MOAT.L vs. DFNS.L

Last updated Jun 5, 2026

MOAT.L (VanEck Morningstar US Sustainable Wide Moat UCITS ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - MOAT.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR 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, MOAT.L returned 8.16%/yr vs 42.94%/yr for DFNS.L. At a 0.45 correlation, their price movements are largely independent. MOAT.L charges 0.49%/yr vs 0.55%/yr for DFNS.L.

Performance

MOAT.L vs. DFNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Morningstar US Sustainable Wide Moat UCITS ETF (MOAT.L) and VanEck Defense UCITS ETF (DFNS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MOAT.L achieves a -2.67% return, which is significantly lower than DFNS.L's 3.39% return.

MOAT.L

• 1D: 1.08%
• 1M: 1.82%
• YTD: -2.67%
• 6M: -3.13%
• 1Y: 8.27%
• 3Y*: 8.16%
• 5Y*: 3.18%
• 10Y*: 10.55%

DFNS.L

• 1D: 0.49%
• 1M: -3.98%
• YTD: 3.39%
• 6M: 8.02%
• 1Y: 13.96%
• 3Y*: 42.94%
• 5Y*: —
• 10Y*: —

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

MOAT.L vs. DFNS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MOAT.L VanEck Morningstar US Sustainable Wide Moat UCITS ETF	-2.67%	7.34%	11.12%	12.94%
DFNS.L VanEck Defense UCITS ETF	3.39%	68.21%	43.74%	25.73%

Correlation

The correlation between MOAT.L and DFNS.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 6, 2023	0.45

Over the past year, the correlation between MOAT.L and DFNS.L has dropped to 0.24 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

Return for Risk

MOAT.L vs. DFNS.L — Risk / Return Rank

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

MOAT.L

MOAT.L Risk / Return Rank: 19
MOAT.L Sharpe Ratio Rank: 19
MOAT.L Sortino Ratio Rank: 20
MOAT.L Omega Ratio Rank: 18
MOAT.L Calmar Ratio Rank: 18
MOAT.L Martin Ratio Rank: 18

DFNS.L

DFNS.L Risk / Return Rank: 20
DFNS.L Sharpe Ratio Rank: 20
DFNS.L Sortino Ratio Rank: 21
DFNS.L Omega Ratio Rank: 20
DFNS.L Calmar Ratio Rank: 20
DFNS.L Martin Ratio Rank: 20

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.

MOAT.L vs. DFNS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar US Sustainable Wide Moat UCITS ETF (MOAT.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.

	MOAT.L	DFNS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.61	0.64	-0.04
Sortino ratio: Return per unit of downside risk	1.01	1.08	-0.07
Omega ratio: Gain probability vs. loss probability	1.11	1.12	-0.01
Calmar ratio: Return relative to maximum drawdown	0.70	0.85	-0.15
Martin ratio: Return relative to average drawdown	1.89	2.12	-0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MOAT.L vs. DFNS.L - Sharpe Ratio Comparison

The current MOAT.L Sharpe Ratio is 0.61, which is comparable to the DFNS.L Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of MOAT.L and DFNS.L, 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

	MOAT.L	DFNS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	0.64	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	2.02	-1.36

Drawdowns

MOAT.L vs. DFNS.L - Drawdown Comparison

The maximum MOAT.L drawdown since its inception was -32.78%, 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 MOAT.L and DFNS.L.

Drawdown Indicators

	MOAT.L	DFNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	-18.72%	-14.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-18.72%	+6.86%
Max Drawdown (3Y) Largest decline over 3 years	-21.84%	-18.72%	-3.12%
Max Drawdown (5Y) Largest decline over 5 years	-27.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.78%	—	—
Current Drawdown Current decline from peak	-5.02%	-15.44%	+10.42%
Average Drawdown Average peak-to-trough decline	-5.58%	-3.40%	-2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	7.56%	-3.14%

Volatility

MOAT.L vs. DFNS.L - Volatility Comparison

The current volatility for VanEck Morningstar US Sustainable Wide Moat UCITS ETF (MOAT.L) is 3.79%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 8.10%. This indicates that MOAT.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.

Volatility by Period

	MOAT.L	DFNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	8.10%	-4.31%
Volatility (6M) Calculated over the trailing 6-month period	9.62%	19.53%	-9.91%
Volatility (1Y) Calculated over the trailing 1-year period	13.79%	24.86%	-11.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.32%	21.55%	-5.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.93%	21.55%	-4.62%

MOAT.L vs. DFNS.L - Expense Ratio Comparison

MOAT.L has a 0.49% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.

Dividends

MOAT.L vs. DFNS.L - Dividend Comparison

Neither MOAT.L nor DFNS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MOAT.L and DFNS.L in my portfolio?

MOAT.L and DFNS.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MOAT.L or DFNS.L?

On fees, MOAT.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MOAT.L or DFNS.L?

MOAT.L is cheaper with a 0.49% expense ratio, compared with 0.55% for DFNS.L.

What is the main difference between MOAT.L and DFNS.L?

MOAT.L is categorized as Large Cap Blend Equities, while DFNS.L is Aerospace & Defense. MOAT.L tracks Russell 1000 TR USD, while DFNS.L tracks MarketVector™ Global Defense Industry Index. Their fees differ too: 0.49% for MOAT.L and 0.55% for DFNS.L.