PEX vs. DFNS.L

Last updated Jun 14, 2026

PEX (ProShares Global Listed Private Equity ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index, while DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, PEX returned 3.51%/yr vs 40.45%/yr for DFNS.L. At a 0.33 correlation, their price movements are largely independent. PEX charges 3.13%/yr vs 0.55%/yr for DFNS.L.

Performance

PEX vs. DFNS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Global Listed Private Equity ETF (PEX) 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, PEX achieves a -10.66% return, which is significantly lower than DFNS.L's 0.90% return.

PEX

• 1D: 0.68%
• 1M: 1.52%
• YTD: -10.66%
• 6M: -10.17%
• 1Y: -11.68%
• 3Y*: 3.51%
• 5Y*: -0.81%
• 10Y*: 4.55%

DFNS.L

• 1D: 0.00%
• 1M: 1.53%
• YTD: 0.90%
• 6M: 2.54%
• 1Y: 10.82%
• 3Y*: 40.45%
• 5Y*: —
• 10Y*: —

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

PEX vs. DFNS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PEX ProShares Global Listed Private Equity ETF	-10.66%	0.21%	13.05%	17.71%
DFNS.L VanEck Defense UCITS ETF	0.90%	68.21%	43.74%	25.97%

Correlation

The correlation between PEX and DFNS.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023	0.33

Return for Risk

PEX vs. DFNS.L — Risk / Return Rank

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

PEX

PEX Risk / Return Rank: 4
PEX Sharpe Ratio Rank: 3
PEX Sortino Ratio Rank: 3
PEX Omega Ratio Rank: 3
PEX Calmar Ratio Rank: 5
PEX Martin Ratio Rank: 5

DFNS.L

DFNS.L Risk / Return Rank: 18
DFNS.L Sharpe Ratio Rank: 18
DFNS.L Sortino Ratio Rank: 19
DFNS.L Omega Ratio Rank: 18
DFNS.L Calmar Ratio Rank: 18
DFNS.L 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.

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

This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PEX	DFNS.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	0.52	-1.33
Sortino ratio: Return per unit of downside risk	-1.07	0.91	-1.98
Omega ratio: Gain probability vs. loss probability	0.88	1.10	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.52	0.66	-1.18
Martin ratio: Return relative to average drawdown	-1.02	1.61	-2.63

PEX vs. DFNS.L - Sharpe Ratio Comparison

The current PEX Sharpe Ratio is -0.82, which is lower than the DFNS.L Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of PEX 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.

Drawdowns

PEX vs. DFNS.L - Drawdown Comparison

The maximum PEX drawdown since its inception was -49.17%, which is greater than DFNS.L's maximum drawdown of -19.66%. Use the drawdown chart below to compare losses from any high point for PEX and DFNS.L.

Drawdown Indicators

	PEX	DFNS.L	Difference
Max Drawdown Largest peak-to-trough decline	-49.17%	-19.66%	-29.51%
Max Drawdown (1Y) Largest decline over 1 year	-24.72%	-19.66%	-5.06%
Max Drawdown (3Y) Largest decline over 3 years	-24.72%	-19.66%	-5.06%
Max Drawdown (5Y) Largest decline over 5 years	-36.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.17%	—	—
Current Drawdown Current decline from peak	-19.26%	-17.48%	-1.78%
Average Drawdown Average peak-to-trough decline	-8.23%	-3.49%	-4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.67%	8.00%	+4.67%

Volatility

PEX vs. DFNS.L - Volatility Comparison

The current volatility for ProShares Global Listed Private Equity ETF (PEX) is 5.26%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 8.29%. This indicates that PEX 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

	PEX	DFNS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	8.29%	-3.03%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	19.56%	-6.21%
Volatility (1Y) Calculated over the trailing 1-year period	15.89%	25.07%	-9.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.01%	21.58%	-3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.45%	21.58%	-2.13%

PEX vs. DFNS.L - Expense Ratio Comparison

PEX has a 3.13% expense ratio, which is higher than DFNS.L's 0.55% expense ratio.

Dividends

PEX vs. DFNS.L - Dividend Comparison

PEX's dividend yield for the trailing twelve months is around 12.55%, while DFNS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFNS.L VanEck Defense UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PEX ProShares Global Listed Private Equity ETF	12.55%	12.80%	14.11%	13.02%	1.77%	13.64%	5.52%	7.94%	4.72%	24.26%	3.24%	12.50%

Frequently Asked Questions

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

PEX and DFNS.L have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PEX or DFNS.L?

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.

Which ETF is cheaper, PEX or DFNS.L?

DFNS.L is cheaper with a 0.55% expense ratio, compared with 3.13% for PEX.

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

PEX is categorized as Financials Equities, while DFNS.L is Aerospace & Defense. PEX tracks LPX Direct Listed Private Equity Index, while DFNS.L tracks MarketVector™ Global Defense Industry Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 3.13% for PEX and 0.55% for DFNS.L.