFNS.L.
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Drawdown Indicators
| JEDG.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.80% | -18.58% | -8.22% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -18.58% | -4.36% |
Max Drawdown (3Y)Largest decline over 3 years | -26.80% | -18.58% | -8.22% |
Current DrawdownCurrent decline from peak | -13.90% | -15.40% | +1.50% |
Average DrawdownAverage peak-to-trough decline | -8.86% | -3.20% | -5.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.87% | 7.53% | -0.66% |
Volatility
JEDG.L vs. DFNS.L - Volatility Comparison
VanEck Space Innovators UCITS ETF (JEDG.L) has a higher volatility of 18.94% compared to VanEck Defense UCITS ETF (DFNS.L) at 8.01%. This indicates that JEDG.L's price experiences larger fluctuations and is considered to be riskier 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
| JEDG.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.94% | 8.01% | +10.93% |
Volatility (6M)Calculated over the trailing 6-month period | 34.54% | 18.97% | +15.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.16% | 24.46% | +19.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.12% | 20.96% | +12.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.12% | 20.96% | +12.16% |
JEDG.L vs. DFNS.L - Expense Ratio Comparison
Both JEDG.L and DFNS.L have an expense ratio of 0.55%.
Dividends
JEDG.L vs. DFNS.L - Dividend Comparison
Neither JEDG.L nor DFNS.L has paid dividends to shareholders.
Frequently Asked Questions
JEDG.L and DFNS.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
JEDG.L and DFNS.L have the same expense ratio: 0.55% per year.
JEDG.L is categorized as Industrials Equities, while DFNS.L is Aerospace & Defense. JEDG.L tracks MSCI World/Materials NR USD, while DFNS.L tracks MarketVector™ Global Defense Industry Index.
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