NGAS.L vs. WDEF.L

Last updated Jun 4, 2026

NGAS.L (WisdomTree Natural Gas ETF) and WDEF.L (WisdomTree Europe Defence UCITS ETF - EUR Acc EUR) are both exchange-traded funds - NGAS.L is a Commodities fund tracking the Bloomberg Natural Gas Sub Total Return Index, while WDEF.L is a Aerospace & Defense fund tracking the WisdomTree Europe Defence UCITS Index. Both are passively managed. Over the past 5 years, NGAS.L returned -25.67%/yr vs 4.19%/yr for WDEF.L. At a correlation of -0.03, they often move in opposite directions. NGAS.L charges 0.49%/yr vs 0.40%/yr for WDEF.L.

Performance

NGAS.L vs. WDEF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Natural Gas ETF (NGAS.L) and WisdomTree Europe Defence UCITS ETF - EUR Acc EUR (WDEF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

NGAS.L is traded in USD, while WDEF.L is traded in EUR. To make them comparable, the WDEF.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, NGAS.L achieves a -11.49% return, which is significantly lower than WDEF.L's -0.33% return.

NGAS.L

• 1D: 2.07%
• 1M: 4.84%
• YTD: -11.49%
• 6M: -29.61%
• 1Y: -36.85%
• 3Y*: -25.66%
• 5Y*: -25.67%
• 10Y*: -23.35%

WDEF.L

• 1D: -1.42%
• 1M: -3.75%
• YTD: -0.33%
• 6M: 4.68%
• 1Y: -3.11%
• 3Y*: 12.95%
• 5Y*: 4.19%
• 10Y*: —

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

NGAS.L vs. WDEF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGAS.L WisdomTree Natural Gas ETF	-11.49%	-24.72%	-26.18%	-65.28%	20.27%	25.42%	-43.27%	-40.74%	2.93%	-14.75%
WDEF.L WisdomTree Europe Defence UCITS ETF - EUR Acc EUR	-0.33%	42.47%	-8.04%	25.07%	-24.69%	17.98%	12.71%	34.71%	-20.72%	10.69%

Correlation

The correlation between NGAS.L and WDEF.L is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Jun 2, 2017	-0.03

The correlation between NGAS.L and WDEF.L shifts across timeframes, from -0.18 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

NGAS.L vs. WDEF.L - Sectors Allocation Comparison

Sectors	NGAS.L	WDEF.L
Basic Materials	100.0%	-
Communication Services	-	0.4%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	0.1%
Industrials	-	89.7%
Real Estate	-	-
Technology	-	3.2%
Utilities	-	-

Return for Risk

NGAS.L vs. WDEF.L — Risk / Return Rank

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

NGAS.L

NGAS.L Risk / Return Rank: 3
NGAS.L Sharpe Ratio Rank: 3
NGAS.L Sortino Ratio Rank: 4
NGAS.L Omega Ratio Rank: 4
NGAS.L Calmar Ratio Rank: 2
NGAS.L Martin Ratio Rank: 4

WDEF.L

WDEF.L Risk / Return Rank: 9
WDEF.L Sharpe Ratio Rank: 8
WDEF.L Sortino Ratio Rank: 12
WDEF.L Omega Ratio Rank: 14
WDEF.L Calmar Ratio Rank: 7
WDEF.L Martin Ratio Rank: 6

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.

NGAS.L vs. WDEF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Natural Gas ETF (NGAS.L) and WisdomTree Europe Defence UCITS ETF - EUR Acc EUR (WDEF.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.

	NGAS.L	WDEF.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	-0.04	-0.62
Sortino ratio: Return per unit of downside risk	-0.75	0.52	-1.27
Omega ratio: Gain probability vs. loss probability	0.91	1.09	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.11	-0.66
Martin ratio: Return relative to average drawdown	-1.11	-0.32	-0.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NGAS.L vs. WDEF.L - Sharpe Ratio Comparison

The current NGAS.L Sharpe Ratio is -0.66, which is lower than the WDEF.L Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of NGAS.L and WDEF.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

	NGAS.L	WDEF.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	-0.04	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	0.12	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	0.34	-0.93

Drawdowns

NGAS.L vs. WDEF.L - Drawdown Comparison

The maximum NGAS.L drawdown since its inception was -99.91%, which is greater than WDEF.L's maximum drawdown of -41.69%. Use the drawdown chart below to compare losses from any high point for NGAS.L and WDEF.L.

Drawdown Indicators

	NGAS.L	WDEF.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.91%	-41.69%	-58.22%
Max Drawdown (1Y) Largest decline over 1 year	-47.73%	-26.82%	-20.91%
Max Drawdown (3Y) Largest decline over 3 years	-70.31%	-26.82%	-43.49%
Max Drawdown (5Y) Largest decline over 5 years	-93.13%	-41.69%	-51.44%
Max Drawdown (10Y) Largest decline over 10 years	-94.91%	—	—
Current Drawdown Current decline from peak	-99.91%	-16.16%	-83.75%
Average Drawdown Average peak-to-trough decline	-89.09%	-11.68%	-77.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.25%	9.59%	+23.66%

Volatility

NGAS.L vs. WDEF.L - Volatility Comparison

WisdomTree Natural Gas ETF (NGAS.L) and WisdomTree Europe Defence UCITS ETF - EUR Acc EUR (WDEF.L) have volatilities of 11.19% and 11.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NGAS.L	WDEF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.19%	11.05%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	47.23%	65.03%	-17.80%
Volatility (1Y) Calculated over the trailing 1-year period	55.38%	74.48%	-19.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.00%	44.73%	+14.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.65%	43.58%	+7.07%

NGAS.L vs. WDEF.L - Expense Ratio Comparison

NGAS.L has a 0.49% expense ratio, which is higher than WDEF.L's 0.40% expense ratio.

Dividends

NGAS.L vs. WDEF.L - Dividend Comparison

Neither NGAS.L nor WDEF.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NGAS.L and WDEF.L in my portfolio?

NGAS.L and WDEF.L have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NGAS.L or WDEF.L?

On fees, WDEF.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NGAS.L or WDEF.L?

WDEF.L is cheaper with a 0.40% expense ratio, compared with 0.49% for NGAS.L.

What is the main difference between NGAS.L and WDEF.L?

NGAS.L is categorized as Commodities, while WDEF.L is Aerospace & Defense. NGAS.L tracks Bloomberg Natural Gas Sub Total Return Index, while WDEF.L tracks WisdomTree Europe Defence UCITS Index. Their fees differ too: 0.49% for NGAS.L and 0.40% for WDEF.L.