VNM vs. KDEF

Last updated Aug 4, 2026

VNM (VanEck Vectors Vietnam ETF) and KDEF (PLUS Korea Defense Industry Index ETF) are both exchange-traded funds - VNM is a Asia Pacific Equities fund tracking the MVIS Vietnam Index, while KDEF is a Aerospace & Defense fund tracking the The Korea Defence Industry Index. Both are passively managed. Over the past year, VNM returned 9.95% vs -3.32% for KDEF. Their 0.17 correlation means their historical movements had little consistent relationship. VNM charges 0.68%/yr vs 0.65%/yr for KDEF.

Performance

VNM vs. KDEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Vietnam ETF (VNM) and PLUS Korea Defense Industry Index ETF (KDEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNM achieves a -8.28% return, which is significantly higher than KDEF's -13.02% return.

VNM

• 1D: 3.06%
• 1M: -5.35%
• 6M: -6.77%
• YTD: -8.28%
• 1Y: 9.95%
• 3Y*: 7.02%
• 5Y*: -1.14%
• 10Y*: 3.26%
• ALL TIME*: -0.96%

KDEF

• 1D: 6.04%
• 1M: -11.91%
• 6M: -31.60%
• YTD: -13.02%
• 1Y: -3.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 52.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KDEF PLUS Korea Defense Industry Index ETF	$2.88M	$2.61M	$5.49M
VNM VanEck Vectors Vietnam ETF	$13.14M	$11.75M	$11.73M

VNM vs. KDEF - Yearly Performance Comparison

	2026 (YTD)	2025
VNM VanEck Vectors Vietnam ETF	-8.28%	65.39%
KDEF PLUS Korea Defense Industry Index ETF	-13.02%	116.28%

Correlation

The correlation between VNM and KDEF is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.17

VNM vs. KDEF - Sectors Allocation Comparison

Sectors	VNM	KDEF
Financial Services	32.7%	-
Real Estate	24.8%	-
Industrials	14.3%	89.9%
Consumer Defensive	14.3%	-
Basic Materials	7.0%	-
Technology	2.5%	2.1%
Consumer Cyclical	2.2%	6.2%
Energy	1.4%	-
Utilities	0.9%	-
Communication Services	-	-
Healthcare	-	1.8%

Return for Risk

VNM vs. KDEF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VNM

VNM Risk / Return Rank: 20
VNM Sharpe Ratio Rank: 19
VNM Sortino Ratio Rank: 21
VNM Omega Ratio Rank: 19
VNM Calmar Ratio Rank: 21
VNM Martin Ratio Rank: 20

KDEF

KDEF Risk / Return Rank: 11
KDEF Sharpe Ratio Rank: 10
KDEF Sortino Ratio Rank: 13
KDEF Omega Ratio Rank: 13
KDEF Calmar Ratio Rank: 10
KDEF Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VNM vs. KDEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Vietnam ETF (VNM) and PLUS Korea Defense Industry Index ETF (KDEF). 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.

	VNM	KDEF	Difference
Sharpe ratio: Return per unit of total volatility	0.37	-0.06	+0.44
Sortino ratio: Return per unit of downside risk	0.74	0.27	+0.46
Omega ratio: Gain probability vs. loss probability	1.08	1.03	+0.05
Calmar ratio: Return relative to maximum drawdown	0.57	-0.07	+0.64
Martin ratio: Return relative to average drawdown	1.25	-0.19	+1.44

VNM vs. KDEF - Sharpe Ratio Comparison

The current VNM Sharpe Ratio is 0.37, which is higher than the KDEF Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of VNM and KDEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VNM vs. KDEF - Drawdown Comparison

The maximum VNM drawdown since its inception was -63.19%, which is greater than KDEF's maximum drawdown of -48.41%. Use the drawdown chart below to compare losses from any high point for VNM and KDEF.

Drawdown Indicators

	VNM	KDEF	Difference
Max Drawdown Largest peak-to-trough decline	-63.19%	-48.41%	-14.78%
Max Drawdown (1Y) Largest decline over 1 year	-17.47%	-48.41%	+30.94%
Max Drawdown (3Y) Largest decline over 3 years	-31.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.67%	—	—
Current Drawdown Current decline from peak	-28.57%	-42.14%	+13.57%
Average Drawdown Average peak-to-trough decline	-37.73%	-9.74%	-27.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.98%	17.77%	-9.79%

Volatility

VNM vs. KDEF - Volatility Comparison

The current volatility for VanEck Vectors Vietnam ETF (VNM) is 8.83%, while PLUS Korea Defense Industry Index ETF (KDEF) has a volatility of 21.66%. This indicates that VNM experiences smaller price fluctuations and is considered to be less risky than KDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VNM	KDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.83%	21.66%	-12.83%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	44.03%	-25.40%
Volatility (1Y) Calculated over the trailing 1-year period	26.88%	51.82%	-24.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.49%	50.36%	-25.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.53%	50.36%	-26.83%

VNM vs. KDEF - Expense Ratio Comparison

VNM has a 0.68% expense ratio, which is higher than KDEF's 0.65% expense ratio.

Dividends

VNM vs. KDEF - Dividend Comparison

VNM's dividend yield for the trailing twelve months is around 0.22%, less than KDEF's 7.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KDEF PLUS Korea Defense Industry Index ETF	7.90%	5.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNM VanEck Vectors Vietnam ETF	0.22%	0.20%	0.00%	5.21%	0.96%	0.49%	0.40%	0.76%	0.83%	1.14%	2.44%	3.69%

Frequently Asked Questions

Can I hold both VNM and KDEF in my portfolio?

VNM and KDEF 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 is riskier, VNM or KDEF?

KDEF has higher volatility (21.66%) compared to VNM (8.83%). In terms of maximum drawdown, VNM dropped -63.19% vs KDEF's -48.41%.

Which ETF is better, VNM or KDEF?

On 1-year performance, VNM leads with 9.95% vs -3.32% for KDEF. On fees, KDEF is cheaper at 0.65% per year. On volatility, VNM has been the lower-risk option at 8.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNM or KDEF?

Over the 1-year period, VNM has performed better with a 9.95% return vs -3.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNM or KDEF?

KDEF is cheaper with a 0.65% expense ratio, compared with 0.68% for VNM.

Which ETF pays a higher dividend yield, VNM or KDEF?

KDEF has the higher dividend yield at 7.90%, compared with 0.22% for VNM.

What is the main difference between VNM and KDEF?

VNM is categorized as Asia Pacific Equities, while KDEF is Aerospace & Defense. VNM tracks MVIS Vietnam Index, while KDEF tracks The Korea Defence Industry Index. They also come from different issuers: VanEck and PLUS. Their fees differ too: 0.68% for VNM and 0.65% for KDEF.

Which has better risk-adjusted returns?

VNM currently has the higher Sharpe Ratio (0.37 vs -0.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.