WDEF.L vs. TFRN.L
WDEF.L (WisdomTree Europe Defence UCITS ETF - EUR Acc EUR) and TFRN.L (WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc) are both exchange-traded funds - WDEF.L is a Aerospace & Defense fund tracking the WisdomTree Europe Defence UCITS Index, while TFRN.L is a Government Bonds fund tracking the Bloomberg US Treasury Floating Rate Bond Index. Both are passively managed. Over the past year, WDEF.L returned 2.36% vs 5.71% for TFRN.L. At a correlation of -0.03, they often move in opposite directions. WDEF.L charges 0.40%/yr vs 0.15%/yr for TFRN.L.
Performance
WDEF.L vs. TFRN.L - Performance Comparison
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Different Trading Currencies
WDEF.L is traded in EUR, while TFRN.L is traded in USD. To make them comparable, the TFRN.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 2.01% return, which is significantly lower than TFRN.L's 5.14% return.
WDEF.L
- 1D
- 0.33%
- 1M
- -0.98%
- YTD
- 2.01%
- 6M
- 2.08%
- 1Y
- 2.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TFRN.L
- 1D
- 0.51%
- 1M
- 2.43%
- YTD
- 5.14%
- 6M
- 5.70%
- 1Y
- 5.71%
- 3Y*
- 3.18%
- 5Y*
- 4.64%
- 10Y*
- —
WDEF.L vs. TFRN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
WDEF.L WisdomTree Europe Defence UCITS ETF - EUR Acc EUR | 2.01% | 20.60% |
TFRN.L WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc | 5.14% | -4.16% |
Correlation
The correlation between WDEF.L and TFRN.L is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025 | -0.03 |
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Return for Risk
WDEF.L vs. TFRN.L — Risk / Return Rank
WDEF.L
TFRN.L
WDEF.L vs. TFRN.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 WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.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.
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.
| WDEF.L | TFRN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.16 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.12 | 1.51 | -1.39 |
| Martin ratioReturn relative to average drawdown | 0.27 | 3.70 | -3.43 |
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Drawdowns
WDEF.L vs. TFRN.L - Drawdown Comparison
The maximum WDEF.L drawdown since its inception was -19.53%, which is greater than TFRN.L's maximum drawdown of -12.42%. Use the drawdown chart below to compare losses from any high point for WDEF.L and TFRN.L.
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Drawdown Indicators
| WDEF.L | TFRN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.53% | -12.42% | -7.11% |
Max Drawdown (1Y)Largest decline over 1 year | -19.53% | -3.75% | -15.78% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.63% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.63% | — |
Current DrawdownCurrent decline from peak | -13.95% | -4.78% | -9.17% |
Average DrawdownAverage peak-to-trough decline | -6.87% | -5.60% | -1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.80% | 1.53% | +7.27% |
Volatility
WDEF.L vs. TFRN.L - Volatility Comparison
WisdomTree Europe Defence UCITS ETF - EUR Acc EUR (WDEF.L) has a higher volatility of 7.34% compared to WisdomTree USD Floating Rate Treasury Bond UCITS ETF - USD Acc (TFRN.L) at 1.50%. This indicates that WDEF.L's price experiences larger fluctuations and is considered to be riskier than TFRN.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 | TFRN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.34% | 1.50% | +5.84% |
Volatility (6M)Calculated over the trailing 6-month period | 22.10% | 4.43% | +17.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.63% | 6.62% | +22.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.61% | 7.78% | +22.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.61% | 7.60% | +23.01% |
WDEF.L vs. TFRN.L - Expense Ratio Comparison
WDEF.L has a 0.40% expense ratio, which is higher than TFRN.L's 0.15% expense ratio.
Dividends
WDEF.L vs. TFRN.L - Dividend Comparison
Neither WDEF.L nor TFRN.L has paid dividends to shareholders.
Frequently Asked Questions
WDEF.L and TFRN.L have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TFRN.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TFRN.L is cheaper with a 0.15% expense ratio, compared with 0.40% for WDEF.L.
WDEF.L is categorized as Aerospace & Defense, while TFRN.L is Government Bonds. WDEF.L tracks WisdomTree Europe Defence UCITS Index, while TFRN.L tracks Bloomberg US Treasury Floating Rate Bond Index. Their fees differ too: 0.40% for WDEF.L and 0.15% for TFRN.L.
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