CDEI vs. DFND

Last updated Jun 3, 2026

CDEI (Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both Large Cap Blend Equities funds - CDEI tracks the Russell 1000 Index while DFND tracks the Siren DIVCON Dividend Defender Index. Both are passively managed. Over the past 3 years, CDEI returned 19.47%/yr vs 7.91%/yr for DFND. At a 0.28 correlation, their price movements are largely independent. CDEI charges 0.14%/yr vs 1.50%/yr for DFND.

Performance

CDEI vs. DFND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) and Siren DIVCON Dividend Defender ETF (DFND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CDEI

• 1D: -0.11%
• 1M: 4.86%
• YTD: 9.87%
• 6M: 10.18%
• 1Y: 28.56%
• 3Y*: 19.47%
• 5Y*: —
• 10Y*: —

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -1.09%
• 1Y: 0.20%
• 3Y*: 7.91%
• 5Y*: 4.54%
• 10Y*: 7.16%

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

CDEI vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CDEI Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF	9.87%	16.60%	18.67%	20.47%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	7.75%

Correlation

The correlation between CDEI and DFND is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.28

The correlation between CDEI and DFND shifts across timeframes, from 0.13 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

CDEI vs. DFND - Sectors Allocation Comparison

Sectors	CDEI	DFND
Technology	40.9%	24.8%
Financial Services	15.6%	18.2%
Communication Services	12.3%	0.8%
Healthcare	9.8%	10.7%
Consumer Cyclical	6.5%	3.5%
Industrials	5.2%	17.1%
Consumer Defensive	4.9%	4.2%
Utilities	2.3%	-
Real Estate	1.6%	2.0%
Energy	0.5%	1.7%
Basic Materials	0.3%	4.3%

Return for Risk

CDEI vs. DFND — Risk / Return Rank

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

CDEI

CDEI Risk / Return Rank: 67
CDEI Sharpe Ratio Rank: 71
CDEI Sortino Ratio Rank: 71
CDEI Omega Ratio Rank: 68
CDEI Calmar Ratio Rank: 57
CDEI Martin Ratio Rank: 67

DFND

DFND Risk / Return Rank: 9
DFND Sharpe Ratio Rank: 9
DFND Sortino Ratio Rank: 8
DFND Omega Ratio Rank: 8
DFND Calmar Ratio Rank: 9
DFND Martin Ratio Rank: 9

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.

CDEI vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) and Siren DIVCON Dividend Defender ETF (DFND). 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.

	CDEI	DFND	Difference
Sharpe ratio Return per unit of total volatility	2.39	0.02	+2.37
Sortino ratio Return per unit of downside risk	3.30	0.11	+3.19
Omega ratio Gain probability vs. loss probability	1.42	1.02	+0.40
Calmar ratio Return relative to maximum drawdown	2.91	0.07	+2.84
Martin ratio Return relative to average drawdown	12.67	0.13	+12.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDEI vs. DFND - Sharpe Ratio Comparison

The current CDEI Sharpe Ratio is 2.39, which is higher than the DFND Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of CDEI and DFND, 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

	CDEI	DFND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	0.02	+2.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	0.36	+0.98

Drawdowns

CDEI vs. DFND - Drawdown Comparison

The maximum CDEI drawdown since its inception was -19.46%, smaller than the maximum DFND drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for CDEI and DFND.

Drawdown Indicators

	CDEI	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-19.46%	-22.65%	+3.19%
Max Drawdown (1Y) Largest decline over 1 year	-9.88%	-3.44%	-6.44%
Max Drawdown (3Y) Largest decline over 3 years	-19.46%	-12.56%	-6.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.65%	—
Current Drawdown Current decline from peak	-0.11%	-3.69%	+3.58%
Average Drawdown Average peak-to-trough decline	-2.29%	-5.70%	+3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	3.70%	-1.43%

Volatility

CDEI vs. DFND - Volatility Comparison

Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF (CDEI) has a higher volatility of 2.78% compared to Siren DIVCON Dividend Defender ETF (DFND) at 0.00%. This indicates that CDEI's price experiences larger fluctuations and is considered to be riskier than DFND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDEI	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	0.00%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	6.16%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	10.92%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	22.46%	-7.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	19.09%	-4.07%

CDEI vs. DFND - Expense Ratio Comparison

CDEI has a 0.14% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

CDEI vs. DFND - Dividend Comparison

CDEI's dividend yield for the trailing twelve months is around 0.96%, more than DFND's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CDEI Calvert US Large-Cap Diversity, Equity And Inclusion Index ETF	0.96%	1.05%	1.22%	1.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DFND Siren DIVCON Dividend Defender ETF	0.62%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%

Frequently Asked Questions

Can I hold both CDEI and DFND in my portfolio?

CDEI and DFND have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDEI or DFND?

CDEI has higher volatility (2.78%) compared to DFND (0.00%). In terms of maximum drawdown, CDEI dropped -19.46% vs DFND's -22.65%.

Which ETF is better, CDEI or DFND?

On 3-year performance, CDEI leads with 19.47% vs 7.91% for DFND. On fees, CDEI is cheaper at 0.14% per year. On volatility, DFND has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDEI or DFND?

Over the 3-year period, CDEI has performed better with a 19.47% return vs 7.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDEI or DFND?

CDEI is cheaper with a 0.14% expense ratio, compared with 1.50% for DFND.

Which ETF pays a higher dividend yield, CDEI or DFND?

CDEI has the higher dividend yield at 0.96%, compared with 0.62% for DFND.

What is the main difference between CDEI and DFND?

CDEI tracks Russell 1000 Index, while DFND tracks Siren DIVCON Dividend Defender Index. They also come from different issuers: Calvert and SRN Advisors. Their fees differ too: 0.14% for CDEI and 1.50% for DFND.

Which has better risk-adjusted returns?

CDEI currently has the higher Sharpe Ratio (2.39 vs 0.02), 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.