NATP.L vs. DFNX.L
NATP.L (HANetf Future of Defence UCITS ETF Acc GBP) and DFNX.L (VanEck Defense UCITS ETF) are both Aerospace & Defense funds - NATP.L tracks the EQM Future of Defence Index while DFNX.L tracks the MarketVector Global Defense Industry Index. Both are passively managed. Over the past year, NATP.L returned 20.99% vs 76.97% for DFNX.L. A 0.78 correlation means they provide meaningful diversification when combined. NATP.L charges 0.49%/yr vs 0.55%/yr for DFNX.L.
Performance
NATP.L vs. DFNX.L - Performance Comparison
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Returns By Period
In the year-to-date period, NATP.L achieves a 13.14% return, which is significantly lower than DFNX.L's 34.91% return.
NATP.L
- 1D
- -0.69%
- 1M
- 10.19%
- YTD
- 13.14%
- 6M
- 16.55%
- 1Y
- 20.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DFNX.L
- 1D
- -1.79%
- 1M
- 13.81%
- YTD
- 34.91%
- 6M
- 42.66%
- 1Y
- 76.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NATP.L vs. DFNX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NATP.L HANetf Future of Defence UCITS ETF Acc GBP | 13.14% | 43.73% | 5.91% |
DFNX.L VanEck Defense UCITS ETF | 34.91% | 45.07% | 9.49% |
Correlation
The correlation between NATP.L and DFNX.L is 0.75, 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 | 0.75 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2024 | 0.78 |
The correlation between NATP.L and DFNX.L has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.
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Return for Risk
NATP.L vs. DFNX.L — Risk / Return Rank
NATP.L
DFNX.L
NATP.L vs. DFNX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HANetf Future of Defence UCITS ETF Acc GBP (NATP.L) and VanEck Defense UCITS ETF (DFNX.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.
| NATP.L | DFNX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.48 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 6.33 | -4.52 |
| Martin ratioReturn relative to average drawdown | 4.03 | 16.40 | -12.36 |
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
| NATP.L | DFNX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.08 | 3.14 | -2.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.07 | 2.53 | -0.46 |
Drawdowns
NATP.L vs. DFNX.L - Drawdown Comparison
The maximum NATP.L drawdown since its inception was -11.66%, smaller than the maximum DFNX.L drawdown of -15.39%. Use the drawdown chart below to compare losses from any high point for NATP.L and DFNX.L.
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Drawdown Indicators
| NATP.L | DFNX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.66% | -15.39% | +3.73% |
Max Drawdown (1Y)Largest decline over 1 year | -11.55% | -12.10% | +0.55% |
Current DrawdownCurrent decline from peak | -2.00% | -5.07% | +3.07% |
Average DrawdownAverage peak-to-trough decline | -2.36% | -3.51% | +1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.20% | 4.68% | +0.52% |
Volatility
NATP.L vs. DFNX.L - Volatility Comparison
The current volatility for HANetf Future of Defence UCITS ETF Acc GBP (NATP.L) is 5.87%, while VanEck Defense UCITS ETF (DFNX.L) has a volatility of 9.16%. This indicates that NATP.L experiences smaller price fluctuations and is considered to be less risky than DFNX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NATP.L | DFNX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.87% | 9.16% | -3.29% |
Volatility (6M)Calculated over the trailing 6-month period | 15.18% | 19.61% | -4.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.35% | 24.44% | -5.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.36% | 24.72% | -6.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.36% | 24.72% | -6.36% |
NATP.L vs. DFNX.L - Expense Ratio Comparison
NATP.L has a 0.49% expense ratio, which is lower than DFNX.L's 0.55% expense ratio.
Dividends
NATP.L vs. DFNX.L - Dividend Comparison
Neither NATP.L nor DFNX.L has paid dividends to shareholders.
Frequently Asked Questions
NATP.L and DFNX.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NATP.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NATP.L is cheaper with a 0.49% expense ratio, compared with 0.55% for DFNX.L.
NATP.L tracks EQM Future of Defence Index, while DFNX.L tracks MarketVector Global Defense Industry Index. They also come from different issuers: HANetf and VanEck. Their fees differ too: 0.49% for NATP.L and 0.55% for DFNX.L.
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