DFND vs. AVRY

Last updated Jun 23, 2026

DFND (Siren DIVCON Dividend Defender ETF) and AVRY (Avory Foundational ETF) are both Large Cap Blend Equities funds. DFND is passively managed, while AVRY is actively managed. DFND charges 1.50%/yr vs 0.89%/yr for AVRY.

Performance

DFND vs. AVRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Siren DIVCON Dividend Defender ETF (DFND) and Avory Foundational ETF (AVRY). 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%

AVRY

• 1D: -2.02%
• 1M: -4.54%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFND vs. AVRY - Yearly Performance Comparison

	2026 (YTD)
DFND Siren DIVCON Dividend Defender ETF	0.00%
AVRY Avory Foundational ETF	-9.79%

DFND vs. AVRY - Sectors Allocation Comparison

Sectors	DFND	AVRY
Technology	24.8%	43.5%
Financial Services	18.2%	6.6%
Industrials	17.1%	10.3%
Healthcare	10.7%	6.0%
Basic Materials	4.3%	-
Consumer Defensive	4.2%	-
Consumer Cyclical	3.5%	20.1%
Real Estate	2.0%	-
Energy	1.7%	-
Communication Services	0.8%	11.8%
Utilities	-	1.7%

Return for Risk

DFND vs. AVRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren DIVCON Dividend Defender ETF (DFND) and Avory Foundational ETF (AVRY). 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	AVRY	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. AVRY - Drawdown Comparison

The maximum DFND drawdown since its inception was -22.65%, roughly equal to the maximum AVRY drawdown of -21.58%. Use the drawdown chart below to compare losses from any high point for DFND and AVRY.

Drawdown Indicators

	DFND	AVRY	Difference
Max Drawdown Largest peak-to-trough decline	-22.65%	-21.58%	-1.07%
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%	-12.25%	+8.56%
Average Drawdown Average peak-to-trough decline	-5.70%	-11.66%	+5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	—	—

Volatility

Volatility by Period

	DFND	AVRY	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%	28.46%	-17.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.44%	28.46%	-6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.08%	28.46%	-9.38%

DFND vs. AVRY - Expense Ratio Comparison

DFND has a 1.50% expense ratio, which is higher than AVRY's 0.89% expense ratio.

Dividends

DFND vs. AVRY - Dividend Comparison

Neither DFND nor AVRY has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVRY Avory Foundational ETF	0.00%	0.00%	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

Which ETF is better, DFND or AVRY?

On fees, AVRY is cheaper at 0.89% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFND or AVRY?

AVRY is cheaper with a 0.89% expense ratio, compared with 1.50% for DFND.

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

DFND has the higher dividend yield at 0.62%, compared with 0.00% for AVRY.

What is the main difference between DFND and AVRY?

They also come from different issuers: SRN Advisors and Avory & Co.. Their fees differ too: 1.50% for DFND and 0.89% for AVRY.