DFNL vs. BPAY

Last updated Aug 2, 2026

DFNL (Davis Select Financial ETF) and BPAY (BlackRock Future Financial and Technology ETF) are both Financials Equities funds. Both are actively managed. Over the past 3 years, DFNL returned 23.47%/yr vs 8.37%/yr for BPAY. Their 0.75 correlation means they have sometimes moved together and sometimes differently. DFNL charges 0.64%/yr vs 0.70%/yr for BPAY.

Performance

DFNL vs. BPAY - Performance Comparison

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

Returns By Period

In the year-to-date period, DFNL achieves a 6.12% return, which is significantly higher than BPAY's -1.50% return.

DFNL

• 1D: 0.18%
• 1M: 1.36%
• 6M: 6.88%
• YTD: 6.12%
• 1Y: 22.75%
• 3Y*: 23.47%
• 5Y*: 14.05%
• 10Y*: —
• ALL TIME*: 12.61%

BPAY

• 1D: -0.37%
• 1M: 0.10%
• 6M: 4.10%
• YTD: -1.50%
• 1Y: -11.26%
• 3Y*: 8.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.45%

*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)
BPAY BlackRock Future Financial and Technology ETF	$137.55K	$90.06K	$56.72K
DFNL Davis Select Financial ETF	$3.69M	$3.03M	$2.46M

DFNL vs. BPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFNL Davis Select Financial ETF	6.12%	28.59%	28.56%	14.45%	-1.76%
BPAY BlackRock Future Financial and Technology ETF	-1.50%	8.54%	17.28%	13.19%	-16.32%

Correlation

The correlation between DFNL and BPAY is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (All Time) Calculated using the full available price history since Aug 18, 2022	0.75

The correlation between DFNL and BPAY shifts across timeframes, from 0.63 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

DFNL vs. BPAY - Sectors Allocation Comparison

Sectors	DFNL	BPAY
Financial Services	93.7%	54.2%
Technology	3.0%	35.5%
Industrials	2.4%	4.3%
Consumer Cyclical	0.9%	6.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	2.2%
Utilities	-	-

Return for Risk

DFNL vs. BPAY — Risk / Return Rank

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

DFNL

DFNL Risk / Return Rank: 52
DFNL Sharpe Ratio Rank: 60
DFNL Sortino Ratio Rank: 58
DFNL Omega Ratio Rank: 56
DFNL Calmar Ratio Rank: 45
DFNL Martin Ratio Rank: 43

BPAY

BPAY Risk / Return Rank: 5
BPAY Sharpe Ratio Rank: 5
BPAY Sortino Ratio Rank: 5
BPAY Omega Ratio Rank: 5
BPAY Calmar Ratio Rank: 6
BPAY Martin Ratio Rank: 6

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.

DFNL vs. BPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davis Select Financial ETF (DFNL) and BlackRock Future Financial and Technology ETF (BPAY). 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	BPAY	Difference
Sharpe ratio: Return per unit of total volatility	1.42	-0.54	+1.96
Sortino ratio: Return per unit of downside risk	2.00	-0.60	+2.60
Omega ratio: Gain probability vs. loss probability	1.25	0.93	+0.32
Calmar ratio: Return relative to maximum drawdown	1.63	-0.43	+2.06
Martin ratio: Return relative to average drawdown	4.62	-0.79	+5.41

DFNL vs. BPAY - Sharpe Ratio Comparison

The current DFNL Sharpe Ratio is 1.42, which is higher than the BPAY Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of DFNL and BPAY, 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

DFNL vs. BPAY - Drawdown Comparison

The maximum DFNL drawdown since its inception was -44.51%, which is greater than BPAY's maximum drawdown of -33.62%. Use the drawdown chart below to compare losses from any high point for DFNL and BPAY.

Drawdown Indicators

	DFNL	BPAY	Difference
Max Drawdown Largest peak-to-trough decline	-44.51%	-33.62%	-10.89%
Max Drawdown (1Y) Largest decline over 1 year	-12.94%	-32.78%	+19.84%
Max Drawdown (3Y) Largest decline over 3 years	-16.05%	-33.62%	+17.57%
Max Drawdown (5Y) Largest decline over 5 years	-26.27%	—	—
Current Drawdown Current decline from peak	-1.33%	-16.78%	+15.45%
Average Drawdown Average peak-to-trough decline	-7.57%	-10.92%	+3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	17.94%	-13.39%

Volatility

DFNL vs. BPAY - Volatility Comparison

The current volatility for Davis Select Financial ETF (DFNL) is 4.10%, while BlackRock Future Financial and Technology ETF (BPAY) has a volatility of 6.48%. This indicates that DFNL experiences smaller price fluctuations and is considered to be less risky than BPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNL	BPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	6.48%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	20.38%	-8.91%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	26.19%	-11.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.12%	24.48%	-5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.50%	24.48%	-1.98%

DFNL vs. BPAY - Expense Ratio Comparison

DFNL has a 0.64% expense ratio, which is lower than BPAY's 0.70% expense ratio.

Dividends

DFNL vs. BPAY - Dividend Comparison

DFNL's dividend yield for the trailing twelve months is around 1.29%, less than BPAY's 6.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BPAY BlackRock Future Financial and Technology ETF	6.88%	6.49%	0.48%	1.18%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%
DFNL Davis Select Financial ETF	1.29%	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 BPAY in my portfolio?

DFNL and BPAY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFNL or BPAY?

BPAY has higher volatility (6.48%) compared to DFNL (4.10%). In terms of maximum drawdown, DFNL dropped -44.51% vs BPAY's -33.62%.

Which ETF is better, DFNL or BPAY?

On 3-year performance, DFNL leads with 23.47% vs 8.37% for BPAY. On fees, DFNL is cheaper at 0.64% per year. On volatility, DFNL has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFNL or BPAY?

Over the 3-year period, DFNL has performed better with a 23.47% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFNL or BPAY?

DFNL is cheaper with a 0.64% expense ratio, compared with 0.70% for BPAY.

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

BPAY has the higher dividend yield at 6.88%, compared with 1.29% for DFNL.

What is the main difference between DFNL and BPAY?

They also come from different issuers: Davis and BlackRock. Their fees differ too: 0.64% for DFNL and 0.70% for BPAY.

Which has better risk-adjusted returns?

DFNL currently has the higher Sharpe Ratio (1.42 vs -0.54), 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.