DFNL vs. FLBL

Last updated Jun 23, 2026

DFNL (Davis Select Financial ETF) and FLBL (Franklin Liberty Senior Loan ETF) are both exchange-traded funds - DFNL is a Financials Equities fund actively managed by Davis Advisers, while FLBL is a High Yield Bonds fund actively managed by Franklin Templeton. Both are actively managed. Over the past 5 years, DFNL returned 12.62%/yr vs 5.18%/yr for FLBL. At a 0.33 correlation, their price movements are largely independent. DFNL charges 0.64%/yr vs 0.45%/yr for FLBL.

Performance

DFNL vs. FLBL - Performance Comparison

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

Returns By Period

In the year-to-date period, DFNL achieves a -0.39% return, which is significantly lower than FLBL's 0.82% return.

DFNL

• 1D: 0.42%
• 1M: 3.66%
• YTD: -0.39%
• 6M: -1.30%
• 1Y: 18.31%
• 3Y*: 24.83%
• 5Y*: 12.62%
• 10Y*: —

FLBL

• 1D: 0.00%
• 1M: -0.03%
• YTD: 0.82%
• 6M: 0.56%
• 1Y: 2.36%
• 3Y*: 6.62%
• 5Y*: 5.18%
• 10Y*: —

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

DFNL vs. FLBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DFNL Davis Select Financial ETF	-0.39%	28.59%	28.56%	14.45%	-8.45%	31.25%	-4.97%	27.37%	-10.99%
FLBL Franklin Liberty Senior Loan ETF	0.82%	3.59%	8.26%	14.83%	-2.69%	4.35%	2.17%	7.67%	-1.39%

Correlation

The correlation between DFNL and FLBL is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jun 1, 2018	0.33

The correlation between DFNL and FLBL shifts across timeframes, from 0.22 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DFNL vs. FLBL — Risk / Return Rank

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

DFNL

DFNL Risk / Return Rank: 33
DFNL Sharpe Ratio Rank: 36
DFNL Sortino Ratio Rank: 35
DFNL Omega Ratio Rank: 34
DFNL Calmar Ratio Rank: 29
DFNL Martin Ratio Rank: 30

FLBL

FLBL Risk / Return Rank: 23
FLBL Sharpe Ratio Rank: 26
FLBL Sortino Ratio Rank: 24
FLBL Omega Ratio Rank: 26
FLBL Calmar Ratio Rank: 18
FLBL Martin Ratio Rank: 21

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. FLBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davis Select Financial ETF (DFNL) and Franklin Liberty Senior Loan ETF (FLBL). 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	FLBL	Difference
Sharpe ratio: Return per unit of total volatility	1.25	0.90	+0.35
Sortino ratio: Return per unit of downside risk	1.79	1.28	+0.51
Omega ratio: Gain probability vs. loss probability	1.22	1.18	+0.04
Calmar ratio: Return relative to maximum drawdown	1.42	0.75	+0.68
Martin ratio: Return relative to average drawdown	4.02	2.51	+1.51

DFNL vs. FLBL - Sharpe Ratio Comparison

The current DFNL Sharpe Ratio is 1.25, which is higher than the FLBL Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of DFNL and FLBL, 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. FLBL - Drawdown Comparison

The maximum DFNL drawdown since its inception was -44.51%, which is greater than FLBL's maximum drawdown of -19.52%. Use the drawdown chart below to compare losses from any high point for DFNL and FLBL.

Drawdown Indicators

	DFNL	FLBL	Difference
Max Drawdown Largest peak-to-trough decline	-44.51%	-19.52%	-24.99%
Max Drawdown (1Y) Largest decline over 1 year	-12.94%	-3.18%	-9.76%
Max Drawdown (3Y) Largest decline over 3 years	-16.05%	-3.91%	-12.14%
Max Drawdown (5Y) Largest decline over 5 years	-26.27%	-6.80%	-19.47%
Current Drawdown Current decline from peak	-3.28%	-0.18%	-3.10%
Average Drawdown Average peak-to-trough decline	-7.65%	-0.99%	-6.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	0.94%	+3.63%

Volatility

DFNL vs. FLBL - Volatility Comparison

Davis Select Financial ETF (DFNL) has a higher volatility of 4.07% compared to Franklin Liberty Senior Loan ETF (FLBL) at 0.73%. This indicates that DFNL's price experiences larger fluctuations and is considered to be riskier than FLBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNL	FLBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	0.73%	+3.34%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	2.26%	+9.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.74%	2.63%	+12.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	3.85%	+15.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.58%	5.70%	+16.88%

DFNL vs. FLBL - Expense Ratio Comparison

DFNL has a 0.64% expense ratio, which is higher than FLBL's 0.45% expense ratio.

Dividends

DFNL vs. FLBL - Dividend Comparison

DFNL's dividend yield for the trailing twelve months is around 1.37%, less than FLBL's 7.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFNL Davis Select Financial ETF	1.37%	1.37%	2.19%	2.33%	3.34%	2.45%	1.45%	2.52%	3.12%	1.10%
FLBL Franklin Liberty Senior Loan ETF	7.58%	7.24%	8.05%	8.37%	5.53%	3.57%	3.22%	3.97%	2.21%	0.00%

Frequently Asked Questions

Can I hold both DFNL and FLBL in my portfolio?

DFNL and FLBL have a correlation of 0.22, 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 FLBL?

DFNL has higher volatility (4.07%) compared to FLBL (0.73%). In terms of maximum drawdown, DFNL dropped -44.51% vs FLBL's -19.52%.

Which ETF is better, DFNL or FLBL?

On 5-year performance, DFNL leads with 12.62% vs 5.18% for FLBL. On fees, FLBL is cheaper at 0.45% per year. On volatility, FLBL has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFNL or FLBL?

Over the 5-year period, DFNL has performed better with a 12.62% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFNL or FLBL?

FLBL is cheaper with a 0.45% expense ratio, compared with 0.64% for DFNL.

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

FLBL has the higher dividend yield at 7.58%, compared with 1.37% for DFNL.

What is the main difference between DFNL and FLBL?

DFNL is categorized as Financials Equities, while FLBL is High Yield Bonds. They also come from different issuers: Davis Advisers and Franklin Templeton. Their fees differ too: 0.64% for DFNL and 0.45% for FLBL.

Which has better risk-adjusted returns?

DFNL currently has the higher Sharpe Ratio (1.25 vs 0.90), 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.