DFND vs. USMV

Last updated Jul 14, 2026

DFND (Siren DIVCON Dividend Defender ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - DFND tracks the Siren DIVCON Dividend Defender Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. At a 0.48 correlation, their price movements are largely independent. DFND charges 1.50%/yr vs 0.15%/yr for USMV.

Performance

DFND vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Siren DIVCON Dividend Defender ETF (DFND) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DFND

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USMV

• 1D: 0.06%
• 1M: 2.16%
• 6M: 3.87%
• YTD: 4.64%
• 1Y: 7.10%
• 3Y*: 11.43%
• 5Y*: 7.16%
• 10Y*: 9.58%

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

DFND vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	-19.59%	14.80%	16.12%	19.53%	-1.83%	16.33%
USMV iShares MSCI USA Min Vol Factor ETF	4.64%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between DFND and USMV is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 14, 2016	0.48

Over the past year, the correlation between DFND and USMV has dropped to 0.05 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

DFND vs. USMV - Sectors Allocation Comparison

Sectors	DFND	USMV
Technology	24.8%	33.9%
Financial Services	18.2%	11.7%
Industrials	17.1%	6.1%
Healthcare	10.7%	12.6%
Basic Materials	4.3%	2.4%
Consumer Defensive	4.2%	9.4%
Consumer Cyclical	3.5%	5.7%
Real Estate	2.0%	2.5%
Energy	1.7%	2.7%
Communication Services	0.8%	6.2%
Utilities	-	6.9%

Return for Risk

DFND vs. USMV — Risk / Return Rank

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

DFND

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USMV

USMV Risk / Return Rank: 28
USMV Sharpe Ratio Rank: 29
USMV Sortino Ratio Rank: 26
USMV Omega Ratio Rank: 25
USMV Calmar Ratio Rank: 28
USMV Martin Ratio Rank: 31

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.

DFND vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren DIVCON Dividend Defender ETF (DFND) and iShares MSCI USA Min Vol Factor ETF (USMV). 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	USMV	Difference
Sharpe ratio: Return per unit of total volatility	—	0.84	—
Sortino ratio: Return per unit of downside risk	—	1.23	—
Omega ratio: Gain probability vs. loss probability	—	1.15	—
Calmar ratio: Return relative to maximum drawdown	—	1.10	—
Martin ratio: Return relative to average drawdown	—	3.61	—

Drawdowns

Drawdown Indicators

	DFND	USMV	Difference
Max Drawdown Largest peak-to-trough decline	—	-33.10%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-6.46%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	—	-0.54%	—
Average Drawdown Average peak-to-trough decline	—	-2.87%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.97%	—

Volatility

Volatility by Period

	DFND	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	8.48%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	12.36%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	14.49%	—

DFND vs. USMV - Expense Ratio Comparison

DFND has a 1.50% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

DFND vs. USMV - Dividend Comparison

DFND has not paid dividends to shareholders, while USMV's dividend yield for the trailing twelve months is around 1.48%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFND Siren DIVCON Dividend Defender ETF	0.29%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%	0.00%	0.00%
USMV iShares MSCI USA Min Vol Factor ETF	1.48%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both DFND and USMV in my portfolio?

DFND and USMV have a correlation of 0.05, 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 USMV?

On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFND or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 1.50% for DFND.

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

USMV has the higher dividend yield at 1.48%, compared with 0.29% for DFND.

What is the main difference between DFND and USMV?

DFND tracks Siren DIVCON Dividend Defender Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: SRN Advisors and iShares. Their fees differ too: 1.50% for DFND and 0.15% for USMV.