PNI.AX vs. DFNS.L
PNI.AX (Pinnacle Investment Management Group Limited) is a stock, while DFNS.L (VanEck Defense UCITS ETF) is Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Over the past 3 years, PNI.AX returned 22.02%/yr vs 38.55%/yr for DFNS.L. At a 0.12 correlation, their price movements are largely independent.
Performance
PNI.AX vs. DFNS.L - Performance Comparison
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Different Trading Currencies
PNI.AX is traded in AUD, while DFNS.L is traded in USD. To make them comparable, the DFNS.L values have been converted to AUD using the latest available exchange rates.
Returns By Period
In the year-to-date period, PNI.AX achieves a -8.45% return, which is significantly lower than DFNS.L's -4.47% return.
PNI.AX
- 1D
- 1.55%
- 1M
- 0.90%
- YTD
- -8.45%
- 6M
- -7.05%
- 1Y
- -20.50%
- 3Y*
- 22.02%
- 5Y*
- 10.43%
- 10Y*
- 30.67%
DFNS.L
- 1D
- 0.00%
- 1M
- 3.00%
- YTD
- -4.47%
- 6M
- -3.21%
- 1Y
- 2.01%
- 3Y*
- 38.55%
- 5Y*
- —
- 10Y*
- —
PNI.AX vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PNI.AX Pinnacle Investment Management Group Limited | -8.45% | -22.80% | 133.43% | 33.15% |
DFNS.L VanEck Defense UCITS ETF | -4.47% | 56.00% | 58.21% | 23.63% |
Correlation
The correlation between PNI.AX and DFNS.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.12 |
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Return for Risk
PNI.AX vs. DFNS.L — Risk / Return Rank
PNI.AX
DFNS.L
PNI.AX vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pinnacle Investment Management Group Limited (PNI.AX) 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.
| PNI.AX | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.05 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 0.19 | -0.65 |
| Martin ratioReturn relative to average drawdown | -0.75 | 0.45 | -1.20 |
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Drawdowns
PNI.AX vs. DFNS.L - Drawdown Comparison
The maximum PNI.AX drawdown since its inception was -96.41%, which is greater than DFNS.L's maximum drawdown of -23.72%. Use the drawdown chart below to compare losses from any high point for PNI.AX and DFNS.L.
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Drawdown Indicators
| PNI.AX | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.41% | -23.72% | -72.69% |
Max Drawdown (1Y)Largest decline over 1 year | -49.14% | -23.72% | -25.42% |
Max Drawdown (3Y)Largest decline over 3 years | -49.75% | -23.72% | -26.03% |
Max Drawdown (5Y)Largest decline over 5 years | -64.37% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -68.78% | — | — |
Current DrawdownCurrent decline from peak | -37.98% | -21.39% | -16.59% |
Average DrawdownAverage peak-to-trough decline | -51.38% | -3.73% | -47.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.24% | 10.28% | +19.96% |
Volatility
PNI.AX vs. DFNS.L - Volatility Comparison
Pinnacle Investment Management Group Limited (PNI.AX) has a higher volatility of 9.09% compared to VanEck Defense UCITS ETF (DFNS.L) at 7.27%. This indicates that PNI.AX'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
| PNI.AX | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 7.27% | +1.82% |
Volatility (6M)Calculated over the trailing 6-month period | 33.14% | 18.49% | +14.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.15% | 23.90% | +19.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.19% | 20.96% | +21.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.24% | 20.96% | +23.28% |
Dividends
PNI.AX vs. DFNS.L - Dividend Comparison
PNI.AX's dividend yield for the trailing twelve months is around 1.72%, 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% |
PNI.AX Pinnacle Investment Management Group Limited | 1.72% | 3.50% | 1.84% | 3.57% | 4.01% | 1.84% | 2.17% | 3.30% | 2.64% | 1.50% | 3.42% | 3.56% |
Frequently Asked Questions
PNI.AX and DFNS.L have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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