WDEF.L vs. DFNX.L
WDEF.L (WisdomTree Europe Defence UCITS ETF - EUR Acc EUR) and DFNX.L (VanEck Defense UCITS ETF) are both Aerospace & Defense funds - WDEF.L tracks the WisdomTree Europe Defence UCITS Index while DFNX.L tracks the MarketVector Global Defense Industry Index. Both are passively managed. Over the past year, WDEF.L returned -5.08% vs 72.29% for DFNX.L. At a 0.49 correlation, their price movements are largely independent. WDEF.L charges 0.40%/yr vs 0.55%/yr for DFNX.L.
Performance
WDEF.L vs. DFNX.L - Performance Comparison
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Different Trading Currencies
WDEF.L is traded in EUR, while DFNX.L is traded in GBp. To make them comparable, the DFNX.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, WDEF.L achieves a 0.87% return, which is significantly lower than DFNX.L's 36.21% return.
WDEF.L
- 1D
- -1.17%
- 1M
- -3.03%
- YTD
- 0.87%
- 6M
- 5.27%
- 1Y
- -5.08%
- 3Y*
- 9.89%
- 5Y*
- 5.18%
- 10Y*
- —
DFNX.L
- 1D
- -1.84%
- 1M
- 13.71%
- YTD
- 36.21%
- 6M
- 44.22%
- 1Y
- 72.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
WDEF.L vs. DFNX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
WDEF.L WisdomTree Europe Defence UCITS ETF - EUR Acc EUR | 0.87% | 26.22% | -0.52% |
DFNX.L VanEck Defense UCITS ETF | 36.21% | 37.50% | 10.91% |
Correlation
The correlation between WDEF.L and DFNX.L is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2024 | 0.49 |
The correlation between WDEF.L and DFNX.L has been stable across timeframes, ranging from 0.49 to 0.53 - a consistent structural relationship.
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Return for Risk
WDEF.L vs. DFNX.L — Risk / Return Rank
WDEF.L
DFNX.L
WDEF.L vs. DFNX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Europe Defence UCITS ETF - EUR Acc EUR (WDEF.L) and VanEck Defense UCITS ETF (DFNX.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.
| WDEF.L | DFNX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -3.29 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.45 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 5.53 | -5.72 |
| Martin ratioReturn relative to average drawdown | -0.53 | 14.53 | -15.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| WDEF.L | DFNX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.07 | 2.87 | -2.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 2.29 | -1.96 |
Drawdowns
WDEF.L vs. DFNX.L - Drawdown Comparison
The maximum WDEF.L drawdown since its inception was -35.48%, which is greater than DFNX.L's maximum drawdown of -16.98%. Use the drawdown chart below to compare losses from any high point for WDEF.L and DFNX.L.
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Drawdown Indicators
| WDEF.L | DFNX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.48% | -16.98% | -18.50% |
Max Drawdown (1Y)Largest decline over 1 year | -25.81% | -13.01% | -12.80% |
Max Drawdown (3Y)Largest decline over 3 years | -25.81% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -30.24% | — | — |
Current DrawdownCurrent decline from peak | -14.92% | -4.96% | -9.96% |
Average DrawdownAverage peak-to-trough decline | -8.34% | -3.60% | -4.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.11% | 4.96% | +4.15% |
Volatility
WDEF.L vs. DFNX.L - Volatility Comparison
WisdomTree Europe Defence UCITS ETF - EUR Acc EUR (WDEF.L) has a higher volatility of 10.75% compared to VanEck Defense UCITS ETF (DFNX.L) at 9.06%. This indicates that WDEF.L's price experiences larger fluctuations and is considered to be riskier than DFNX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WDEF.L | DFNX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.75% | 9.06% | +1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 64.30% | 20.10% | +44.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.62% | 25.14% | +48.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.70% | 25.85% | +16.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.66% | 25.85% | +15.81% |
WDEF.L vs. DFNX.L - Expense Ratio Comparison
WDEF.L has a 0.40% expense ratio, which is lower than DFNX.L's 0.55% expense ratio.
Dividends
WDEF.L vs. DFNX.L - Dividend Comparison
Neither WDEF.L nor DFNX.L has paid dividends to shareholders.
Frequently Asked Questions
WDEF.L and DFNX.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, WDEF.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
WDEF.L is cheaper with a 0.40% expense ratio, compared with 0.55% for DFNX.L.
WDEF.L tracks WisdomTree Europe Defence UCITS Index, while DFNX.L tracks MarketVector Global Defense Industry Index. They also come from different issuers: WisdomTree and VanEck. Their fees differ too: 0.40% for WDEF.L and 0.55% for DFNX.L.
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