General Dynamics

ISIN US3695501086

WKN 851143

Market cap (in EUR)

89,266 m

Country

United States

Sector

Industrials

Dividend yield

1.62%

Overview

Quote

Description

General Dynamics Corp. is a global aerospace and defense company, which engages in design, engineering, and manufacturing to deliver solutions. It operates through the following business segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment includes the production of business jets, technology aircraft, repair, support and completion services. The Marine Systems segment involves the design and building of nuclear-powered submarines, surface combatant, and auxiliary ship design and construction. The Combat Systems segment focuses on manufacturing and integrating land combat solutions, wheeled and tracked combat vehicles, weapons systems, and munitions. The Technologies segment consists of services, technologies, and products for electronic hardware with its software. The company was founded on February 21, 1952 and is headquartered in Reston, VA.

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Industrials Industrial Manufacturing Aerospace and Defense Manufacturing United States

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Financials

Key metrics

Market capitalisation, EUR	89,266 m
EPS, EUR	13.73
P/B ratio	3.9
P/E ratio	23.7
Dividend yield	1.62%

Income statement (2025)

Revenue, EUR	46,581 m
Net income, EUR	3,732 m
Profit margin	8.01%

What ETF is General Dynamics in?

There are 201 ETFs which contain General Dynamics. All of these ETFs are listed in the table below. The ETF with the largest weighting of General Dynamics is the Global X Defence Tech UCITS ETF USD Accumulating.

ETF	Weight	Investment focus	Fund size (in m EUR)
UBS MSCI USA Select Factor Mix UCITS ETF hEUR acc	0.42%	Equity United States Multi-Factor Strategy	8
iShares MSCI World Sector & Country Neutral Equal Weight UCITS ETF USD (Acc)	0.07%	Equity World Equal Weighted	20
UBS Core MSCI World UCITS ETF hCHF acc	0.09%	Equity World	1,024
UBS Factor MSCI USA Low Volatility UCITS ETF USD dis	0.70%	Equity United States Low Volatility/Risk Weighted	37
Xtrackers Portfolio UCITS ETF 1C	0.01%	Equity World Multi-Asset Strategy	759
Invesco MSCI World Equal Weight UCITS ETF	0.08%	Equity World Equal Weighted	1,509
Amundi Core MSCI USA UCITS ETF EUR Hedged (Acc)	0.12%	Equity United States	3
UBS ETF (IE) MSCI USA UCITS ETF (USD) A-UKdis	0.12%	Equity United States	43
State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)	0.13%	Equity United States	15,480
UBS Core MSCI World UCITS ETF USD dis	0.09%	Equity World	1,923
Vanguard LifeStrategy 40% Equity UCITS ETF Distributing	0.02%	Equity World Multi-Asset Strategy	43
iShares MSCI ACWI UCITS ETF USD (Dist)	0.07%	Equity World	18
UBS MSCI USA Value UCITS ETF USD dis	0.24%	Equity United States Value	576
Amundi Core MSCI USA UCITS ETF Acc	0.12%	Equity United States	3,720
Franklin U.S. Equity UCITS ETF	0.39%	Equity United States Multi-Factor Strategy	66
First Trust Capital Strength UCITS ETF Acc	2.09%	Equity United States Fundamental/Quality	9
Fidelity US Equity Research Enhanced UCITS ETF ACC-USD	0.21%	Equity United States Social/Environmental	1,433
iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc)	0.18%	Equity United States Equal Weighted	393
Scalable MSCI AC World Xtrackers UCITS ETF 1C	0.10%	Equity World	690
Xtrackers MSCI World Minimum Volatility UCITS ETF 1C	0.23%	Equity World Low Volatility/Risk Weighted	1,091
JPMorgan Global Equity Multi-Factor UCITS ETF USD (dist)	0.27%	Equity World Multi-Factor Strategy	0
Vanguard LifeStrategy 20% Equity UCITS ETF Distributing	0.02%	Equity World Multi-Asset Strategy	16
UBS MSCI USA ex Mega Cap UCITS ETF USD acc	0.22%	Equity United States	2
State Street SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.08%	Equity World	95
Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.07%	Equity World	55
Xtrackers MSCI World UCITS ETF 1D	0.09%	Equity World	4,957
Xtrackers S&P 500 UCITS ETF 1C - EUR Hedged	0.14%	Equity United States	448
Xtrackers S&P 500 Equal Weight UCITS ETF 1D - GBP Hedged	0.20%	Equity United States Equal Weighted	278
Xtrackers S&P 500 UCITS ETF 1D - EUR Hedged	0.14%	Equity United States	57
HSBC MSCI World UCITS ETF EUR Hedged (Acc)	0.10%	Equity World	718
UBS MSCI USA Select Factor Mix UCITS ETF USD acc	0.42%	Equity United States Multi-Factor Strategy	111
Amundi MSCI USA Ex Mega Cap UCITS ETF Acc	0.32%	Equity United States	132
Vanguard LifeStrategy 40% Equity UCITS ETF Accumulating	0.02%	Equity World Multi-Asset Strategy	234
State Street SPDR S&P 500 Low Volatility UCITS ETF USD	0.92%	Equity United States Low Volatility/Risk Weighted	101
Vanguard FTSE All-World High Dividend Yield UCITS ETF Distributing	0.21%	Equity World Dividend	8,992
HSBC PLUS USA Equity Quant Active UCITS ETF USD Acc	0.38%	Equity United States Multi-Factor Strategy	94
Xtrackers MSCI World Industrials UCITS ETF 1C	0.78%	Equity World Industrials	955
HSBC PLUS World Equity Income Quant Active UCITS ETF USD Acc	0.30%	Equity World Dividend	3
UBS Core S&P 500 UCITS ETF hGBP dis	0.14%	Equity United States	68
iShares Core S&P 500 UCITS ETF USD (Dist)	0.14%	Equity United States	19,317
Xtrackers Portfolio Income UCITS ETF 1D	0.02%	Equity World Multi-Asset Strategy	59
iShares Edge MSCI World Minimum Volatility UCITS ETF USD (Acc)	0.23%	Equity World Low Volatility/Risk Weighted	2,245
Invesco S&P 500 Equal Weight UCITS ETF	0.19%	Equity United States Equal Weighted	1,058
Vanguard LifeStrategy 80% Equity UCITS ETF (EUR) Accumulating	0.06%	Equity World Multi-Asset Strategy	1,176
First Trust US Large Cap Core AlphaDEX UCITS ETF Dist	0.16%	Equity United States Multi-Factor Strategy	40
Amundi Core MSCI USA UCITS ETF UCITS ETF CHF Hedged Acc	0.12%	Equity United States	1
Amundi Prime Global UCITS ETF Acc	0.09%	Equity World	2,758
Fidelity Global Value Research Enhanced UCITS ETF ACC-USD	0.37%	Equity World Value	7
UBS MSCI USA Select Factor Mix UCITS ETF USD dis	0.42%	Equity United States Multi-Factor Strategy	28
HSBC MSCI World UCITS ETF USD	0.10%	Equity World	13,642
UBS Core S&P 500 UCITS ETF hEUR acc	0.14%	Equity United States	195
L&G Global Equity UCITS ETF	0.09%	Equity World Social/Environmental	1,498
Vanguard FTSE All-World High Dividend Yield UCITS ETF Acc	0.21%	Equity World Dividend	2,646
State Street SPDR S&P U.S. Industrials Select Sector UCITS ETF USD	1.63%	Equity United States Industrials	880
UBS Core MSCI World UCITS ETF hGBP dis	0.09%	Equity World	108
Vanguard LifeStrategy 80% Equity UCITS ETF Distributing	0.06%	Equity World Multi-Asset Strategy	88
Xtrackers MSCI USA UCITS ETF 1C	0.12%	Equity United States	11,381
UBS Core MSCI World UCITS ETF hEUR acc	0.09%	Equity World	882
UBS Core MSCI USA UCITS ETF EUR Hedged dis	0.12%	Equity United States	188
Franklin FTSE Developed World UCITS ETF USD Capitalisation	0.09%	Equity World	19
First Trust Indxx Global Aerospace & Defence UCITS ETF Class A USD ACC	4.58%	Equity World Industrials Military & Defense	120
Fidelity Global Equity Research Enhanced UCITS ETF ACC-USD	0.16%	Equity World Social/Environmental	258
iShares Core MSCI World UCITS ETF GBP Hedged (Dist)	0.09%	Equity World	1,193
iShares S&P 500 Equal Weight UCITS ETF USD (Dist)	0.18%	Equity United States Equal Weighted	31
UBS Core MSCI USA UCITS ETF CHF Hedged acc	0.12%	Equity United States	616
iShares Core S&P 500 UCITS ETF EUR Hedged (Acc)	0.14%	Equity United States	86
L&G S&P 100 Equal Weight UCITS ETF USD Acc	0.91%	Equity United States Large Cap	31
Amundi Core MSCI World UCITS ETF Acc	0.09%	Equity World	14,150
UBS Core MSCI USA UCITS ETF hGBP acc	0.12%	Equity United States	35
Vanguard LifeStrategy 60% Equity UCITS ETF Accumulating	0.04%	Equity World Multi-Asset Strategy	899
Xtrackers MSCI World UCITS ETF 2D - GBP Hedged	0.09%	Equity World	447
iShares Core MSCI World UCITS ETF USD (Acc)	0.09%	Equity World	124,576
iShares Core S&P 500 UCITS ETF GBP Hedged (Dist)	0.14%	Equity United States	2,150
Xtrackers MSCI North America High Dividend Yield UCITS ETF 1C	0.60%	Equity North America Dividend	137
iShares Core S&P 500 UCITS ETF USD (Acc)	0.14%	Equity United States	131,818
BNP Paribas Easy S&P 500 II UCITS ETF USD (Acc)	0.15%	Equity United States	2,459
L&G US Equity UCITS ETF	0.12%	Equity United States Social/Environmental	1,303
State Street SPDR MSCI World UCITS ETF EUR Hedged (Acc)	0.08%	Equity World	801
Amundi Core MSCI World UCITS ETF EUR Hedged Acc	0.09%	Equity World	59
UBS Core MSCI USA UCITS ETF USD dis	0.12%	Equity United States	1,278
Vanguard FTSE All-World UCITS ETF (USD) Distributing	0.08%	Equity World	22,689
First Trust Value Line® Dividend Index UCITS ETF Acc	0.41%	Equity United States Dividend	8
State Street SPDR MSCI All Country World UCITS ETF USD Unhedged (Acc)	0.08%	Equity World	14,268
iShares MSCI USA UCITS ETF (Acc)	0.12%	Equity United States	4,376
iShares Global Aerospace & Defence UCITS ETF USD (Acc)	4.18%	Equity World Industrials Military & Defense	1,646
JPMorgan Global Equity Multi-Factor UCITS ETF USD (acc)	0.27%	Equity World Multi-Factor Strategy	237
UBS MSCI World ex Mega Cap UCITS ETF USD acc	0.15%	Equity World	6
Fidelity US Equity Research Enhanced UCITS ETF EUR Hedged Acc	0.21%	Equity United States Social/Environmental	107
Xtrackers MSCI World IMI UCITS ETF 1C Capitalisation	0.09%	Equity World	12
Xtrackers S&P 500 UCITS ETF 4D	0.14%	Equity United States	1
iShares Edge MSCI World Minimum Volatility UCITS ETF EUR Hedged (Acc)	0.23%	Equity World Low Volatility/Risk Weighted	161
UBS Core S&P 500 UCITS ETF USD dis	0.14%	Equity United States	1,213
Invesco Defence Innovation UCITS ETF	1.09%	Equity World Industrials Military & Defense	138
UBS Core S&P 500 UCITS ETF hCHF acc	0.14%	Equity United States	734
Vanguard LifeStrategy 60% Equity UCITS ETF Distributing	0.04%	Equity World Multi-Asset Strategy	117
L&G S&P 100 UCITS ETF USD Acc	0.18%	Equity United States Large Cap	3
Xtrackers MSCI USA UCITS ETF 2C EUR Hedged	0.12%	Equity United States	616
Xtrackers S&P 500 GARP UCITS ETF 1C	0.69%	Equity United States Multi-Factor Strategy	5
UBS Core MSCI World UCITS ETF USD acc	0.09%	Equity World	9,920
iShares FTSE All-World UCITS ETF USD (Acc)	0.08%	Equity World	26
iShares Core MSCI World UCITS ETF USD (Dist)	0.09%	Equity World	766
Xtrackers S&P 500 Equal Weight UCITS ETF 1C	0.20%	Equity United States Equal Weighted	10,388
State Street SPDR S&P U.S. Dividend Aristocrats UCITS ETF EUR Hedged (Dist)	0.84%	Equity United States Dividend	49
Invesco RAFI All-World Fundamental Value UCITS ETF	0.09%	Equity World Value	234
State Street SPDR S&P U.S. Dividend Aristocrats UCITS ETF USD Unhedged (Dist)	0.84%	Equity United States Dividend	3,295
Invesco FTSE All-World UCITS ETF GBP PfHdg Dist	0.07%	Equity World	26
UBS MSCI USA NSL UCITS ETF USD acc	0.12%	Equity United States	3,011
UBS Factor MSCI USA Low Volatility UCITS ETF hEUR acc	0.70%	Equity United States Low Volatility/Risk Weighted	4
BNP Paribas Easy MSCI World UCITS ETF USD Acc	0.09%	Equity World	80
Amundi Prime All Country World UCITS ETF Acc	0.08%	Equity World	2,235
UBS MSCI World UCITS ETF USD dis	0.09%	Equity World	1,474
Xtrackers MSCI USA Minimum Volatility UCITS ETF 1D	0.07%	Equity United States Low Volatility/Risk Weighted	4
Vanguard FTSE Developed World UCITS ETF Acc	0.09%	Equity World	5,701
iShares S&P 500 3% Capped UCITS ETF USD (Acc)	0.16%	Equity United States	210
Amundi FTSE All World GDP-Weighted UCITS ETF Acc	0.05%	Equity World	16
HSBC Multi-Factor Worldwide Equity UCITS ETF USD	0.70%	Equity World Multi-Factor Strategy	997
Xtrackers S&P 500 Equal Weight UCITS ETF 2D	0.20%	Equity United States Equal Weighted	531
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)	0.06%	Equity World	6,304
iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc)	0.62%	Equity United States Low Volatility/Risk Weighted	29
State Street SPDR S&P 500 UCITS ETF GBP Hedged (Dist)	0.13%	Equity United States	310
State Street SPDR S&P 500 UCITS ETF USD Unhedged (Dist)	0.13%	Equity United States	18,379
iShares S&P 500 3% Capped UCITS ETF EUR Hedged Acc	0.16%	Equity United States	31
State Street SPDR MSCI World UCITS ETF USD Unhedged	0.08%	Equity World	17,272
iShares S&P 500 Equal Weight UCITS ETF EUR Hedged (Acc)	0.18%	Equity United States Equal Weighted	343
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Dist)	0.06%	Equity World	159
Vanguard FTSE Developed World UCITS ETF Distributing	0.09%	Equity World	4,105
Invesco RAFI US Fundamental Value UCITS ETF Dist	0.18%	Equity United States Value	866
Vanguard FTSE North America UCITS ETF (USD) Accumulating	0.13%	Equity North America	2,757
HSBC S&P 500 UCITS ETF USD	0.14%	Equity United States	8,605
Xtrackers S&P 500 Equal Weight UCITS ETF 3C - CHF Hedged	0.20%	Equity United States Equal Weighted	68
HANetf Future of Defence UCITS ETF	4.25%	Equity World Military & Defense	2,829
Xtrackers S&P 500 Equal Weight UCITS ETF 2C EUR Hedged	0.20%	Equity United States Equal Weighted	1,331
UBS Core MSCI USA UCITS ETF EUR Hedged acc	0.12%	Equity United States	729
Xtrackers MSCI World UCITS ETF 2C - EUR Hedged	0.09%	Equity World	431
State Street SPDR MSCI World UCITS ETF GBP Hedged (Dist)	0.08%	Equity World	331
BNP Paribas Easy MSCI World UCITS ETF EUR Acc	0.09%	Equity World	142
Invesco FTSE All-World UCITS ETF	0.07%	Equity World	3,528
Vanguard S&P 500 UCITS ETF (USD) Accumulating	0.14%	Equity United States	29,390
UBS Core MSCI USA UCITS ETF USD acc	0.12%	Equity United States	2,757
State Street SPDR MSCI World Industrials UCITS ETF USD	0.79%	Equity World Industrials	194
Invesco S&P 500 Equal Weight UCITS ETF Dist	0.19%	Equity United States Equal Weighted	349
HSBC MSCI World UCITS ETF CHF hedged	0.10%	Equity World	79
Amundi Core MSCI World UCITS ETF USD Dist	0.09%	Equity World	1,612
Amundi Core MSCI USA UCITS ETF Dist	0.12%	Equity United States	1,067
BNP Paribas Easy MSCI USA UCITS ETF EUR Acc	0.12%	Equity United States	17
Amundi Core S&P 500 UCITS ETF UCITS ETF Acc	0.14%	Equity United States	20
BNP Paribas Easy MSCI USA UCITS ETF USD Acc	0.12%	Equity United States	17
iShares Russell 1000 Value UCITS ETF USD (Acc)	0.26%	Equity United States Value	661
Vanguard FTSE North America UCITS ETF (USD) Distributing	0.13%	Equity North America	2,934
Xtrackers S&P 500 UCITS ETF 4C	0.14%	Equity United States	1,621
Xtrackers MSCI USA Industrials UCITS ETF 1D	1.37%	Equity United States Industrials	300
iShares Edge MSCI World Minimum Volatility UCITS ETF GBP hedged (Acc)	0.23%	Equity World Low Volatility/Risk Weighted	60
iShares Edge S&P 500 Minimum Volatility UCITS ETF (Acc)	0.62%	Equity United States Low Volatility/Risk Weighted	1,478
iShares MSCI World UCITS ETF (Dist)	0.09%	Equity World	8,119
Invesco S&P 500 QVM UCITS ETF	0.73%	Equity United States Multi-Factor Strategy	62
iShares Core MSCI World UCITS ETF EUR Hedged (Dist)	0.09%	Equity World	1,772
iShares S&P 500 GBP Hedged UCITS ETF (Acc)	0.14%	Equity United States	1,388
State Street SPDR S&P 500 UCITS ETF EUR Hedged	0.13%	Equity United States	2,434
iShares S&P 500 EUR Hedged UCITS ETF (Acc)	0.13%	Equity United States	8,649
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.08%	Equity World	44,435
HSBC MSCI World UCITS ETF USD (Acc)	0.10%	Equity World	1,925
Xtrackers MSCI USA UCITS ETF 1D	0.12%	Equity United States	284
iShares MSCI North America UCITS ETF	0.11%	Equity North America	1,245
Global X Defence Tech UCITS ETF USD Accumulating	7.81%	Equity World Industrials Military & Defense	476
BNP Paribas Easy S&P 500 II UCITS ETF USD (Dist)	0.15%	Equity United States	123
Xtrackers MSCI World UCITS ETF 3C - CHF Hedged	0.09%	Equity World	53
JPMorgan BetaBuilders US Equity UCITS ETF USD (dist)	0.13%	Equity United States	3
UBS Core MSCI World UCITS ETF hGBP acc	0.09%	Equity World	59
iShares MSCI ACWI UCITS ETF USD (Acc)	0.07%	Equity World	29,601
HSBC S&P 500 UCITS ETF USD (Acc)	0.14%	Equity United States	648
iShares S&P 500 Industrials Sector UCITS ETF	1.63%	Equity United States Industrials	706
HSBC PLUS World Equity Quant Active UCITS ETF USD Acc	0.40%	Equity World Multi-Factor Strategy	586
UBS MSCI USA Select Factor Mix UCITS ETF hCHF acc	0.42%	Equity United States Multi-Factor Strategy	25
Vanguard S&P 500 UCITS ETF (USD) Distributing	0.14%	Equity United States	45,879
State Street SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.08%	Equity World	1,639
iShares S&P 500 Equal Weight UCITS ETF USD (Acc)	0.18%	Equity United States Equal Weighted	4,212
iShares MSCI World EUR Hedged UCITS ETF (Acc)	0.09%	Equity World	5,298
Xtrackers FTSE All-World UCITS ETF 1C	0.09%	Equity World	44
Invesco FTSE All-World UCITS ETF	0.07%	Equity World	265
Goldman Sachs MSCI World Private Equity Return Tracker UCITS ETF USD (Acc)	1.62%	Equity World Private Equity	13
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	0.62%	Equity United States Low Volatility/Risk Weighted	129
JPMorgan BetaBuilders US Equity UCITS ETF USD (acc)	0.13%	Equity United States	80
Vanguard LifeStrategy 20% Equity UCITS ETF Accumulating	0.02%	Equity World Multi-Asset Strategy	100
First Trust US Large Cap Core AlphaDEX UCITS ETF Acc	0.16%	Equity United States Multi-Factor Strategy	138
HSBC PLUS World Equity Income Quant Active UCITS ETF USD Dist	0.30%	Equity World Dividend	139
Xtrackers S&P 500 UCITS ETF 3C CHF hedged	0.14%	Equity United States	61
Invesco S&P 500 Low Volatility UCITS ETF Acc	0.93%	Equity United States Low Volatility/Risk Weighted	121
Amundi Prime Global UCITS ETF Dist	0.09%	Equity World	1,578
Xtrackers MSCI World UCITS ETF 1C	0.09%	Equity World	19,862
iShares MSCI World GBP Hedged UCITS ETF (Acc)	0.08%	Equity World	545
iShares S&P 500 3% Capped UCITS ETF USD (Dist)	0.16%	Equity United States	1
UBS Core S&P 500 UCITS ETF USD acc	0.14%	Equity United States	1,699
Amundi Prime All Country World UCITS ETF Dist	0.08%	Equity World	4,592
HSBC Multi Factor Worldwide Equity UCITS ETF USD (Acc)	0.70%	Equity World Multi-Factor Strategy	0
Xtrackers MSCI USA UCITS ETF 3C CHF Hedged	0.12%	Equity United States	360
Invesco FTSE All-World UCITS ETF CHF PfHdg Acc	0.07%	Equity World	63
iShares Edge MSCI World Minimum Volatility UCITS ETF USD (Dist)	0.23%	Equity World Low Volatility/Risk Weighted	11
Xtrackers S&P 500 UCITS ETF 2C - GBP Hedged	0.14%	Equity United States	668
Fidelity US Value Research Enhanced UCITS ETF ACC-USD	0.47%	Equity United States Value	2
HSBC S&P 500 UCITS ETF CHF Hedged (Acc)	0.14%	Equity United States	11
UBS MSCI USA UCITS ETF USD dis	0.12%	Equity United States	506

Performance

Returns overview

YTD	+10.62%
1 month	+9.41%
3 months	+6.97%
6 months	+6.71%
1 year	+27.90%
3 years	+66.93%
5 years	+104.38%
Since inception (MAX)	+197.53%
2025	+20.04%
2024	+3.76%
2023	-1.49%
2022	+33.94%

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).