Leonardo SpA

ISIN IT0003856405

WKN A0ETQX

Market cap (in EUR)

28,422 m

Country

Italy

Sector

Industrials

Dividend yield

1.06%

Overview

Quote

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Description

Leonardo SpA engages in the aerospace, defense and security sectors. It operates through the following segments: Helicopters, Defense and Security Electronics; Aeronautics, Space, Defense Systems, and Other Activities. The Helicopters segment designs commercial and military rotorcrafts. The Defense and Security Electronics segment engages in the information management, sensors, and systems integration business, as well as delivers systems for critical missions, military sustainment requirements, and homeland security. The Aeronautics segment produces complete tactical airlifters, combat aircraft, and unmanned air vehicles for both civil and military applications. The Space segment develops satellite systems for navigation, telecommunications, meteorology, environmental monitoring, defense, scientific missions, and earth observation. The Defense Systems segment produces missile systems, torpedoes, naval artillery, and armored vehicles. The Other Activities segment includes financial support, real estate holdings, machinery, and plants for processing aluminum and steel products, contracting services for electricity generation, and primary aluminum production. The company was founded on March 18, 1948 and is headquartered in Rome, Italy.

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Industrials Industrial Manufacturing Aerospace and Defense Manufacturing Italy

Chart

Financials

Key metrics

Market capitalisation, EUR	28,422 m
EPS, EUR	-
P/B ratio	3.2
P/E ratio	27.0
Dividend yield	1.06%

Income statement (2024)

Revenue, EUR	17,763 m
Net income, EUR	1,072 m
Profit margin	6.04%

What ETF is Leonardo SpA in?

There are 190 ETFs which contain Leonardo SpA. All of these ETFs are listed in the table below. The ETF with the largest weighting of Leonardo SpA is the iShares Europe Defence UCITS ETF EUR (Acc).

ETF	Weight	Investment focus	Fund size (in m EUR)
Global X Europe Focused Defence Tech UCITS ETF EUR Accumulating Share Class	11.32%	Equity World Industrials Military & Defense	13
iShares MSCI World Sector & Country Neutral Equal Weight UCITS ETF USD (Acc)	0.03%	Equity World Equal Weighted	9
UBS Core MSCI World UCITS ETF USD acc	0.03%	Equity World	5,403
UBS Core MSCI World UCITS ETF hCHF acc	0.03%	Equity World	690
Xtrackers Portfolio UCITS ETF 1C	0.01%	Equity World Multi-Asset Strategy	671
iShares Europe Defence UCITS ETF EUR (Acc)	11.37%	Equity Europe Industrials Military & Defense	135
iShares STOXX Europe Large 200 UCITS ETF (DE)	0.20%	Equity Europe Large Cap	123
iShares Core MSCI Europe UCITS ETF EUR (Acc)	0.18%	Equity Europe	14,013
Invesco MSCI World Equal Weight UCITS ETF Acc	0.08%	Equity World Equal Weighted	725
iShares Core MSCI World UCITS ETF USD (Dist)	0.03%	Equity World	507
UBS Core MSCI Europe UCITS ETF EUR dis	0.19%	Equity Europe	878
Invesco FTSE RAFI All World 3000 UCITS ETF	0.06%	Equity World Fundamental/Quality	138
Deka MSCI Europe MC UCITS ETF	1.07%	Equity Europe Mid Cap	47
Xtrackers MSCI World ex USA UCITS ETF 1C	0.12%	Equity World	3,825
Invesco FTSE All-World UCITS ETF GBP PfHdg Dist	0.01%	Equity World	5
iShares MSCI Europe Mid Cap UCITS ETF EUR (Acc)	1.07%	Equity Europe Mid Cap	496
Xtrackers STOXX Europe 600 UCITS ETF 1C	0.19%	Equity Europe	3,408
BNP Paribas Easy MSCI World UCITS ETF USD Acc	0.03%	Equity World	26
UBS Core MSCI World UCITS ETF USD dis	0.03%	Equity World	1,294
Amundi Prime All Country World UCITS ETF Acc	0.03%	Equity World	814
UBS MSCI World UCITS ETF USD dis	0.03%	Equity World	1,331
UBS MSCI World ex USA UCITS ETF USD acc	0.11%	Equity World	54
Vanguard FTSE Developed World UCITS ETF Acc	0.03%	Equity World	4,770
Amundi FTSE MIB UCITS ETF Dist	3.42%	Equity Italy	577
BNP Paribas Easy MSCI World Equal Weight Select UCITS ETF USD Acc	0.10%	Equity World Equal Weighted	22
Vanguard LifeStrategy 40% Equity UCITS ETF Distributing	0.00%	Equity World Multi-Asset Strategy	34
Xtrackers FTSE MIB UCITS ETF 1D	3.54%	Equity Italy	71
BNP Paribas Easy MSCI World Min TE UCITS ETF EUR Acc	0.02%	Equity World Social/Environmental	389
iShares MSCI ACWI UCITS ETF USD (Dist)	0.02%	Equity World	0
UBS Core MSCI EMU UCITS ETF EUR dis	0.34%	Equity Europe	1,546
SPDR MSCI All Country World Investable Market UCITS ETF (Acc)	0.01%	Equity World	3,934
BNP Paribas Easy MSCI EMU Min TE UCITS ETF	0.26%	Equity Europe Social/Environmental	1,028
iShares Edge MSCI Europe Momentum Factor UCITS ETF	0.90%	Equity Europe Momentum	785
SPDR MSCI World UCITS ETF	0.03%	Equity World	13,776
Vanguard FTSE Developed Europe ex UK UCITS ETF (EUR) Distributing	0.23%	Equity Europe	3,250
Invesco MSCI Europe Equal Weight UCITS ETF Dist	0.27%	Equity Europe Equal Weighted	158
SPDR MSCI All Country World Investable Market UCITS ETF (Dist)	0.01%	Equity World	71
Amundi Stoxx Europe Defense UCITS ETF Acc	9.19%	Equity Europe Industrials Military & Defense	258
Amundi MSCI Europe Screened UCITS ETF (Acc)	0.21%	Equity Europe Social/Environmental	379
Deka MSCI World UCITS ETF Distribution	0.03%	Equity World	4,305
Scalable MSCI AC World Xtrackers UCITS ETF 1C	0.02%	Equity World	348
Vanguard FTSE Developed World UCITS ETF Distributing	0.03%	Equity World	3,479
iShares Core MSCI EMU UCITS ETF USD Hedged (Acc)	0.33%	Equity Europe	553
Invesco MSCI Europe Equal Weight UCITS ETF Acc	0.27%	Equity Europe Equal Weighted	347
Amundi Core Stoxx Europe 600 UCITS ETF Acc	0.17%	Equity Europe	15,042
iShares Edge MSCI Europe Momentum Factor UCITS ETF EUR (Dist)	0.90%	Equity Europe Momentum	29
Amundi Prime All Country World UCITS ETF GBP Hedged Dist	0.03%	Equity World	24
Amundi MSCI Europe UCITS ETF Acc	0.19%	Equity Europe	583
Xtrackers Stoxx Europe 600 UCITS ETF 2C - EUR Hedged	0.19%	Equity Europe	11
iShares MSCI Europe Climate Transition Aware UCITS ETF EUR (Acc)	0.24%	Equity Europe Social/Environmental Climate Change	6
UBS Core MSCI EMU UCITS ETF hUSD acc	0.34%	Equity Europe	661
Vanguard LifeStrategy 20% Equity UCITS ETF Distributing	0.00%	Equity World Multi-Asset Strategy	14
HANetf Future of Defence UCITS ETF	2.18%	Equity World Military & Defense	2,464
Xtrackers MSCI World ex USA UCITS ETF 1D	0.12%	Equity World	172
SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.02%	Equity World	65
SPDR MSCI World UCITS ETF GBP Hedged (Dist)	0.03%	Equity World	247
Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.01%	Equity World	32
BNP Paribas Easy MSCI World UCITS ETF EUR Acc	0.03%	Equity World	33
Xtrackers Europe Defence Technologies UCITS ETF 1C	5.79%	Equity Europe Military & Defense	28
Invesco FTSE All-World UCITS ETF Acc	0.01%	Equity World	2,141
UBS Core MSCI EMU UCITS ETF hCHF acc	0.34%	Equity Europe	623
BNP Paribas Easy ESG Eurozone Biodiversity Leaders PAB UCITS ETF	2.01%	Equity Europe Social/Environmental	16
WisdomTree Europe Defence UCITS ETF EUR Unhedged Acc	6.89%	Equity Europe Industrials Military & Defense	3,330
iShares EURO STOXX UCITS ETF (DE)	0.31%	Equity Europe	2,773
SPDR MSCI World Industrials UCITS ETF	0.27%	Equity World Industrials	116
iShares MSCI Europe Climate Transition Aware UCITS ETF EUR (Dist)	0.24%	Equity Europe Social/Environmental Climate Change	1
Xtrackers MSCI EMU UCITS ETF 4C	0.37%	Equity Europe	4
WisdomTree Megatrends UCITS ETF USD	0.58%	Equity World Social/Environmental Innovation	24
HSBC MSCI World UCITS ETF EUR Hedged (Acc)	0.03%	Equity World	673
iShares MSCI World Mid-Cap Equal Weight UCITS ETF USD (Acc)	0.12%	Equity World Mid Cap	339
iShares MSCI Europe Mid Cap UCITS ETF	1.07%	Equity Europe Mid Cap	23
Amundi Core MSCI World UCITS ETF USD Dist	0.03%	Equity World	1,309
Goshawk Global Balanced Fund UCITS ETF Accumulating	0.79%	Equity World Growth Multi-Asset Strategy	19
Vanguard LifeStrategy 40% Equity UCITS ETF Accumulating	0.00%	Equity World Multi-Asset Strategy	186
iShares Core MSCI Europe UCITS ETF EUR (Dist)	0.18%	Equity Europe	10,518
Xtrackers MSCI EMU UCITS ETF 3C CHF hedged	0.37%	Equity Europe	75
Amundi Prime Europe UCITS ETF DR (D)	0.19%	Equity Europe	199
iShares Core MSCI Europe UCITS ETF EUR (Acc)	0.18%	Equity Europe	1,361
Amundi Core Stoxx Europe 600 UCITS ETF EUR Hedged Dist	0.17%	Equity Europe	44
Xtrackers MSCI World Industrials UCITS ETF 1C	0.29%	Equity World Industrials	482
Amundi MSCI Europe Growth UCITS ETF Dist	0.37%	Equity Europe Growth	73
HSBC MSCI Europe UCITS ETF EUR	0.18%	Equity Europe	318
BNP Paribas Easy Bloomberg Europe Defense UCITS ETF Dist	7.22%	Equity Europe Industrials Military & Defense	7
Invesco Europe Enhanced Equity UCITS ETF Acc	0.16%	Equity Europe Multi-Factor Strategy	157
BNP Paribas Easy MSCI World Equal Weight Select UCITS ETF EUR Acc	0.10%	Equity World Equal Weighted	29
First Trust Eurozone AlphaDEX UCITS ETF Acc	0.82%	Equity Europe Multi-Factor Strategy	63
Amundi Core MSCI EMU UCITS ETF Dist	0.34%	Equity Europe	709
L&G Europe ex UK Equity UCITS ETF	0.27%	Equity Europe Social/Environmental	909
Amundi Prime Eurozone UCITS ETF DR (D)	0.36%	Equity Europe	53
Amundi Core MSCI Europe UCITS ETF Acc	0.19%	Equity Europe	3,852
Amundi Prime Europe UCITS ETF DR (C)	0.19%	Equity Europe	156
iShares MSCI World UCITS ETF (Dist)	0.03%	Equity World	7,353
iShares Core MSCI EMU UCITS ETF EUR (Dist)	0.33%	Equity Europe	437
iShares STOXX Europe 600 UCITS ETF (DE) EUR (Acc)	0.17%	Equity Europe	830
Vanguard LifeStrategy 80% Equity UCITS ETF (EUR) Accumulating	0.00%	Equity World Multi-Asset Strategy	867
iShares Core MSCI World UCITS ETF EUR Hedged (Dist)	0.03%	Equity World	1,529
Xtrackers MSCI EMU UCITS ETF 1C - USD Hedged	0.37%	Equity Europe	285
Amundi Prime Global UCITS ETF Acc	0.03%	Equity World	1,018
Xtrackers MSCI EMU UCITS ETF 1D	0.37%	Equity Europe	2,134
UBS Core MSCI EMU UCITS ETF hGBP dis	0.34%	Equity Europe	69
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.03%	Equity World	26,864
iShares STOXX Europe 600 UCITS ETF (DE)	0.17%	Equity Europe	8,676
HSBC MSCI World UCITS ETF USD (Acc)	0.03%	Equity World	1,434
HSBC MSCI World UCITS ETF USD	0.03%	Equity World	12,461
VanEck Defense UCITS ETF A	7.31%	Equity World Industrials Military & Defense	6,340
Amundi MSCI Europe Growth UCITS ETF - EUR (C)	0.37%	Equity Europe Growth	110
Global X Defence Tech UCITS ETF USD Accumulating	3.35%	Equity World Industrials Military & Defense	361
L&G Global Equity UCITS ETF	0.03%	Equity World Social/Environmental	940
Xtrackers S&P Europe ex UK UCITS ETF	0.26%	Equity Europe	469
Amundi Core MSCI EMU UCITS ETF Acc	0.34%	Equity Europe	283
Invesco FTSE RAFI Europe UCITS ETF Dist	0.12%	Equity Europe Fundamental/Quality	24
UBS Core MSCI World UCITS ETF hGBP dis	0.03%	Equity World	93
HANetf Future of European Defence Screened UCITS ETF Acc	10.12%	Equity Europe Industrials Social/Environmental Military & Defense	147
BNP Paribas Easy MSCI Europe Min TE UCITS ETF	0.13%	Equity Europe Social/Environmental	2,988
iShares MSCI ACWI UCITS ETF USD (Acc)	0.02%	Equity World	21,475
Vanguard LifeStrategy 80% Equity UCITS ETF Distributing	0.00%	Equity World Multi-Asset Strategy	64
iShares FTSE MIB UCITS ETF (Acc)	3.56%	Equity Italy	291
SPDR MSCI EMU UCITS ETF	0.34%	Equity Europe	306
UBS Core MSCI World UCITS ETF hEUR acc	0.03%	Equity World	304
HSBC PLUS World Equity Quant Active UCITS ETF USD Acc	0.07%	Equity World Multi-Factor Strategy	619
iShares Euro Total Market Growth Large UCITS ETF	0.71%	Equity Europe Growth	271
iShares Core MSCI EMU UCITS ETF EUR (Acc)	0.33%	Equity Europe	5,797
SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.02%	Equity World	969
Franklin FTSE Developed World UCITS ETF USD Capitalisation	0.03%	Equity World	17
First Trust Indxx Global Aerospace & Defence UCITS ETF Class A Accumulation	2.36%	Equity World Industrials Military & Defense	85
iShares MSCI EMU Mid Cap UCITS ETF	2.09%	Equity Europe Mid Cap	418
Amundi Core Stoxx Europe 600 UCITS ETF USD Hedged Acc	0.17%	Equity Europe	103
Xtrackers MSCI Europe UCITS ETF 2C USD hedged	0.20%	Equity Europe	251
BNP Paribas Easy MSCI World Min TE UCITS ETF USD Acc	0.02%	Equity World Social/Environmental	112
iShares MSCI Europe Industrials Sector UCITS ETF EUR (Acc)	0.94%	Equity Europe Industrials	992
Amundi Core MSCI World UCITS ETF Acc	0.03%	Equity World	11,849
iShares MSCI World EUR Hedged UCITS ETF (Acc)	0.03%	Equity World	4,845
iShares Edge MSCI Europe Size Factor UCITS ETF	0.43%	Equity Europe Mid Cap	31
HSBC MSCI Europe UCITS ETF EUR (Acc)	0.18%	Equity Europe	74
iShares MSCI Europe ex-UK UCITS ETF	0.24%	Equity Europe	1,260
Invesco FTSE All-World UCITS ETF Dist	0.01%	Equity World	182
iShares MSCI World Climate Transition Aware UCITS ETF USD (Acc)	0.05%	Equity World Social/Environmental Climate Change	6
Vanguard LifeStrategy 20% Equity UCITS ETF Accumulating	0.00%	Equity World Multi-Asset Strategy	85
iShares MSCI EMU Climate Transition Aware UCITS ETF EUR (Acc)	0.49%	Equity Europe Social/Environmental Climate Change	2
Xtrackers MSCI Europe UCITS ETF 1D	0.20%	Equity Europe	131
iShares Edge MSCI World Momentum Factor UCITS ETF (Acc)	0.23%	Equity World Momentum	3,008
Vanguard LifeStrategy 60% Equity UCITS ETF Accumulating	0.00%	Equity World Multi-Asset Strategy	663
UBS MSCI EMU Select Factor Mix UCITS ETF EUR acc	0.41%	Equity Europe Multi-Factor Strategy	15
Amundi Prime Global UCITS ETF Dist	0.03%	Equity World	1,002
First Trust Eurozone AlphaDEX UCITS ETF B Dist	0.82%	Equity Europe Multi-Factor Strategy	19
UBS Core MSCI Europe UCITS ETF hEUR acc	0.19%	Equity Europe	122
iShares Core MSCI World UCITS ETF USD (Acc)	0.03%	Equity World	108,749
iShares MSCI EMU Climate Transition Aware UCITS ETF EUR (Dist)	0.49%	Equity Europe Social/Environmental Climate Change	0
Xtrackers Stoxx Europe 600 UCITS ETF 1D	0.19%	Equity Europe	906
iShares MSCI World Climate Transition Aware UCITS ETF USD (Dist)	0.05%	Equity World Social/Environmental Climate Change	2
iShares MSCI World GBP Hedged UCITS ETF (Acc)	0.03%	Equity World	455
UBS Core MSCI EMU UCITS ETF hUSD dis	0.34%	Equity Europe	16
Amundi Core MSCI Europe UCITS ETF Dist	0.19%	Equity Europe	503
SPDR MSCI World UCITS ETF EUR Hedged (Acc)	0.03%	Equity World	667
UBS Core MSCI Europe UCITS ETF EUR acc	0.19%	Equity Europe	92
Amundi Core MSCI World UCITS ETF EUR Hedged Acc	0.03%	Equity World	21
Amundi Prime All Country World UCITS ETF Dist	0.03%	Equity World	2,634
Vanguard FTSE Developed Europe UCITS ETF (EUR) Accumulating	0.18%	Equity Europe	2,067
Vanguard FTSE All-World UCITS ETF (USD) Distributing	0.03%	Equity World	18,720
Amundi Italy MIB ESG UCITS ETF	4.09%	Equity Italy Social/Environmental	141
Deka MSCI Europe UCITS ETF	0.18%	Equity Europe	1,319
SPDR MSCI All Country World UCITS ETF (Acc)	0.02%	Equity World	7,209
Global X European Infrastructure Development UCITS ETF EUR Accumulating	6.15%	Equity Europe Infrastructure	221
Xtrackers MSCI Europe UCITS ETF 1C	0.20%	Equity Europe	6,963
Xtrackers MSCI World Momentum UCITS ETF 1C	0.24%	Equity World Momentum	1,552
UBS Core MSCI Europe UCITS ETF hCHF acc	0.19%	Equity Europe	91
SPDR S&P Europe Defense Vision UCITS ETF EUR (Acc)	11.18%	Equity Europe Industrials Military & Defense	19
Xtrackers MSCI EMU UCITS ETF 2C GBP hedged	0.37%	Equity Europe	20
SPDR MSCI Europe UCITS ETF	0.19%	Equity Europe	372
iShares FTSE MIB UCITS ETF EUR (Dist)	3.30%	Equity Italy	151
iShares MSCI EMU USD Hedged UCITS ETF (Acc)	0.33%	Equity Europe	221
iShares Global Aerospace & Defence UCITS ETF USD (Acc)	1.01%	Equity World Industrials Military & Defense	1,044
iShares STOXX Europe 600 Industrial Goods & Services UCITS ETF (DE)	1.06%	Equity Europe Industrials	478
UBS Core MSCI EMU UCITS ETF hGBP acc	0.34%	Equity Europe	30
UBS MSCI World ex Mega Cap UCITS ETF USD acc	0.05%	Equity World	13
Vanguard FTSE Developed Europe UCITS ETF Distributing	0.18%	Equity Europe	4,217
Amundi MSCI World Ex USA UCITS ETF Dist	0.10%	Equity World	83
Invesco FTSE All-World UCITS ETF CHF PfHdg Acc	0.01%	Equity World	15
SPDR MSCI Europe Industrials UCITS ETF	0.95%	Equity Europe Industrials	974
UBS Core MSCI EMU UCITS ETF EUR acc	0.34%	Equity Europe	3,393
iShares MSCI EMU CHF Hedged UCITS ETF (Acc)	0.33%	Equity Europe	146
Finanzen.net MSCI World UCITS ETF Acc	0.03%	Equity World	13
Amundi Prime Eurozone UCITS ETF DR (C)	0.36%	Equity Europe	72
Vanguard FTSE Developed Europe ex UK UCITS ETF (EUR) Accumulating	0.23%	Equity Europe	1,085
Amundi MSCI World Screened UCITS ETF Acc	0.03%	Equity World Social/Environmental	917
Invesco Defence Innovation UCITS ETF Acc	1.39%	Equity World Industrials Military & Defense	71
iShares MSCI World ex-USA UCITS ETF USD (Acc)	0.11%	Equity World	1,737
Amundi MSCI World Ex USA UCITS ETF Acc	0.10%	Equity World	460
BNP Paribas Easy Bloomberg Europe Defense UCITS ETF Acc	7.22%	Equity Europe Industrials Military & Defense	274
Vanguard LifeStrategy 60% Equity UCITS ETF Distributing	0.00%	Equity World Multi-Asset Strategy	87

Order fees

Here you can find information about different brokers that allow you to trade stocks. Select your preferred order volume to compare the fees charged by the respective brokers.

Order volume:

Order fee	Stock savings plans
0.99€	3000	View offer*
0.00€	2587	View offer*
1.00€	2500	View offer*
0.00€	500	View offer*
0.00€	2500	View offer*

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Source: justETF Research; As of 1/2026; *Affiliate link
— The offers are sorted in the following way: 1. Rating 2. Order fee 3. Number of stock savings plans. The number of stock savings plans is rounded.
— No guarantee can be given for the completeness and correctness of the information listed. The information provided by the online brokers is decisive. In addition to the indicated broker fees, additional costs (e.g. spreads, gratuities and product costs) may apply.

Savings plan offers

Here you can find information about the savings plan availability for the stock. You can use the table to compare savings plan offers for the selected savings rate.

Select your savings amount:

Execution fee	Account fee
0.00€	0.00€	View offer*
0.00€	0.00€	View offer*
0.00€	0.00€	View offer*
0.00€	0.00€	View offer*
0.00€	0.00€

Show all offers

Source: justETF Research; As of 1/2026; *Affiliate link
- The offers are sorted in the following way: 1. Rating 2. Execution fee 3. Number of stock savings plans. The number of stock savings plans is rounded.
- No guarantee can be given for the completeness and correctness of the information listed. The information provided by the online brokers is decisive. In addition to the indicated broker fees, additional costs (e.g. spreads, gratuities and product costs) may apply.

Performance

Returns overview

YTD	+4.75%
1 month	+11.02%
3 months	-7.50%
6 months	+12.80%
1 year	+95.61%
3 years	+517.49%
5 years	+760.34%
Since inception (MAX)	+475.82%
2025	+88.83%
2024	+72.30%
2023	+84.98%
2022	+29.30%

Monthly returns in a heat map

Risk

Risk metrics in this section:

Volatility, annualised, measured for 1, 3 and 5 year periods. The annualised volatility reflects the degree of price fluctuations during a one year period. The higher the volatility, the more significantly the price of the asset (stock, ETF, etc.) has changed in the past. Assets with higher volatility are generally considered more risky. We calculate the volatility based on the data for the past 1, 3 and 5 years so that you can see if price fluctuations for the ETF became stronger or weaker over time.
Return per risk for 1, 3 and 5 year periods. This is the annualised (i.e. converted to a one year period) past return divided by the past annualised volatility. The metric puts the historical return of an asset in relation to its historical risk and gives you a retrospective indication of the degree of price fluctuation you had to bear with in order to obtain the return. We calculate this parameter for 1, 3 and 5 year periods to display its evolution over time.
Maximum drawdown for a period. This shows the worst possible loss an investor could have suffered during the respective period, by first buying and subsequently selling the asset at the least favourable prices. For example, if there was the following sequence of daily ETF prices: 10€, 5€, 12€, 20€, an investor would have suffered the worst loss by buying for 10€ and subsequently selling for 5€. Therefore in this case the maximum drawdown would be (5€ - 10€)/10€ = -50%.

ETF returns include dividend payments (if applicable).