Defense stocks have floundered since the Iran war began. Here's why

Defense stocks haven't been the slam-dunk play some investors expected as the U.S.-Iran war broke out. The iShares U.S. Aerospace & Defense ETF (ITA) has dropped about 12% since the start of March, when the Middle East conflict began escalating following the U.S.-Israeli strike on Iran. The S & P 500 added 3.5% over the same period. ITA .SPX 3M mountain ITA vs. the S & P 500, 3-month The ETF fell more than 1% on Tuesday, on track for its sixth negative day of the last seven. …