Northrop Grumman

ISIN US6668071029

WKN 851915

Market cap (in EUR)

67,575 m

Country

United States

Sector

Industrials

Dividend yield

1.68%

Overview

Quote

Description

Northrop Grumman Corp. engages in the provision of advanced aircraft systems. It operates through the following segments: Aeronautics Systems, Defense Systems, Mission Systems, and Space Systems. The Aeronautics Systems segment is involved in the design, development, production, integration, sustainment, and modernization of advanced aircraft systems for the U.S. Air Force, the U.S. Navy, other U.S. government agencies, and international customers. The Defense Systems segment includes integrated battle management systems, weapons systems and aircraft, and mission systems sustainment and modernization. The Mission Systems segment offers advanced mission solutions and multifunction systems, primarily for the U.S. defense and intelligence community, and international customers. The Space Systems segment delivers end-to-end mission solutions through the design, development, integration, production and operation of space, missile defense, launch and strategic missile systems for national security, civil government, commercial, and international customers. The company was founded by John K. Northrop, Thomas V. Jones, and Kent Kresa in 1939 and is headquartered in Falls Church, VA.

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Industrials Industrial Manufacturing Aerospace and Defense Manufacturing United States

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Financials

Key metrics

Market capitalisation, EUR	67,575 m
EPS, EUR	27.62
P/B ratio	4.6
P/E ratio	17.2
Dividend yield	1.68%

Income statement (2025)

Revenue, EUR	37,189 m
Net income, EUR	3,707 m
Profit margin	9.97%

What ETF is Northrop Grumman in?

There are 197 ETFs which contain Northrop Grumman. All of these ETFs are listed in the table below. The ETF with the largest weighting of Northrop Grumman 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	0.20%	Equity United States Multi-Factor Strategy	8
iShares MSCI World Sector & Country Neutral Equal Weight UCITS ETF USD (Acc)	0.08%	Equity World Equal Weighted	19
UBS Core MSCI World UCITS ETF hCHF acc	0.12%	Equity World	978
Xtrackers Portfolio UCITS ETF 1C	0.01%	Equity World Multi-Asset Strategy	723
Invesco MSCI World Equal Weight UCITS ETF Acc	0.06%	Equity World Equal Weighted	1,246
Amundi Core MSCI USA UCITS ETF EUR Hedged (Acc)	0.17%	Equity United States	3
UBS ETF (IE) MSCI USA UCITS ETF (USD) A-UKdis	0.16%	Equity United States	50
State Street SPDR S&P 500 UCITS ETF USD Unhedged (Acc)	0.16%	Equity United States	15,235
UBS Core MSCI World UCITS ETF USD dis	0.12%	Equity World	1,807
BNP Paribas Easy MSCI World Equal Weight Select UCITS ETF USD Acc	0.10%	Equity World Equal Weighted	23
Vanguard LifeStrategy 40% Equity UCITS ETF Distributing	0.03%	Equity World Multi-Asset Strategy	40
iShares MSCI ACWI UCITS ETF USD (Dist)	0.10%	Equity World	6
UBS MSCI USA Value UCITS ETF USD dis	0.30%	Equity United States Value	482
Amundi Core MSCI USA UCITS ETF Acc	0.17%	Equity United States	3,280
First Trust Capital Strength UCITS ETF Acc	2.12%	Equity United States Fundamental/Quality	8
Fidelity US Equity Research Enhanced UCITS ETF ACC-USD	0.27%	Equity United States Social/Environmental	1,313
iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc)	0.19%	Equity United States Equal Weighted	359
Scalable MSCI AC World Xtrackers UCITS ETF 1C	0.09%	Equity World	587
Xtrackers MSCI World Minimum Volatility UCITS ETF 1C	0.71%	Equity World Low Volatility/Risk Weighted	838
Invesco Global Enhanced Equity UCITS ETF GBP PfHdg Acc	0.06%	Equity World Multi-Factor Strategy	3
Vanguard LifeStrategy 20% Equity UCITS ETF Distributing	0.03%	Equity World Multi-Asset Strategy	16
UBS MSCI USA ex Mega Cap UCITS ETF USD acc	0.29%	Equity United States	2
State Street SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.11%	Equity World	89
Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.11%	Equity World	50
Xtrackers MSCI World UCITS ETF 1D	0.13%	Equity World	4,821
Xtrackers S&P 500 UCITS ETF 1C - EUR Hedged	0.17%	Equity United States	430
Xtrackers S&P 500 Equal Weight UCITS ETF 1D - GBP Hedged	0.19%	Equity United States Equal Weighted	257
Xtrackers S&P 500 UCITS ETF 1D - EUR Hedged	0.17%	Equity United States	55
HSBC MSCI World UCITS ETF EUR Hedged (Acc)	0.13%	Equity World	730
UBS MSCI USA Select Factor Mix UCITS ETF USD acc	0.20%	Equity United States Multi-Factor Strategy	108
Amundi MSCI USA Ex Mega Cap UCITS ETF Acc	0.41%	Equity United States	27
Vanguard LifeStrategy 40% Equity UCITS ETF Accumulating	0.03%	Equity World Multi-Asset Strategy	222
HSBC PLUS USA Equity Quant Active UCITS ETF USD Acc	0.23%	Equity United States Multi-Factor Strategy	80
Xtrackers MSCI World Industrials UCITS ETF 1C	0.98%	Equity World Industrials	866
BNP Paribas Easy MSCI World Equal Weight Select UCITS ETF EUR Acc	0.10%	Equity World Equal Weighted	34
UBS Core S&P 500 UCITS ETF hGBP dis	0.16%	Equity United States	66
iShares Core S&P 500 UCITS ETF USD (Dist)	0.16%	Equity United States	18,700
Xtrackers Portfolio Income UCITS ETF 1D	0.02%	Equity World Multi-Asset Strategy	58
iShares Edge MSCI World Minimum Volatility UCITS ETF USD (Acc)	0.71%	Equity World Low Volatility/Risk Weighted	2,169
Invesco S&P 500 Equal Weight UCITS ETF Acc	0.17%	Equity United States Equal Weighted	991
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF USD C	0.11%	Equity World Social/Environmental	59
Vanguard LifeStrategy 80% Equity UCITS ETF (EUR) Accumulating	0.08%	Equity World Multi-Asset Strategy	1,060
First Trust US Large Cap Core AlphaDEX UCITS ETF Dist	0.31%	Equity United States Multi-Factor Strategy	38
Amundi Core MSCI USA UCITS ETF UCITS ETF CHF Hedged Acc	0.17%	Equity United States	1
Amundi Prime Global UCITS ETF Acc	0.13%	Equity World	1,864
UBS MSCI USA Select Factor Mix UCITS ETF USD dis	0.20%	Equity United States Multi-Factor Strategy	27
HSBC MSCI World UCITS ETF USD	0.13%	Equity World	13,125
UBS Core S&P 500 UCITS ETF hEUR acc	0.16%	Equity United States	220
L&G Global Equity UCITS ETF	0.13%	Equity World Social/Environmental	1,218
VanEck Morningstar Global Wide Moat UCITS ETF	1.31%	Equity World Moat	150
State Street SPDR S&P U.S. Industrials Select Sector UCITS ETF USD	1.81%	Equity United States Industrials	712
UBS Core MSCI World UCITS ETF hGBP dis	0.12%	Equity World	101
Vanguard LifeStrategy 80% Equity UCITS ETF Distributing	0.08%	Equity World Multi-Asset Strategy	80
Xtrackers MSCI USA UCITS ETF 1C	0.17%	Equity United States	10,645
UBS Core MSCI World UCITS ETF hEUR acc	0.12%	Equity World	809
UBS Core MSCI USA UCITS ETF EUR Hedged dis	0.16%	Equity United States	190
Franklin FTSE Developed World UCITS ETF USD Capitalisation	0.12%	Equity World	18
First Trust Indxx Global Aerospace & Defence UCITS ETF Class A USD ACC	5.32%	Equity World Industrials Military & Defense	117
Fidelity Global Equity Research Enhanced UCITS ETF ACC-USD	0.22%	Equity World Social/Environmental	231
iShares Core MSCI World UCITS ETF GBP Hedged (Dist)	0.12%	Equity World	1,119
BNP Paribas Easy MSCI World Min TE UCITS ETF USD Acc	0.13%	Equity World Social/Environmental	457
iShares S&P 500 Equal Weight UCITS ETF USD (Dist)	0.19%	Equity United States Equal Weighted	22
UBS Core MSCI USA UCITS ETF CHF Hedged acc	0.16%	Equity United States	578
iShares Core S&P 500 UCITS ETF EUR Hedged (Acc)	0.16%	Equity United States	81
Amundi Core MSCI World UCITS ETF Acc	0.12%	Equity World	13,358
iShares Edge MSCI USA Momentum Factor UCITS ETF USD (Dist)	0.32%	Equity United States Momentum	13
UBS Core MSCI USA UCITS ETF hGBP acc	0.16%	Equity United States	35
iShares Edge MSCI World Momentum Factor UCITS ETF (Acc)	0.18%	Equity World Momentum	4,299
Vanguard LifeStrategy 60% Equity UCITS ETF Accumulating	0.05%	Equity World Multi-Asset Strategy	814
Xtrackers MSCI World UCITS ETF 2D - GBP Hedged	0.13%	Equity World	458
iShares Core MSCI World UCITS ETF USD (Acc)	0.12%	Equity World	120,075
iShares Core S&P 500 UCITS ETF GBP Hedged (Dist)	0.16%	Equity United States	2,161
Xtrackers MSCI North America High Dividend Yield UCITS ETF 1C	0.71%	Equity North America Dividend	123
iShares Core S&P 500 UCITS ETF USD (Acc)	0.16%	Equity United States	126,399
BNP Paribas Easy S&P 500 II UCITS ETF USD (Acc)	0.13%	Equity United States	158
L&G US Equity UCITS ETF	0.18%	Equity United States Social/Environmental	1,290
State Street SPDR MSCI World UCITS ETF EUR Hedged (Acc)	0.12%	Equity World	742
Amundi Core MSCI World UCITS ETF EUR Hedged Acc	0.12%	Equity World	63
UBS Core MSCI USA UCITS ETF USD dis	0.16%	Equity United States	1,231
Vanguard FTSE All-World UCITS ETF (USD) Distributing	0.10%	Equity World	21,525
First Trust Value Line® Dividend Index UCITS ETF Acc	0.42%	Equity United States Dividend	6
State Street SPDR MSCI All Country World UCITS ETF USD Unhedged (Acc)	0.11%	Equity World	10,970
iShares MSCI USA Climate Transition Aware UCITS ETF USD (Acc)	0.24%	Equity United States Social/Environmental Climate Change	5
Xtrackers MSCI World Momentum UCITS ETF 1C	0.18%	Equity World Momentum	1,809
iShares MSCI USA UCITS ETF (Acc)	0.16%	Equity United States	4,025
iShares Global Aerospace & Defence UCITS ETF USD (Acc)	4.56%	Equity World Industrials Military & Defense	1,543
iShares MSCI USA Climate Transition Aware UCITS ETF USD (Dist)	0.24%	Equity United States Social/Environmental Climate Change	1
UBS MSCI World ex Mega Cap UCITS ETF USD acc	0.19%	Equity World	30
Fidelity US Equity Research Enhanced UCITS ETF EUR Hedged Acc	0.27%	Equity United States Social/Environmental	78
Xtrackers S&P 500 UCITS ETF 4D	0.17%	Equity United States	2
iShares Edge MSCI World Minimum Volatility UCITS ETF EUR Hedged (Acc)	0.71%	Equity World Low Volatility/Risk Weighted	168
UBS Core S&P 500 UCITS ETF USD dis	0.16%	Equity United States	1,161
Invesco Defence Innovation UCITS ETF Acc	1.90%	Equity World Industrials Military & Defense	132
UBS Core S&P 500 UCITS ETF hCHF acc	0.16%	Equity United States	635
Vanguard LifeStrategy 60% Equity UCITS ETF Distributing	0.05%	Equity World Multi-Asset Strategy	101
Xtrackers MSCI USA UCITS ETF 2C EUR Hedged	0.17%	Equity United States	567
UBS Core MSCI World UCITS ETF USD acc	0.12%	Equity World	8,595
iShares Core MSCI World UCITS ETF USD (Dist)	0.12%	Equity World	701
Xtrackers S&P 500 Equal Weight UCITS ETF 1C	0.19%	Equity United States Equal Weighted	8,802
State Street SPDR S&P U.S. Dividend Aristocrats UCITS ETF EUR Hedged (Dist)	0.71%	Equity United States Dividend	46
Invesco RAFI All-World Fundamental Value UCITS ETF	0.10%	Equity World Value	206
State Street SPDR S&P U.S. Dividend Aristocrats UCITS ETF USD Unhedged (Dist)	0.71%	Equity United States Dividend	3,064
Invesco FTSE All-World UCITS ETF GBP PfHdg Dist	0.11%	Equity World	22
UBS MSCI USA NSL UCITS ETF USD acc	0.16%	Equity United States	2,954
First Trust Growth Strength UCITS ETF Class A USD ACC	2.18%	Equity United States Multi-Factor Strategy Moat	0
Amundi Prime All Country World UCITS ETF Acc	0.11%	Equity World	1,721
Xtrackers MSCI USA Minimum Volatility UCITS ETF 1D	1.02%	Equity United States Low Volatility/Risk Weighted	4
UBS MSCI World UCITS ETF USD dis	0.12%	Equity World	1,429
Vanguard FTSE Developed World UCITS ETF Acc	0.11%	Equity World	5,776
iShares S&P 500 3% Capped UCITS ETF USD (Acc)	0.19%	Equity United States	184
HSBC Multi-Factor Worldwide Equity UCITS ETF USD	0.65%	Equity World Multi-Factor Strategy	914
Xtrackers S&P 500 Equal Weight UCITS ETF 2D	0.19%	Equity United States Equal Weighted	454
BNP Paribas Easy MSCI World Min TE UCITS ETF EUR Acc	0.13%	Equity World Social/Environmental	485
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)	0.13%	Equity World	5,248
VanEck Morningstar US Wide Moat UCITS ETF A	1.67%	Equity United States Equal Weighted Moat	34
iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc)	0.26%	Equity United States Low Volatility/Risk Weighted	30
State Street SPDR S&P 500 UCITS ETF GBP Hedged (Dist)	0.16%	Equity United States	298
State Street SPDR S&P 500 UCITS ETF USD Unhedged (Dist)	0.16%	Equity United States	17,546
State Street SPDR MSCI World UCITS ETF USD Unhedged	0.12%	Equity World	16,057
iShares S&P 500 Equal Weight UCITS ETF EUR Hedged (Acc)	0.19%	Equity United States Equal Weighted	179
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Dist)	0.13%	Equity World	107
Vanguard FTSE Developed World UCITS ETF Distributing	0.11%	Equity World	3,852
Invesco RAFI US Fundamental Value UCITS ETF Dist	0.27%	Equity United States Value	710
Vanguard FTSE North America UCITS ETF (USD) Accumulating	0.15%	Equity North America	2,599
HSBC S&P 500 UCITS ETF USD	0.17%	Equity United States	7,928
Xtrackers S&P 500 Equal Weight UCITS ETF 3C - CHF Hedged	0.19%	Equity United States Equal Weighted	64
HANetf Future of Defence UCITS ETF	4.99%	Equity World Military & Defense	2,779
Xtrackers S&P 500 Equal Weight UCITS ETF 2C EUR Hedged	0.19%	Equity United States Equal Weighted	1,305
UBS Core MSCI USA UCITS ETF EUR Hedged acc	0.16%	Equity United States	734
Xtrackers MSCI World UCITS ETF 2C - EUR Hedged	0.13%	Equity World	390
State Street SPDR MSCI World UCITS ETF GBP Hedged (Dist)	0.12%	Equity World	293
Invesco FTSE All-World UCITS ETF Acc	0.11%	Equity World	3,091
Vanguard S&P 500 UCITS ETF (USD) Accumulating	0.16%	Equity United States	29,304
UBS Core MSCI USA UCITS ETF USD acc	0.16%	Equity United States	2,613
State Street SPDR MSCI World Industrials UCITS ETF USD	0.98%	Equity World Industrials	185
Invesco S&P 500 Equal Weight UCITS ETF Dist	0.17%	Equity United States Equal Weighted	323
UBS MSCI USA Tech 125 Universal UCITS ETF USD acc	0.15%	Equity United States Social/Environmental Innovation	33
HSBC MSCI World UCITS ETF CHF hedged	0.13%	Equity World	83
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF EUR Acc	0.11%	Equity World Social/Environmental	16
Amundi Core MSCI World UCITS ETF USD Dist	0.12%	Equity World	1,525
Amundi Core MSCI USA UCITS ETF Dist	0.17%	Equity United States	1,035
Amundi Core S&P 500 UCITS ETF UCITS ETF Acc	0.17%	Equity United States	19
iShares Russell 1000 Value UCITS ETF USD (Acc)	0.30%	Equity United States Value	470
Vanguard FTSE North America UCITS ETF (USD) Distributing	0.15%	Equity North America	2,804
Xtrackers S&P 500 UCITS ETF 4C	0.17%	Equity United States	1,336
Xtrackers MSCI USA Industrials UCITS ETF 1D	1.78%	Equity United States Industrials	302
iShares Edge MSCI World Minimum Volatility UCITS ETF GBP hedged (Acc)	0.71%	Equity World Low Volatility/Risk Weighted	60
iShares Edge S&P 500 Minimum Volatility UCITS ETF (Acc)	0.26%	Equity United States Low Volatility/Risk Weighted	1,514
iShares MSCI World UCITS ETF (Dist)	0.12%	Equity World	7,948
iShares Core MSCI World UCITS ETF EUR Hedged (Dist)	0.12%	Equity World	1,728
iShares S&P 500 GBP Hedged UCITS ETF (Acc)	0.16%	Equity United States	1,356
State Street SPDR S&P 500 UCITS ETF EUR Hedged	0.16%	Equity United States	2,416
iShares S&P 500 EUR Hedged UCITS ETF (Acc)	0.16%	Equity United States	8,650
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.10%	Equity World	38,398
HSBC MSCI World UCITS ETF USD (Acc)	0.13%	Equity World	1,832
Xtrackers MSCI USA UCITS ETF 1D	0.17%	Equity United States	274
iShares MSCI North America UCITS ETF	0.15%	Equity North America	1,306
Global X Defence Tech UCITS ETF USD Accumulating	8.76%	Equity World Industrials Military & Defense	505
Xtrackers MSCI World UCITS ETF 3C - CHF Hedged	0.13%	Equity World	48
BNP Paribas Easy S&P 500 II UCITS ETF USD (Dist)	0.13%	Equity United States	1
Invesco Global Enhanced Equity UCITS ETF Acc	0.06%	Equity World Multi-Factor Strategy	575
JPMorgan BetaBuilders US Equity UCITS ETF USD (dist)	0.17%	Equity United States	4
UBS Core MSCI World UCITS ETF hGBP acc	0.12%	Equity World	49
iShares MSCI ACWI UCITS ETF USD (Acc)	0.10%	Equity World	27,227
HSBC S&P 500 UCITS ETF USD (Acc)	0.17%	Equity United States	609
iShares S&P 500 Industrials Sector UCITS ETF	1.80%	Equity United States Industrials	597
HSBC PLUS World Equity Quant Active UCITS ETF USD Acc	0.23%	Equity World Multi-Factor Strategy	552
UBS MSCI USA Select Factor Mix UCITS ETF hCHF acc	0.20%	Equity United States Multi-Factor Strategy	24
Vanguard S&P 500 UCITS ETF (USD) Distributing	0.16%	Equity United States	44,623
State Street SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.11%	Equity World	1,446
iShares S&P 500 Equal Weight UCITS ETF USD (Acc)	0.19%	Equity United States Equal Weighted	3,493
iShares MSCI World EUR Hedged UCITS ETF (Acc)	0.12%	Equity World	5,109
Invesco FTSE All-World UCITS ETF Dist	0.11%	Equity World	237
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	0.26%	Equity United States Low Volatility/Risk Weighted	125
JPMorgan BetaBuilders US Equity UCITS ETF USD (acc)	0.17%	Equity United States	79
Vanguard LifeStrategy 20% Equity UCITS ETF Accumulating	0.03%	Equity World Multi-Asset Strategy	97
First Trust US Large Cap Core AlphaDEX UCITS ETF Acc	0.31%	Equity United States Multi-Factor Strategy	102
Xtrackers S&P 500 UCITS ETF 3C CHF hedged	0.17%	Equity United States	62
BNP Paribas Easy MSCI World Min TE UCITS ETF EUR Hedged Acc	0.13%	Equity World Social/Environmental	105
Amundi Prime Global UCITS ETF Dist	0.13%	Equity World	1,548
First Trust Bloomberg Scarce Resources UCITS ETF Class A USD ACC	1.10%	Equity World	1
Xtrackers MSCI World UCITS ETF 1C	0.13%	Equity World	18,793
Invesco Global Enhanced Equity UCITS ETF EUR PfHdg Acc	0.06%	Equity World Multi-Factor Strategy	8
iShares MSCI World GBP Hedged UCITS ETF (Acc)	0.12%	Equity World	526
iShares S&P 500 3% Capped UCITS ETF USD (Dist)	0.19%	Equity United States	1
UBS Core S&P 500 UCITS ETF USD acc	0.16%	Equity United States	1,455
Amundi Prime All Country World UCITS ETF Dist	0.11%	Equity World	3,999
iShares Edge MSCI USA Momentum Factor UCITS ETF	0.32%	Equity United States Momentum	519
HSBC Multi Factor Worldwide Equity UCITS ETF USD (Acc)	0.65%	Equity World Multi-Factor Strategy	4
BNP Paribas Easy MSCI USA Min TE UCITS ETF	0.19%	Equity United States Social/Environmental	1,137
Xtrackers MSCI USA UCITS ETF 3C CHF Hedged	0.17%	Equity United States	343
Franklin Core US Enhanced Equity UCITS ETF Acc	0.60%	Equity United States Multi-Factor Strategy	5
Invesco FTSE All-World UCITS ETF CHF PfHdg Acc	0.11%	Equity World	49
iShares Edge MSCI World Minimum Volatility UCITS ETF USD (Dist)	0.71%	Equity World Low Volatility/Risk Weighted	11
Xtrackers S&P 500 UCITS ETF 2C - GBP Hedged	0.17%	Equity United States	635
HSBC S&P 500 UCITS ETF CHF Hedged (Acc)	0.17%	Equity United States	12
UBS MSCI USA UCITS ETF USD dis	0.16%	Equity United States	489

Performance

Returns overview

YTD	-3.42%
1 month	-5.30%
3 months	-22.97%
6 months	-4.52%
1 year	+17.31%
3 years	+16.42%
5 years	+58.22%
Since inception (MAX)	+302.00%
2025	+14.66%
2024	+1.74%
2023	-18.41%
2022	+57.56%

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).