DEFR vs. DCMT

Last updated Aug 4, 2026

DEFR (Aptus Deferred Income ETF) and DCMT (DoubleLine Commodity Strategy ETF) are both exchange-traded funds - DEFR is a Intermediate Core-Plus Bond fund actively managed by Aptus, while DCMT is a Commodities fund actively managed by DoubleLine. Both are actively managed. Over the past year, DEFR returned 3.04% vs 30.61% for DCMT. Their -0.29 correlation means they have often moved in opposite directions in the past. DEFR charges 0.79%/yr vs 0.66%/yr for DCMT.

Performance

DEFR vs. DCMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus Deferred Income ETF (DEFR) and DoubleLine Commodity Strategy ETF (DCMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEFR achieves a -0.51% return, which is significantly lower than DCMT's 26.14% return.

DEFR

• 1D: 0.40%
• 1M: -0.45%
• 6M: -0.49%
• YTD: -0.51%
• 1Y: 3.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.10%

DCMT

• 1D: -1.24%
• 1M: 7.21%
• 6M: 20.26%
• YTD: 26.14%
• 1Y: 30.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.94%

*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)
DCMT DoubleLine Commodity Strategy ETF	$312.97K	$269.09K	$196.68K
DEFR Aptus Deferred Income ETF	$436.74K	$502.40K	$592.65K

DEFR vs. DCMT - Yearly Performance Comparison

	2026 (YTD)	2025
DEFR Aptus Deferred Income ETF	-0.51%	6.80%
DCMT DoubleLine Commodity Strategy ETF	26.14%	3.98%

Correlation

The correlation between DEFR and DCMT is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.28
Correlation (All Time) Calculated using the full available price history since May 14, 2025	-0.29

Return for Risk

DEFR vs. DCMT — Risk / Return Rank

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

DEFR

DEFR Risk / Return Rank: 24
DEFR Sharpe Ratio Rank: 25
DEFR Sortino Ratio Rank: 23
DEFR Omega Ratio Rank: 23
DEFR Calmar Ratio Rank: 24
DEFR Martin Ratio Rank: 22

DCMT

DCMT Risk / Return Rank: 58
DCMT Sharpe Ratio Rank: 65
DCMT Sortino Ratio Rank: 63
DCMT Omega Ratio Rank: 61
DCMT Calmar Ratio Rank: 51
DCMT Martin Ratio Rank: 52

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.

DEFR vs. DCMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Deferred Income ETF (DEFR) and DoubleLine Commodity Strategy ETF (DCMT). 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.

	DEFR	DCMT	Difference
Sharpe ratio: Return per unit of total volatility	0.63	1.62	-0.99
Sortino ratio: Return per unit of downside risk	0.91	2.22	-1.31
Omega ratio: Gain probability vs. loss probability	1.11	1.28	-0.17
Calmar ratio: Return relative to maximum drawdown	0.78	1.93	-1.14
Martin ratio: Return relative to average drawdown	1.73	6.43	-4.69

DEFR vs. DCMT - Sharpe Ratio Comparison

The current DEFR Sharpe Ratio is 0.63, which is lower than the DCMT Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of DEFR and DCMT, 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

DEFR vs. DCMT - Drawdown Comparison

The maximum DEFR drawdown since its inception was -3.90%, smaller than the maximum DCMT drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for DEFR and DCMT.

Drawdown Indicators

	DEFR	DCMT	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-15.96%	+12.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-15.96%	+12.06%
Current Drawdown Current decline from peak	-2.80%	-9.46%	+6.66%
Average Drawdown Average peak-to-trough decline	-1.16%	-3.62%	+2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	4.78%	-3.02%

Volatility

DEFR vs. DCMT - Volatility Comparison

The current volatility for Aptus Deferred Income ETF (DEFR) is 1.28%, while DoubleLine Commodity Strategy ETF (DCMT) has a volatility of 5.66%. This indicates that DEFR experiences smaller price fluctuations and is considered to be less risky than DCMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFR	DCMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	5.66%	-4.38%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	17.01%	-13.55%
Volatility (1Y) Calculated over the trailing 1-year period	4.90%	19.04%	-14.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.24%	16.05%	-10.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.24%	16.05%	-10.81%

DEFR vs. DCMT - Expense Ratio Comparison

DEFR has a 0.79% expense ratio, which is higher than DCMT's 0.66% expense ratio.

Dividends

DEFR vs. DCMT - Dividend Comparison

DEFR has not paid dividends to shareholders, while DCMT's dividend yield for the trailing twelve months is around 2.91%.

Position	TTM	2025	2024
DCMT DoubleLine Commodity Strategy ETF	2.91%	3.67%	1.59%
DEFR Aptus Deferred Income ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEFR and DCMT in my portfolio?

DEFR and DCMT have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEFR or DCMT?

DCMT has higher volatility (5.66%) compared to DEFR (1.28%). In terms of maximum drawdown, DEFR dropped -3.90% vs DCMT's -15.96%.

Which ETF is better, DEFR or DCMT?

On 1-year performance, DCMT leads with 30.61% vs 3.04% for DEFR. On fees, DCMT is cheaper at 0.66% per year. On volatility, DEFR has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFR or DCMT?

Over the 1-year period, DCMT has performed better with a 30.61% return vs 3.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFR or DCMT?

DCMT is cheaper with a 0.66% expense ratio, compared with 0.79% for DEFR.

Which ETF pays a higher dividend yield, DEFR or DCMT?

DCMT has the higher dividend yield at 2.91%, compared with 0.00% for DEFR.

What is the main difference between DEFR and DCMT?

DEFR is categorized as Intermediate Core-Plus Bond, while DCMT is Commodities. They also come from different issuers: Aptus and DoubleLine. Their fees differ too: 0.79% for DEFR and 0.66% for DCMT.

Which has better risk-adjusted returns?

DCMT currently has the higher Sharpe Ratio (1.62 vs 0.63), 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.