SAP vs. DFEN.DE
SAP (SAP SE) is a stock, while DFEN.DE (VanEck Defense UCITS ETF A) is Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index. Over the past 3 years, SAP returned 8.04%/yr vs 40.64%/yr for DFEN.DE. At a 0.29 correlation, their price movements are largely independent.
Performance
SAP vs. DFEN.DE - Performance Comparison
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Different Trading Currencies
SAP is traded in USD, while DFEN.DE is traded in EUR. To make them comparable, the DFEN.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SAP achieves a -31.24% return, which is significantly lower than DFEN.DE's 1.46% return.
SAP
- 1D
- 0.33%
- 1M
- 2.09%
- YTD
- -31.24%
- 6M
- -31.78%
- 1Y
- -44.64%
- 3Y*
- 8.04%
- 5Y*
- 4.34%
- 10Y*
- 9.59%
DFEN.DE
- 1D
- 0.49%
- 1M
- 1.00%
- YTD
- 1.46%
- 6M
- 2.92%
- 1Y
- 13.94%
- 3Y*
- 40.64%
- 5Y*
- —
- 10Y*
- —
SAP vs. DFEN.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SAP SAP SE | -31.24% | -0.48% | 61.27% | 22.96% |
DFEN.DE VanEck Defense UCITS ETF A | 1.46% | 70.20% | 43.28% | 24.17% |
Correlation
The correlation between SAP and DFEN.DE is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2023 | 0.29 |
The correlation between SAP and DFEN.DE shifts across timeframes, from 0.18 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SAP vs. DFEN.DE — Risk / Return Rank
SAP
DFEN.DE
SAP vs. DFEN.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SAP SE (SAP) and VanEck Defense UCITS ETF A (DFEN.DE). 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.
| SAP | DFEN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.11 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.71 | -1.65 |
| Martin ratioReturn relative to average drawdown | -1.58 | 1.73 | -3.31 |
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Drawdowns
SAP vs. DFEN.DE - Drawdown Comparison
The maximum SAP drawdown since its inception was -87.91%, which is greater than DFEN.DE's maximum drawdown of -19.59%. Use the drawdown chart below to compare losses from any high point for SAP and DFEN.DE.
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Drawdown Indicators
| SAP | DFEN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.91% | -19.59% | -68.32% |
Max Drawdown (1Y)Largest decline over 1 year | -47.71% | -19.59% | -28.12% |
Max Drawdown (3Y)Largest decline over 3 years | -47.71% | -19.59% | -28.12% |
Max Drawdown (5Y)Largest decline over 5 years | -47.71% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -51.31% | — | — |
Current DrawdownCurrent decline from peak | -46.45% | -16.58% | -29.87% |
Average DrawdownAverage peak-to-trough decline | -28.24% | -3.51% | -24.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.29% | 8.02% | +20.27% |
Volatility
SAP vs. DFEN.DE - Volatility Comparison
SAP SE (SAP) has a higher volatility of 14.54% compared to VanEck Defense UCITS ETF A (DFEN.DE) at 7.93%. This indicates that SAP's price experiences larger fluctuations and is considered to be riskier than DFEN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAP | DFEN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.54% | 7.93% | +6.61% |
Volatility (6M)Calculated over the trailing 6-month period | 30.61% | 19.89% | +10.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.27% | 25.41% | +8.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.76% | 21.76% | +7.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.37% | 21.76% | +6.61% |
Dividends
SAP vs. DFEN.DE - Dividend Comparison
SAP's dividend yield for the trailing twelve months is around 1.78%, while DFEN.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFEN.DE VanEck Defense UCITS ETF A | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SAP SAP SE | 1.78% | 1.05% | 0.97% | 1.41% | 2.05% | 1.56% | 1.31% | 1.27% | 1.73% | 0.87% | 1.08% | 1.11% |
Frequently Asked Questions
SAP and DFEN.DE 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.
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