VOLT vs. DFND.AS

Last updated Jun 14, 2026

VOLT (Tema Electrification ETF) and DFND.AS (iShares Global Aerospace & Defence UCITS ETF) are both exchange-traded funds - VOLT is a Energy Equities fund actively managed by Tema, while DFND.AS is a Industrials Equities fund tracking the S&P Developed BMI Select Aerospace & Defense 35/20 Capped Index NR. VOLT is actively managed, while DFND.AS is passively managed. At a 0.13 correlation, their price movements are largely independent. VOLT charges 0.75%/yr vs 0.35%/yr for DFND.AS.

Performance

VOLT vs. DFND.AS - Performance Comparison

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

Returns By Period

VOLT

• 1D: 1.28%
• 1M: -3.50%
• YTD: 36.32%
• 6M: 35.03%
• 1Y: 62.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFND.AS

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

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

VOLT vs. DFND.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VOLT Tema Electrification ETF	36.32%	25.92%	-8.98%
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	-2.57%

Correlation

The correlation between VOLT and DFND.AS is 0.13, 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 Dec 4, 2024	0.13

Return for Risk

VOLT vs. DFND.AS — Risk / Return Rank

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

VOLT

VOLT Risk / Return Rank: 91
VOLT Sharpe Ratio Rank: 92
VOLT Sortino Ratio Rank: 89
VOLT Omega Ratio Rank: 88
VOLT Calmar Ratio Rank: 94
VOLT Martin Ratio Rank: 90

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.

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

This table presents a comparison of risk-adjusted performance metrics for Tema Electrification ETF (VOLT) 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.

	VOLT	DFND.AS	Difference
Sharpe ratio: Return per unit of total volatility	2.87	—	—
Sortino ratio: Return per unit of downside risk	3.62	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	6.35	—	—
Martin ratio: Return relative to average drawdown	17.90	—	—

Drawdowns

Drawdown Indicators

	VOLT	DFND.AS	Difference
Max Drawdown Largest peak-to-trough decline	-23.40%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	—	—
Current Drawdown Current decline from peak	-4.76%	—	—
Average Drawdown Average peak-to-trough decline	-5.19%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	—	—

Volatility

Volatility by Period

	VOLT	DFND.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.19%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.28%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.40%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	—	—

VOLT vs. DFND.AS - Expense Ratio Comparison

VOLT has a 0.75% expense ratio, which is higher than DFND.AS's 0.35% expense ratio.

Dividends

VOLT vs. DFND.AS - Dividend Comparison

VOLT's dividend yield for the trailing twelve months is around 0.33%, while DFND.AS has not paid dividends to shareholders.

Position	TTM	2025	2024
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	0.00%
VOLT Tema Electrification ETF	0.33%	0.46%	0.01%

Frequently Asked Questions

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

VOLT and DFND.AS have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VOLT or DFND.AS?

On fees, DFND.AS is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VOLT or DFND.AS?

DFND.AS is cheaper with a 0.35% expense ratio, compared with 0.75% for VOLT.

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

VOLT is categorized as Energy Equities, while DFND.AS is Industrials Equities. They also come from different issuers: Tema and iShares. Their fees differ too: 0.75% for VOLT and 0.35% for DFND.AS.