JRGD.DE vs. DFEN.DE

Last updated Jun 5, 2026

JRGD.DE (JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)) and DFEN.DE (VanEck Defense UCITS ETF A) are both exchange-traded funds - JRGD.DE is a Global Equities fund tracking the JP Morgan Global Research Enhanced Index Equity (ESG), while DFEN.DE is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index. Both are passively managed. Over the past year, JRGD.DE returned 22.73% vs 14.03% for DFEN.DE. A 0.52 correlation means they provide meaningful diversification when combined. JRGD.DE charges 0.25%/yr vs 0.55%/yr for DFEN.DE.

Performance

JRGD.DE vs. DFEN.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRGD.DE) and VanEck Defense UCITS ETF A (DFEN.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JRGD.DE achieves a 10.32% return, which is significantly higher than DFEN.DE's 4.02% return.

JRGD.DE

• 1D: 0.00%
• 1M: 4.30%
• YTD: 10.32%
• 6M: 10.92%
• 1Y: 22.73%
• 3Y*: 16.83%
• 5Y*: —
• 10Y*: —

DFEN.DE

• 1D: 0.30%
• 1M: -3.33%
• YTD: 4.02%
• 6M: 6.91%
• 1Y: 14.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

JRGD.DE vs. DFEN.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JRGD.DE JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	10.32%	6.67%	25.38%	7.57%
DFEN.DE VanEck Defense UCITS ETF A	4.02%	50.76%	51.97%	8.67%

Correlation

The correlation between JRGD.DE and DFEN.DE 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 Jun 20, 2023	0.52

The correlation between JRGD.DE and DFEN.DE shifts across timeframes, from 0.39 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JRGD.DE vs. DFEN.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JRGD.DE

JRGD.DE Risk / Return Rank: 70
JRGD.DE Sharpe Ratio Rank: 63
JRGD.DE Sortino Ratio Rank: 63
JRGD.DE Omega Ratio Rank: 67
JRGD.DE Calmar Ratio Rank: 75
JRGD.DE Martin Ratio Rank: 80

DFEN.DE

DFEN.DE Risk / Return Rank: 19
DFEN.DE Sharpe Ratio Rank: 19
DFEN.DE Sortino Ratio Rank: 20
DFEN.DE Omega Ratio Rank: 18
DFEN.DE Calmar Ratio Rank: 19
DFEN.DE Martin Ratio Rank: 18

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.

JRGD.DE vs. DFEN.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRGD.DE) and VanEck Defense UCITS ETF A (DFEN.DE). 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.

	JRGD.DE	DFEN.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.07	0.56	+1.51
Sortino ratio: Return per unit of downside risk	2.90	0.97	+1.93
Omega ratio: Gain probability vs. loss probability	1.39	1.11	+0.28
Calmar ratio: Return relative to maximum drawdown	3.73	0.75	+2.98
Martin ratio: Return relative to average drawdown	15.47	1.81	+13.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JRGD.DE vs. DFEN.DE - Sharpe Ratio Comparison

The current JRGD.DE Sharpe Ratio is 2.07, which is higher than the DFEN.DE Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of JRGD.DE and DFEN.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JRGD.DE	DFEN.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	0.56	+1.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	1.75	-0.90

Drawdowns

JRGD.DE vs. DFEN.DE - Drawdown Comparison

The maximum JRGD.DE drawdown since its inception was -21.56%, which is greater than DFEN.DE's maximum drawdown of -18.60%. Use the drawdown chart below to compare losses from any high point for JRGD.DE and DFEN.DE.

Drawdown Indicators

	JRGD.DE	DFEN.DE	Difference
Max Drawdown Largest peak-to-trough decline	-21.56%	-18.60%	-2.96%
Max Drawdown (1Y) Largest decline over 1 year	-6.06%	-18.60%	+12.54%
Max Drawdown (3Y) Largest decline over 3 years	-21.56%	—	—
Current Drawdown Current decline from peak	-0.35%	-15.21%	+14.86%
Average Drawdown Average peak-to-trough decline	-4.26%	-3.27%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	7.72%	-6.25%

Volatility

JRGD.DE vs. DFEN.DE - Volatility Comparison

The current volatility for JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF USD (dist) (JRGD.DE) is 2.43%, while VanEck Defense UCITS ETF A (DFEN.DE) has a volatility of 7.38%. This indicates that JRGD.DE experiences smaller price fluctuations and is considered to be less risky than DFEN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JRGD.DE	DFEN.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.43%	7.38%	-4.95%
Volatility (6M) Calculated over the trailing 6-month period	7.47%	19.16%	-11.69%
Volatility (1Y) Calculated over the trailing 1-year period	10.91%	24.79%	-13.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	21.47%	-7.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	21.47%	-7.14%

JRGD.DE vs. DFEN.DE - Expense Ratio Comparison

JRGD.DE has a 0.25% expense ratio, which is lower than DFEN.DE's 0.55% expense ratio.

Dividends

JRGD.DE vs. DFEN.DE - Dividend Comparison

JRGD.DE's dividend yield for the trailing twelve months is around 0.89%, while DFEN.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
DFEN.DE VanEck Defense UCITS ETF A	0.00%	0.00%	0.00%	0.00%	0.00%
JRGD.DE JPMorgan Global Research Enhanced Index Equity (ESG) UCITS ETF USD (dist)	0.89%	0.89%	0.91%	0.85%	1.44%

Frequently Asked Questions

Can I hold both JRGD.DE and DFEN.DE in my portfolio?

JRGD.DE and DFEN.DE 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.

Which ETF is better, JRGD.DE or DFEN.DE?

On fees, JRGD.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JRGD.DE or DFEN.DE?

JRGD.DE is cheaper with a 0.25% expense ratio, compared with 0.55% for DFEN.DE.

What is the main difference between JRGD.DE and DFEN.DE?

JRGD.DE is categorized as Global Equities, while DFEN.DE is Aerospace & Defense. JRGD.DE tracks JP Morgan Global Research Enhanced Index Equity (ESG), while DFEN.DE tracks MarketVector Global Defense Industry Index. They also come from different issuers: JPMorgan and VanEck. Their fees differ too: 0.25% for JRGD.DE and 0.55% for DFEN.DE.