DFNL vs. BCFN

Last updated Jun 25, 2026

DFNL (Davis Select Financial ETF) and BCFN (Baron Financials ETF) are both Financials Equities funds. DFNL is actively managed, while BCFN is passively managed. A 0.62 correlation means they provide meaningful diversification when combined. DFNL charges 0.64%/yr vs 0.80%/yr for BCFN.

Performance

DFNL vs. BCFN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davis Select Financial ETF (DFNL) and Baron Financials ETF (BCFN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFNL achieves a 0.64% return, which is significantly higher than BCFN's -14.97% return.

DFNL

• 1D: 0.60%
• 1M: 4.74%
• YTD: 0.64%
• 6M: -0.73%
• 1Y: 16.60%
• 3Y*: 25.26%
• 5Y*: 12.34%
• 10Y*: —

BCFN

• 1D: -0.41%
• 1M: 0.14%
• YTD: -14.97%
• 6M: -16.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFNL vs. BCFN - Yearly Performance Comparison

	2026 (YTD)	2025
DFNL Davis Select Financial ETF	0.64%	0.70%
BCFN Baron Financials ETF	-14.97%	-0.45%

Correlation

The correlation between DFNL and BCFN is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 15, 2025	0.62

Return for Risk

DFNL vs. BCFN — Risk / Return Rank

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

DFNL

DFNL Risk / Return Rank: 32
DFNL Sharpe Ratio Rank: 35
DFNL Sortino Ratio Rank: 34
DFNL Omega Ratio Rank: 33
DFNL Calmar Ratio Rank: 28
DFNL Martin Ratio Rank: 28

BCFN

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

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.

DFNL vs. BCFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davis Select Financial ETF (DFNL) and Baron Financials ETF (BCFN). 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.

	DFNL	BCFN	Difference
Sharpe ratio: Return per unit of total volatility	1.14	—	—
Sortino ratio: Return per unit of downside risk	1.64	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.29	—	—
Martin ratio: Return relative to average drawdown	3.64	—	—

Drawdowns

DFNL vs. BCFN - Drawdown Comparison

The maximum DFNL drawdown since its inception was -44.51%, which is greater than BCFN's maximum drawdown of -20.95%. Use the drawdown chart below to compare losses from any high point for DFNL and BCFN.

Drawdown Indicators

	DFNL	BCFN	Difference
Max Drawdown Largest peak-to-trough decline	-44.51%	-20.95%	-23.56%
Max Drawdown (1Y) Largest decline over 1 year	-12.94%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.27%	—	—
Current Drawdown Current decline from peak	-2.27%	-17.09%	+14.82%
Average Drawdown Average peak-to-trough decline	-7.64%	-12.63%	+4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	—	—

Volatility

Volatility by Period

	DFNL	BCFN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.69%	18.90%	-4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.25%	18.90%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.57%	18.90%	+3.67%

DFNL vs. BCFN - Expense Ratio Comparison

DFNL has a 0.64% expense ratio, which is lower than BCFN's 0.80% expense ratio.

Dividends

DFNL vs. BCFN - Dividend Comparison

DFNL's dividend yield for the trailing twelve months is around 1.36%, while BCFN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BCFN Baron Financials ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DFNL Davis Select Financial ETF	1.36%	1.37%	2.19%	2.33%	3.34%	2.45%	1.45%	2.52%	3.12%	1.10%

Frequently Asked Questions

Can I hold both DFNL and BCFN in my portfolio?

DFNL and BCFN have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFNL or BCFN?

On fees, DFNL is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFNL or BCFN?

DFNL is cheaper with a 0.64% expense ratio, compared with 0.80% for BCFN.

Which ETF pays a higher dividend yield, DFNL or BCFN?

DFNL has the higher dividend yield at 1.36%, compared with 0.00% for BCFN.

What is the main difference between DFNL and BCFN?

They also come from different issuers: Davis Advisers and Baron Capital. Their fees differ too: 0.64% for DFNL and 0.80% for BCFN.