VWCE.DE vs. DFND.AS

Last updated Jun 13, 2026

VWCE.DE (Vanguard FTSE All-World UCITS ETF) and DFND.AS (iShares Global Aerospace & Defence UCITS ETF) are both exchange-traded funds - VWCE.DE is a Global Equities fund tracking the FTSE All-World 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 0.26 correlation, their price movements are largely independent. VWCE.DE charges 0.19%/yr vs 0.35%/yr for DFND.AS.

Performance

VWCE.DE vs. DFND.AS - Performance Comparison

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

Different Trading Currencies

VWCE.DE is traded in EUR, while DFND.AS is traded in USD. To make them comparable, the DFND.AS values have been converted to EUR using the latest available exchange rates.

Returns By Period

VWCE.DE

• 1D: 1.82%
• 1M: 0.89%
• YTD: 11.72%
• 6M: 13.39%
• 1Y: 26.35%
• 3Y*: 17.02%
• 5Y*: 11.89%
• 10Y*: —

DFND.AS

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

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

VWCE.DE vs. DFND.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VWCE.DE Vanguard FTSE All-World UCITS ETF	11.72%	9.16%	17.73%
DFND.AS iShares Global Aerospace & Defence UCITS ETF	0.00%	0.00%	19.34%

Correlation

The correlation between VWCE.DE and DFND.AS is 0.26, 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	0.26

Return for Risk

VWCE.DE vs. DFND.AS — Risk / Return Rank

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

VWCE.DE

VWCE.DE Risk / Return Rank: 82
VWCE.DE Sharpe Ratio Rank: 80
VWCE.DE Sortino Ratio Rank: 81
VWCE.DE Omega Ratio Rank: 80
VWCE.DE Calmar Ratio Rank: 83
VWCE.DE Martin Ratio Rank: 87

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.

VWCE.DE vs. DFND.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World UCITS ETF (VWCE.DE) 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.

	VWCE.DE	DFND.AS	Difference
Sharpe ratio: Return per unit of total volatility	2.21	—	—
Sortino ratio: Return per unit of downside risk	3.10	—	—
Omega ratio: Gain probability vs. loss probability	1.41	—	—
Calmar ratio: Return relative to maximum drawdown	3.92	—	—
Martin ratio: Return relative to average drawdown	16.07	—	—

Drawdowns

Drawdown Indicators

	VWCE.DE	DFND.AS	Difference
Max Drawdown Largest peak-to-trough decline	-33.43%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.55%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-21.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.07%	—	—
Current Drawdown Current decline from peak	-1.47%	—	—
Average Drawdown Average peak-to-trough decline	-4.68%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	—	—

Volatility

Volatility by Period

	VWCE.DE	DFND.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.63%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.79%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	—	—

VWCE.DE vs. DFND.AS - Expense Ratio Comparison

VWCE.DE has a 0.19% expense ratio, which is lower than DFND.AS's 0.35% expense ratio.

Dividends

VWCE.DE vs. DFND.AS - Dividend Comparison

Neither VWCE.DE nor DFND.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

VWCE.DE and DFND.AS have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VWCE.DE or DFND.AS?

On fees, VWCE.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VWCE.DE or DFND.AS?

VWCE.DE is cheaper with a 0.19% expense ratio, compared with 0.35% for DFND.AS.

What is the main difference between VWCE.DE and DFND.AS?

VWCE.DE is categorized as Global Equities, while DFND.AS is Industrials Equities. VWCE.DE tracks FTSE All-World 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: 0.19% for VWCE.DE and 0.35% for DFND.AS.