VGK vs. DFND.AS

Last updated Jun 14, 2026

VGK (Vanguard FTSE Europe ETF) and DFND.AS (iShares Global Aerospace & Defence UCITS ETF) are both exchange-traded funds - VGK is a Europe Equities fund tracking the FTSE Developed Europe All Cap 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 0.18 correlation, their price movements are largely independent. VGK charges 0.06%/yr vs 0.35%/yr for DFND.AS.

Performance

VGK vs. DFND.AS - Performance Comparison

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

Returns By Period

VGK

• 1D: 0.18%
• 1M: 2.46%
• YTD: 7.69%
• 6M: 9.92%
• 1Y: 19.73%
• 3Y*: 16.69%
• 5Y*: 8.50%
• 10Y*: 10.28%

DFND.AS

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

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

VGK vs. DFND.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VGK Vanguard FTSE Europe ETF	7.69%	35.83%	2.26%
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	16.29%

Correlation

The correlation between VGK and DFND.AS is 0.18, 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 16, 2024	0.18

Return for Risk

VGK vs. DFND.AS — Risk / Return Rank

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

VGK

VGK Risk / Return Rank: 36
VGK Sharpe Ratio Rank: 36
VGK Sortino Ratio Rank: 36
VGK Omega Ratio Rank: 34
VGK Calmar Ratio Rank: 34
VGK Martin Ratio Rank: 39

DFND.AS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Europe ETF (VGK) 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.

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.

	VGK	DFND.AS	Difference
Sharpe ratio: Return per unit of total volatility	1.13	—	—
Sortino ratio: Return per unit of downside risk	1.68	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.49	—	—
Martin ratio: Return relative to average drawdown	5.52	—	—

Drawdowns

Drawdown Indicators

	VGK	DFND.AS	Difference
Max Drawdown Largest peak-to-trough decline	-63.61%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.24%	—	—
Current Drawdown Current decline from peak	-0.50%	—	—
Average Drawdown Average peak-to-trough decline	-13.33%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	—	—

Volatility

Volatility by Period

	VGK	DFND.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.36%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.92%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.98%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	—	—

VGK vs. DFND.AS - Expense Ratio Comparison

VGK has a 0.06% expense ratio, which is lower than DFND.AS's 0.35% expense ratio.

Dividends

VGK vs. DFND.AS - Dividend Comparison

VGK's dividend yield for the trailing twelve months is around 2.76%, while DFND.AS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFND.AS iShares Global Aerospace & Defence 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%
VGK Vanguard FTSE Europe ETF	2.76%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

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

VGK and DFND.AS 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.

Which ETF is better, VGK or DFND.AS?

On fees, VGK is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGK or DFND.AS?

VGK is cheaper with a 0.06% expense ratio, compared with 0.35% for DFND.AS.

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

VGK is categorized as Europe Equities, while DFND.AS is Industrials Equities. VGK tracks FTSE Developed Europe All Cap Index, while DFND.AS tracks S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.06% for VGK and 0.35% for DFND.AS.