DFND vs. AFOS

Last updated Jun 23, 2026

DFND (Siren DIVCON Dividend Defender ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. At a 0.10 correlation, their price movements are largely independent. DFND charges 1.50%/yr vs 0.45%/yr for AFOS.

Performance

DFND vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Siren DIVCON Dividend Defender ETF (DFND) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 2.16%
• 3Y*: 8.10%
• 5Y*: 4.54%
• 10Y*: 7.15%

AFOS

• 1D: 0.72%
• 1M: 8.55%
• YTD: 36.79%
• 6M: 36.01%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFND vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
DFND Siren DIVCON Dividend Defender ETF	0.00%	1.03%
AFOS ARS Focused Opportunities Strategy ETF	36.79%	37.10%

Correlation

The correlation between DFND and AFOS is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.10

Return for Risk

DFND vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren DIVCON Dividend Defender ETF (DFND) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	DFND	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	0.19	—	—
Sortino ratio: Return per unit of downside risk	0.35	—	—
Omega ratio: Gain probability vs. loss probability	1.05	—	—
Calmar ratio: Return relative to maximum drawdown	0.60	—	—
Martin ratio: Return relative to average drawdown	1.08	—	—

Drawdowns

DFND vs. AFOS - Drawdown Comparison

The maximum DFND drawdown since its inception was -22.65%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for DFND and AFOS.

Drawdown Indicators

	DFND	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-22.65%	-11.52%	-11.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.44%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.56%	—	—
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	-3.69%	0.00%	-3.69%
Average Drawdown Average peak-to-trough decline	-5.70%	-1.41%	-4.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	—	—

Volatility

Volatility by Period

	DFND	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.88%	21.17%	-10.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.44%	21.17%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.08%	21.17%	-2.09%

DFND vs. AFOS - Expense Ratio Comparison

DFND has a 1.50% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

DFND vs. AFOS - Dividend Comparison

DFND has not paid dividends to shareholders, while AFOS's dividend yield for the trailing twelve months is around 0.22%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%	0.00%	0.00%	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 DFND and AFOS in my portfolio?

DFND and AFOS have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFND or AFOS?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFND or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 1.50% for DFND.

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

DFND has the higher dividend yield at 0.62%, compared with 0.22% for AFOS.

What is the main difference between DFND and AFOS?

They also come from different issuers: SRN Advisors and ARS Investment Partners. Their fees differ too: 1.50% for DFND and 0.45% for AFOS.