BPAY vs. DFNL

Last updated Aug 2, 2026

BPAY (BlackRock Future Financial and Technology ETF) and DFNL (Davis Select Financial ETF) are both Financials Equities funds. Both are actively managed. Over the past 3 years, BPAY returned 8.37%/yr vs 23.47%/yr for DFNL. Their 0.75 correlation means they have sometimes moved together and sometimes differently. BPAY charges 0.70%/yr vs 0.64%/yr for DFNL.

Performance

BPAY vs. DFNL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Future Financial and Technology ETF (BPAY) and Davis Select Financial ETF (DFNL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BPAY achieves a -1.50% return, which is significantly lower than DFNL's 6.12% return.

BPAY

• 1D: -0.37%
• 1M: 0.10%
• 6M: 4.10%
• YTD: -1.50%
• 1Y: -11.26%
• 3Y*: 8.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.45%

DFNL

• 1D: 0.18%
• 1M: 1.36%
• 6M: 6.88%
• YTD: 6.12%
• 1Y: 22.75%
• 3Y*: 23.47%
• 5Y*: 14.05%
• 10Y*: —
• ALL TIME*: 12.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BPAY BlackRock Future Financial and Technology ETF	$137.55K	$90.06K	$56.72K
DFNL Davis Select Financial ETF	$3.69M	$3.03M	$2.46M

BPAY vs. DFNL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BPAY BlackRock Future Financial and Technology ETF	-1.50%	8.54%	17.28%	13.19%	-16.32%
DFNL Davis Select Financial ETF	6.12%	28.59%	28.56%	14.45%	-1.76%

Correlation

The correlation between BPAY and DFNL is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (All Time) Calculated using the full available price history since Aug 18, 2022	0.75

The correlation between BPAY and DFNL shifts across timeframes, from 0.63 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

BPAY vs. DFNL - Sectors Allocation Comparison

Sectors	BPAY	DFNL
Financial Services	54.2%	93.7%
Technology	35.5%	3.0%
Consumer Cyclical	6.1%	0.9%
Industrials	4.3%	2.4%
Real Estate	2.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

BPAY vs. DFNL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BPAY

BPAY Risk / Return Rank: 5
BPAY Sharpe Ratio Rank: 5
BPAY Sortino Ratio Rank: 5
BPAY Omega Ratio Rank: 5
BPAY Calmar Ratio Rank: 6
BPAY Martin Ratio Rank: 6

DFNL

DFNL Risk / Return Rank: 52
DFNL Sharpe Ratio Rank: 60
DFNL Sortino Ratio Rank: 58
DFNL Omega Ratio Rank: 56
DFNL Calmar Ratio Rank: 45
DFNL Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BPAY vs. DFNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Future Financial and Technology ETF (BPAY) and Davis Select Financial ETF (DFNL). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BPAY	DFNL	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	1.42	-1.96
Sortino ratio: Return per unit of downside risk	-0.60	2.00	-2.60
Omega ratio: Gain probability vs. loss probability	0.93	1.25	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.43	1.63	-2.06
Martin ratio: Return relative to average drawdown	-0.79	4.62	-5.41

BPAY vs. DFNL - Sharpe Ratio Comparison

The current BPAY Sharpe Ratio is -0.54, which is lower than the DFNL Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of BPAY and DFNL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BPAY vs. DFNL - Drawdown Comparison

The maximum BPAY drawdown since its inception was -33.62%, smaller than the maximum DFNL drawdown of -44.51%. Use the drawdown chart below to compare losses from any high point for BPAY and DFNL.

Drawdown Indicators

	BPAY	DFNL	Difference
Max Drawdown Largest peak-to-trough decline	-33.62%	-44.51%	+10.89%
Max Drawdown (1Y) Largest decline over 1 year	-32.78%	-12.94%	-19.84%
Max Drawdown (3Y) Largest decline over 3 years	-33.62%	-16.05%	-17.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.27%	—
Current Drawdown Current decline from peak	-16.78%	-1.33%	-15.45%
Average Drawdown Average peak-to-trough decline	-10.92%	-7.57%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.94%	4.55%	+13.39%

Volatility

BPAY vs. DFNL - Volatility Comparison

BlackRock Future Financial and Technology ETF (BPAY) has a higher volatility of 6.48% compared to Davis Select Financial ETF (DFNL) at 4.10%. This indicates that BPAY's price experiences larger fluctuations and is considered to be riskier than DFNL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BPAY	DFNL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	4.10%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	20.38%	11.47%	+8.91%
Volatility (1Y) Calculated over the trailing 1-year period	26.19%	14.86%	+11.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.48%	19.12%	+5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.48%	22.50%	+1.98%

BPAY vs. DFNL - Expense Ratio Comparison

BPAY has a 0.70% expense ratio, which is higher than DFNL's 0.64% expense ratio.

Dividends

BPAY vs. DFNL - Dividend Comparison

BPAY's dividend yield for the trailing twelve months is around 6.88%, more than DFNL's 1.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BPAY BlackRock Future Financial and Technology ETF	6.88%	6.49%	0.48%	1.18%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%
DFNL Davis Select Financial ETF	1.29%	1.37%	2.19%	2.33%	3.34%	2.45%	1.45%	2.52%	3.12%	1.10%

Frequently Asked Questions

Can I hold both BPAY and DFNL in my portfolio?

BPAY and DFNL have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BPAY or DFNL?

BPAY has higher volatility (6.48%) compared to DFNL (4.10%). In terms of maximum drawdown, BPAY dropped -33.62% vs DFNL's -44.51%.

Which ETF is better, BPAY or DFNL?

On 3-year performance, DFNL leads with 23.47% vs 8.37% for BPAY. On fees, DFNL is cheaper at 0.64% per year. On volatility, DFNL has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BPAY or DFNL?

Over the 3-year period, DFNL has performed better with a 23.47% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BPAY or DFNL?

DFNL is cheaper with a 0.64% expense ratio, compared with 0.70% for BPAY.

Which ETF pays a higher dividend yield, BPAY or DFNL?

BPAY has the higher dividend yield at 6.88%, compared with 1.29% for DFNL.

What is the main difference between BPAY and DFNL?

They also come from different issuers: BlackRock and Davis. Their fees differ too: 0.70% for BPAY and 0.64% for DFNL.

Which has better risk-adjusted returns?

DFNL currently has the higher Sharpe Ratio (1.42 vs -0.54), 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.