SPYQ.DE vs. DFEN.DE
SPYQ.DE (SPDR MSCI Europe Industrials UCITS ETF) and DFEN.DE (VanEck Defense UCITS ETF A) are both exchange-traded funds - SPYQ.DE is a Industrials Equities fund tracking the MSCI Europe Industrials 20/35 Capped, while DFEN.DE is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index. Both are passively managed. Over the past year, SPYQ.DE returned 15.68% vs 12.18% for DFEN.DE. A 0.53 correlation means they provide meaningful diversification when combined. SPYQ.DE charges 0.18%/yr vs 0.55%/yr for DFEN.DE.
Performance
SPYQ.DE vs. DFEN.DE - Performance Comparison
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Returns By Period
In the year-to-date period, SPYQ.DE achieves a 8.86% return, which is significantly higher than DFEN.DE's 4.02% return.
SPYQ.DE
- 1D
- 0.62%
- 1M
- 0.55%
- YTD
- 8.86%
- 6M
- 11.04%
- 1Y
- 15.68%
- 3Y*
- 19.58%
- 5Y*
- 12.85%
- 10Y*
- 12.56%
DFEN.DE
- 1D
- 0.30%
- 1M
- -2.84%
- YTD
- 4.02%
- 6M
- 8.12%
- 1Y
- 12.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPYQ.DE vs. DFEN.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPYQ.DE SPDR MSCI Europe Industrials UCITS ETF | 8.86% | 25.52% | 14.36% | 8.22% |
DFEN.DE VanEck Defense UCITS ETF A | 4.02% | 50.76% | 51.97% | 8.67% |
Correlation
The correlation between SPYQ.DE and DFEN.DE is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2023 | 0.53 |
The correlation between SPYQ.DE and DFEN.DE has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.
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Return for Risk
SPYQ.DE vs. DFEN.DE — Risk / Return Rank
SPYQ.DE
DFEN.DE
SPYQ.DE vs. DFEN.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Industrials UCITS ETF (SPYQ.DE) 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.
| SPYQ.DE | DFEN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.11 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | 0.75 | +0.44 |
| Martin ratioReturn relative to average drawdown | 4.36 | 1.81 | +2.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPYQ.DE | DFEN.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 0.56 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 1.75 | -1.16 |
Drawdowns
SPYQ.DE vs. DFEN.DE - Drawdown Comparison
The maximum SPYQ.DE drawdown since its inception was -41.44%, which is greater than DFEN.DE's maximum drawdown of -18.60%. Use the drawdown chart below to compare losses from any high point for SPYQ.DE and DFEN.DE.
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Drawdown Indicators
| SPYQ.DE | DFEN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.44% | -18.60% | -22.84% |
Max Drawdown (1Y)Largest decline over 1 year | -13.15% | -18.60% | +5.45% |
Max Drawdown (3Y)Largest decline over 3 years | -18.37% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -29.20% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.44% | — | — |
Current DrawdownCurrent decline from peak | -2.67% | -15.21% | +12.54% |
Average DrawdownAverage peak-to-trough decline | -6.07% | -3.27% | -2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.58% | 7.72% | -4.14% |
Volatility
SPYQ.DE vs. DFEN.DE - Volatility Comparison
The current volatility for SPDR MSCI Europe Industrials UCITS ETF (SPYQ.DE) is 6.29%, while VanEck Defense UCITS ETF A (DFEN.DE) has a volatility of 7.38%. This indicates that SPYQ.DE experiences smaller price fluctuations and is considered to be less risky 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
| SPYQ.DE | DFEN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.29% | 7.38% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 16.51% | 19.16% | -2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.70% | 24.79% | -5.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.87% | 21.47% | -2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.60% | 21.47% | -1.87% |
SPYQ.DE vs. DFEN.DE - Expense Ratio Comparison
SPYQ.DE has a 0.18% expense ratio, which is lower than DFEN.DE's 0.55% expense ratio.
Dividends
SPYQ.DE vs. DFEN.DE - Dividend Comparison
Neither SPYQ.DE nor DFEN.DE has paid dividends to shareholders.
Frequently Asked Questions
SPYQ.DE and DFEN.DE have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYQ.DE is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYQ.DE is cheaper with a 0.18% expense ratio, compared with 0.55% for DFEN.DE.
SPYQ.DE is categorized as Industrials Equities, while DFEN.DE is Aerospace & Defense. SPYQ.DE tracks MSCI Europe Industrials 20/35 Capped, while DFEN.DE tracks MarketVector Global Defense Industry Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.18% for SPYQ.DE and 0.55% for DFEN.DE.
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