KWEB.L vs. DFNS.L
KWEB.L (KraneShares CSI China Internet ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - KWEB.L is a Technology Equities fund tracking the MSCI World/Information Tech 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, KWEB.L returned 4.85%/yr vs 42.94%/yr for DFNS.L. At a 0.25 correlation, their price movements are largely independent. KWEB.L charges 0.75%/yr vs 0.55%/yr for DFNS.L.
Performance
KWEB.L vs. DFNS.L - Performance Comparison
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Returns By Period
In the year-to-date period, KWEB.L achieves a -20.43% return, which is significantly lower than DFNS.L's 3.39% return.
KWEB.L
- 1D
- -0.07%
- 1M
- -4.34%
- YTD
- -20.43%
- 6M
- -22.14%
- 1Y
- -14.58%
- 3Y*
- 4.85%
- 5Y*
- -13.97%
- 10Y*
- —
DFNS.L
- 1D
- 0.49%
- 1M
- -4.34%
- YTD
- 3.39%
- 6M
- 6.74%
- 1Y
- 16.14%
- 3Y*
- 42.94%
- 5Y*
- —
- 10Y*
- —
KWEB.L vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KWEB.L KraneShares CSI China Internet ETF | -20.43% | 25.34% | 13.46% | -9.40% |
DFNS.L VanEck Defense UCITS ETF | 3.39% | 68.21% | 43.74% | 25.73% |
Correlation
The correlation between KWEB.L and DFNS.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023 | 0.25 |
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Return for Risk
KWEB.L vs. DFNS.L — Risk / Return Rank
KWEB.L
DFNS.L
KWEB.L vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB.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.
| KWEB.L | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.12 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 0.85 | -1.28 |
| Martin ratioReturn relative to average drawdown | -0.87 | 2.12 | -2.99 |
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
| KWEB.L | DFNS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.54 | 0.64 | -1.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.06 | 2.02 | -2.07 |
Drawdowns
KWEB.L vs. DFNS.L - Drawdown Comparison
The maximum KWEB.L drawdown since its inception was -81.20%, which is greater than DFNS.L's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for KWEB.L and DFNS.L.
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Drawdown Indicators
| KWEB.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.20% | -18.72% | -62.48% |
Max Drawdown (1Y)Largest decline over 1 year | -34.45% | -18.72% | -15.73% |
Max Drawdown (3Y)Largest decline over 3 years | -34.45% | -18.72% | -15.73% |
Max Drawdown (5Y)Largest decline over 5 years | -72.30% | — | — |
Current DrawdownCurrent decline from peak | -68.32% | -15.44% | -52.88% |
Average DrawdownAverage peak-to-trough decline | -46.34% | -3.40% | -42.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.80% | 7.56% | +9.24% |
Volatility
KWEB.L vs. DFNS.L - Volatility Comparison
KraneShares CSI China Internet ETF (KWEB.L) has a higher volatility of 11.64% compared to VanEck Defense UCITS ETF (DFNS.L) at 8.10%. This indicates that KWEB.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
| KWEB.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.64% | 8.10% | +3.54% |
Volatility (6M)Calculated over the trailing 6-month period | 20.29% | 19.53% | +0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.80% | 24.86% | +1.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.13% | 21.55% | +24.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.18% | 21.55% | +20.63% |
KWEB.L vs. DFNS.L - Expense Ratio Comparison
KWEB.L has a 0.75% expense ratio, which is higher than DFNS.L's 0.55% expense ratio.
Dividends
KWEB.L vs. DFNS.L - Dividend Comparison
Neither KWEB.L nor DFNS.L has paid dividends to shareholders.
Frequently Asked Questions
KWEB.L and DFNS.L have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DFNS.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DFNS.L is cheaper with a 0.55% expense ratio, compared with 0.75% for KWEB.L.
KWEB.L is categorized as Technology Equities, while DFNS.L is Aerospace & Defense. KWEB.L tracks MSCI World/Information Tech NR USD, while DFNS.L tracks MarketVector™ Global Defense Industry Index. They also come from different issuers: Waystone Management and VanEck. Their fees differ too: 0.75% for KWEB.L and 0.55% for DFNS.L.
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