TDIV.L vs. DFNS.L
TDIV.L (VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF) and DFNS.L (VanEck Defense UCITS ETF) are both exchange-traded funds - TDIV.L is a Dividend fund tracking the VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF, while DFNS.L is a Aerospace & Defense fund tracking the MarketVector™ Global Defense Industry Index. Both are passively managed. Over the past 3 years, TDIV.L returned 22.29%/yr vs 35.29%/yr for DFNS.L. At a 0.38 correlation, their price movements are largely independent. TDIV.L charges 0.38%/yr vs 0.55%/yr for DFNS.L.
Performance
TDIV.L vs. DFNS.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TDIV.L achieves a 10.69% return, which is significantly higher than DFNS.L's -5.22% return.
TDIV.L
- 1D
- -0.15%
- 1M
- 1.36%
- 6M
- 9.22%
- YTD
- 10.69%
- 1Y
- 28.89%
- 3Y*
- 22.29%
- 5Y*
- 17.57%
- 10Y*
- 13.69%
DFNS.L
- 1D
- 0.00%
- 1M
- -5.79%
- 6M
- -20.35%
- YTD
- -5.22%
- 1Y
- 2.66%
- 3Y*
- 35.29%
- 5Y*
- —
- 10Y*
- —
TDIV.L vs. DFNS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TDIV.L VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF | 10.69% | 40.41% | 8.93% | 13.04% |
DFNS.L VanEck Defense UCITS ETF | -5.22% | 68.21% | 43.74% | 25.97% |
Correlation
The correlation between TDIV.L and DFNS.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2023 | 0.38 |
The correlation between TDIV.L and DFNS.L shifts across timeframes, from 0.22 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TDIV.L vs. DFNS.L — Risk / Return Rank
TDIV.L
DFNS.L
TDIV.L vs. DFNS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDIV.L) 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.
| TDIV.L | DFNS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.43 | ||
| Sortino ratioReturn per unit of downside risk | +3.14 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.04 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 5.40 | 0.11 | +5.29 |
| Martin ratioReturn relative to average drawdown | 15.16 | 0.26 | +14.90 |
Loading charts...
Drawdowns
TDIV.L vs. DFNS.L - Drawdown Comparison
The maximum TDIV.L drawdown since its inception was -37.94%, which is greater than DFNS.L's maximum drawdown of -25.29%. Use the drawdown chart below to compare losses from any high point for TDIV.L and DFNS.L.
Loading charts...
Drawdown Indicators
| TDIV.L | DFNS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.94% | -25.29% | -12.65% |
Max Drawdown (1Y)Largest decline over 1 year | -5.27% | -25.29% | +20.02% |
Max Drawdown (3Y)Largest decline over 3 years | -13.89% | -25.29% | +11.40% |
Max Drawdown (5Y)Largest decline over 5 years | -18.52% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.94% | — | — |
Current DrawdownCurrent decline from peak | -0.15% | -22.48% | +22.33% |
Average DrawdownAverage peak-to-trough decline | -4.00% | -3.97% | -0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.88% | 10.18% | -8.30% |
Volatility
TDIV.L vs. DFNS.L - Volatility Comparison
The current volatility for VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDIV.L) is 3.57%, while VanEck Defense UCITS ETF (DFNS.L) has a volatility of 8.92%. This indicates that TDIV.L 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.
Loading charts...
Volatility by Period
| TDIV.L | DFNS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.57% | 8.92% | -5.35% |
Volatility (6M)Calculated over the trailing 6-month period | 8.55% | 19.77% | -11.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.21% | 25.92% | -14.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.56% | 21.86% | -7.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.20% | 21.86% | -5.66% |
TDIV.L vs. DFNS.L - Expense Ratio Comparison
TDIV.L has a 0.38% expense ratio, which is lower than DFNS.L's 0.55% expense ratio.
Dividends
TDIV.L vs. DFNS.L - Dividend Comparison
TDIV.L's dividend yield for the trailing twelve months is around 3.14%, while DFNS.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TDIV.L VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF | 3.14% | 3.49% | 4.36% | 4.82% | 4.49% | 4.14% | 3.88% | 4.37% | 5.77% | 4.50% |
Frequently Asked Questions
TDIV.L and DFNS.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TDIV.L is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TDIV.L is cheaper with a 0.38% expense ratio, compared with 0.55% for DFNS.L.
TDIV.L is categorized as Dividend, while DFNS.L is Aerospace & Defense. TDIV.L tracks VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF, while DFNS.L tracks MarketVector™ Global Defense Industry Index. Their fees differ too: 0.38% for TDIV.L and 0.55% for DFNS.L.
Find the right allocation for TDIV.L and DFNS.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer