SEMI.AS vs. DFND.AS

Last updated Jun 4, 2026

SEMI.AS (iShares MSCI Global Semiconductors UCITS ETF USD Acc) and DFND.AS (iShares Global Aerospace & Defence UCITS ETF) are both exchange-traded funds - SEMI.AS is a Semiconductors fund tracking the MSCI ACWI IMI Semiconductors & Semiconductor Equipment ESG Screened Select Capped Index, while DFND.AS is a Industrials Equities fund tracking the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR. Both are passively managed. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

SEMI.AS vs. DFND.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Semiconductors UCITS ETF USD Acc (SEMI.AS) and iShares Global Aerospace & Defence UCITS ETF (DFND.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SEMI.AS

• 1D: 1.73%
• 1M: 31.94%
• YTD: 102.20%
• 6M: 105.92%
• 1Y: 210.36%
• 3Y*: 61.88%
• 5Y*: —
• 10Y*: —

DFND.AS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEMI.AS vs. DFND.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEMI.AS iShares MSCI Global Semiconductors UCITS ETF USD Acc	102.20%	53.14%	3.57%
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	16.29%

Correlation

The correlation between SEMI.AS and DFND.AS is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2024	0.12

Return for Risk

SEMI.AS vs. DFND.AS — Risk / Return Rank

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

SEMI.AS

SEMI.AS Risk / Return Rank: 97
SEMI.AS Sharpe Ratio Rank: 98
SEMI.AS Sortino Ratio Rank: 97
SEMI.AS Omega Ratio Rank: 96
SEMI.AS Calmar Ratio Rank: 98
SEMI.AS Martin Ratio Rank: 97

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.

SEMI.AS vs. DFND.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Semiconductors UCITS ETF USD Acc (SEMI.AS) and iShares Global Aerospace & Defence UCITS ETF (DFND.AS). 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.

	SEMI.AS	DFND.AS	Difference
Sharpe ratio: Return per unit of total volatility	6.36	—	—
Sortino ratio: Return per unit of downside risk	6.25	—	—
Omega ratio: Gain probability vs. loss probability	1.80	—	—
Calmar ratio: Return relative to maximum drawdown	14.16	—	—
Martin ratio: Return relative to average drawdown	52.55	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SEMI.AS	DFND.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	—	—

Drawdowns

Drawdown Indicators

	SEMI.AS	DFND.AS	Difference
Max Drawdown Largest peak-to-trough decline	-45.27%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.57%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-38.23%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-13.40%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	—	—

Volatility

Volatility by Period

	SEMI.AS	DFND.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.09%	—	—
Volatility (6M) Calculated over the trailing 6-month period	25.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	32.47%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.59%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.59%	—	—

SEMI.AS vs. DFND.AS - Expense Ratio Comparison

Both SEMI.AS and DFND.AS have an expense ratio of 0.35%.

Dividends

SEMI.AS vs. DFND.AS - Dividend Comparison

Neither SEMI.AS nor DFND.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SEMI.AS and DFND.AS in my portfolio?

SEMI.AS and DFND.AS 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.

Which ETF is better, SEMI.AS or DFND.AS?

Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SEMI.AS or DFND.AS?

SEMI.AS and DFND.AS have the same expense ratio: 0.35% per year.

What is the main difference between SEMI.AS and DFND.AS?

SEMI.AS is categorized as Semiconductors, while DFND.AS is Industrials Equities. SEMI.AS tracks MSCI ACWI IMI Semiconductors & Semiconductor Equipment ESG Screened Select Capped Index, while DFND.AS tracks S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR.