AQWA vs. DYNF

Last updated Jun 4, 2026

AQWA (Global X Clean Water ETF) and DYNF (BlackRock U.S. Equity Factor Rotation ETF) are both exchange-traded funds - AQWA is a Water Equities fund tracking the Solactive Global Clean Water Industry Index, while DYNF is a Large Cap Growth Equities fund actively managed by BlackRock. AQWA is passively managed, while DYNF is actively managed. Over the past 5 years, AQWA returned 4.62%/yr vs 15.04%/yr for DYNF. A 0.65 correlation means they provide meaningful diversification when combined. AQWA charges 0.50%/yr vs 0.30%/yr for DYNF.

Performance

AQWA vs. DYNF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Clean Water ETF (AQWA) and BlackRock U.S. Equity Factor Rotation ETF (DYNF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AQWA achieves a -0.68% return, which is significantly lower than DYNF's 11.55% return.

AQWA

• 1D: 0.06%
• 1M: -1.97%
• YTD: -0.68%
• 6M: -3.10%
• 1Y: 0.82%
• 3Y*: 9.10%
• 5Y*: 4.62%
• 10Y*: —

DYNF

• 1D: -0.57%
• 1M: 5.74%
• YTD: 11.55%
• 6M: 11.74%
• 1Y: 30.19%
• 3Y*: 26.22%
• 5Y*: 15.04%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AQWA vs. DYNF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AQWA Global X Clean Water ETF	-0.68%	13.15%	4.34%	20.13%	-19.89%	15.85%
DYNF BlackRock U.S. Equity Factor Rotation ETF	11.55%	20.00%	30.29%	36.25%	-20.27%	9.98%

Correlation

The correlation between AQWA and DYNF is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Apr 13, 2021	0.65

The correlation between AQWA and DYNF shifts across timeframes, from 0.52 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.

AQWA vs. DYNF - Sectors Allocation Comparison

Sectors	AQWA	DYNF
Industrials	56.9%	8.4%
Utilities	34.8%	2.7%
Consumer Defensive	2.9%	2.4%
Technology	2.0%	39.8%
Consumer Cyclical	1.7%	7.8%
Basic Materials	1.7%	0.7%
Communication Services	-	11.7%
Energy	-	1.9%
Financial Services	-	16.2%
Healthcare	-	6.6%
Real Estate	-	1.9%

Return for Risk

AQWA vs. DYNF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AQWA

AQWA Risk / Return Rank: 9
AQWA Sharpe Ratio Rank: 9
AQWA Sortino Ratio Rank: 9
AQWA Omega Ratio Rank: 9
AQWA Calmar Ratio Rank: 9
AQWA Martin Ratio Rank: 9

DYNF

DYNF Risk / Return Rank: 73
DYNF Sharpe Ratio Rank: 73
DYNF Sortino Ratio Rank: 71
DYNF Omega Ratio Rank: 71
DYNF Calmar Ratio Rank: 69
DYNF Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AQWA vs. DYNF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Clean Water ETF (AQWA) and BlackRock U.S. Equity Factor Rotation ETF (DYNF). 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.

	AQWA	DYNF	Difference
Sharpe ratio: Return per unit of total volatility	0.06	2.44	-2.38
Sortino ratio: Return per unit of downside risk	0.18	3.32	-3.14
Omega ratio: Gain probability vs. loss probability	1.02	1.43	-0.41
Calmar ratio: Return relative to maximum drawdown	0.07	3.50	-3.43
Martin ratio: Return relative to average drawdown	0.17	16.97	-16.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AQWA vs. DYNF - Sharpe Ratio Comparison

The current AQWA Sharpe Ratio is 0.06, which is lower than the DYNF Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of AQWA and DYNF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AQWA	DYNF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	2.44	-2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.86	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.83	-0.51

Drawdowns

AQWA vs. DYNF - Drawdown Comparison

The maximum AQWA drawdown since its inception was -29.44%, smaller than the maximum DYNF drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for AQWA and DYNF.

Drawdown Indicators

	AQWA	DYNF	Difference
Max Drawdown Largest peak-to-trough decline	-29.44%	-34.72%	+5.28%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-8.67%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-18.70%	+4.15%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-28.65%	-0.79%
Current Drawdown Current decline from peak	-10.78%	-0.57%	-10.21%
Average Drawdown Average peak-to-trough decline	-8.27%	-5.98%	-2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	1.78%	+3.12%

Volatility

AQWA vs. DYNF - Volatility Comparison

Global X Clean Water ETF (AQWA) has a higher volatility of 3.94% compared to BlackRock U.S. Equity Factor Rotation ETF (DYNF) at 3.27%. This indicates that AQWA's price experiences larger fluctuations and is considered to be riskier than DYNF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AQWA	DYNF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	3.27%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	9.55%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	12.44%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.75%	17.50%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	19.90%	-3.25%

AQWA vs. DYNF - Expense Ratio Comparison

AQWA has a 0.50% expense ratio, which is higher than DYNF's 0.30% expense ratio.

Dividends

AQWA vs. DYNF - Dividend Comparison

AQWA's dividend yield for the trailing twelve months is around 1.48%, more than DYNF's 0.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AQWA Global X Clean Water ETF	1.48%	1.47%	1.40%	1.53%	1.56%	1.20%	0.00%	0.00%
DYNF BlackRock U.S. Equity Factor Rotation ETF	0.89%	1.01%	0.65%	1.11%	1.66%	2.89%	1.52%	1.22%

Frequently Asked Questions

Can I hold both AQWA and DYNF in my portfolio?

AQWA and DYNF have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AQWA or DYNF?

AQWA has higher volatility (3.94%) compared to DYNF (3.27%). In terms of maximum drawdown, AQWA dropped -29.44% vs DYNF's -34.72%.

Which ETF is better, AQWA or DYNF?

On 5-year performance, DYNF leads with 15.04% vs 4.62% for AQWA. On fees, DYNF is cheaper at 0.30% per year. On volatility, DYNF has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AQWA or DYNF?

Over the 5-year period, DYNF has performed better with a 15.04% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AQWA or DYNF?

DYNF is cheaper with a 0.30% expense ratio, compared with 0.50% for AQWA.

Which ETF pays a higher dividend yield, AQWA or DYNF?

AQWA has the higher dividend yield at 1.48%, compared with 0.89% for DYNF.

What is the main difference between AQWA and DYNF?

AQWA is categorized as Water Equities, while DYNF is Large Cap Growth Equities. They also come from different issuers: Global X and BlackRock. Their fees differ too: 0.50% for AQWA and 0.30% for DYNF.

Which has better risk-adjusted returns?

DYNF currently has the higher Sharpe Ratio (2.44 vs 0.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.