DFNL vs. TIME

Last updated Jun 23, 2026

DFNL (Davis Select Financial ETF) and TIME (Clockwise Core Equity & Innovation ETF) are both exchange-traded funds - DFNL is a Financials Equities fund actively managed by Davis Advisers, while TIME is a Technology Equities fund actively managed by Clockwise Capital. Both are actively managed. Over the past year, DFNL returned 18.31% vs 20.63% for TIME. At a 0.43 correlation, their price movements are largely independent. DFNL charges 0.64%/yr vs 1.00%/yr for TIME.

Performance

DFNL vs. TIME - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davis Select Financial ETF (DFNL) and Clockwise Core Equity & Innovation ETF (TIME). 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 TIME's 7.82% return.

DFNL

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

TIME

• 1D: -0.64%
• 1M: -0.92%
• YTD: 7.82%
• 6M: 7.67%
• 1Y: 20.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFNL vs. TIME - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFNL Davis Select Financial ETF	-0.39%	28.59%	17.84%
TIME Clockwise Core Equity & Innovation ETF	7.82%	10.17%	5.94%

Correlation

The correlation between DFNL and TIME is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 24, 2024	0.43

The correlation between DFNL and TIME shifts across timeframes, from 0.31 (1 year) to 0.43 (all time), reflecting how their relationship changes across market environments.

DFNL vs. TIME - Sectors Allocation Comparison

Sectors	DFNL	TIME
Financial Services	93.1%	8.9%
Technology	3.3%	41.1%
Industrials	2.7%	5.3%
Consumer Cyclical	1.0%	8.7%
Basic Materials	-	5.3%
Communication Services	-	15.4%
Consumer Defensive	-	3.0%
Energy	-	8.3%
Healthcare	-	0.5%
Real Estate	-	-
Utilities	-	4.1%

Return for Risk

DFNL vs. TIME — 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

TIME

TIME Risk / Return Rank: 39
TIME Sharpe Ratio Rank: 44
TIME Sortino Ratio Rank: 41
TIME Omega Ratio Rank: 41
TIME Calmar Ratio Rank: 32
TIME Martin Ratio Rank: 38

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. TIME - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davis Select Financial ETF (DFNL) and Clockwise Core Equity & Innovation ETF (TIME). 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	TIME	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.49	-0.24
Sortino ratio: Return per unit of downside risk	1.79	2.03	-0.24
Omega ratio: Gain probability vs. loss probability	1.22	1.26	-0.04
Calmar ratio: Return relative to maximum drawdown	1.42	1.58	-0.16
Martin ratio: Return relative to average drawdown	4.02	5.71	-1.69

DFNL vs. TIME - Sharpe Ratio Comparison

The current DFNL Sharpe Ratio is 1.25, which is comparable to the TIME Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of DFNL and TIME, 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. TIME - Drawdown Comparison

The maximum DFNL drawdown since its inception was -44.51%, which is greater than TIME's maximum drawdown of -24.26%. Use the drawdown chart below to compare losses from any high point for DFNL and TIME.

Drawdown Indicators

	DFNL	TIME	Difference
Max Drawdown Largest peak-to-trough decline	-44.51%	-24.26%	-20.25%
Max Drawdown (1Y) Largest decline over 1 year	-12.94%	-13.09%	+0.15%
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	-3.28%	-2.54%	-0.74%
Average Drawdown Average peak-to-trough decline	-7.65%	-5.53%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	3.62%	+0.95%

Volatility

DFNL vs. TIME - Volatility Comparison

The current volatility for Davis Select Financial ETF (DFNL) is 4.07%, while Clockwise Core Equity & Innovation ETF (TIME) has a volatility of 5.05%. This indicates that DFNL experiences smaller price fluctuations and is considered to be less risky than TIME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNL	TIME	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	5.05%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	10.99%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	14.74%	13.92%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	17.72%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.58%	17.72%	+4.86%

DFNL vs. TIME - Expense Ratio Comparison

DFNL has a 0.64% expense ratio, which is lower than TIME's 1.00% expense ratio.

Dividends

DFNL vs. TIME - Dividend Comparison

DFNL's dividend yield for the trailing twelve months is around 1.37%, less than TIME's 9.29% 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%
TIME Clockwise Core Equity & Innovation ETF	9.29%	10.02%	15.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFNL and TIME in my portfolio?

DFNL and TIME have a correlation of 0.31, 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 TIME?

TIME has higher volatility (5.05%) compared to DFNL (4.07%). In terms of maximum drawdown, DFNL dropped -44.51% vs TIME's -24.26%.

Which ETF is better, DFNL or TIME?

On 1-year performance, TIME leads with 20.63% vs 18.31% for DFNL. On fees, DFNL is cheaper at 0.64% per year. On volatility, DFNL has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFNL or TIME?

Over the 1-year period, TIME has performed better with a 20.63% return vs 18.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFNL or TIME?

DFNL is cheaper with a 0.64% expense ratio, compared with 1.00% for TIME.

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

TIME has the higher dividend yield at 9.29%, compared with 1.37% for DFNL.

What is the main difference between DFNL and TIME?

DFNL is categorized as Financials Equities, while TIME is Technology Equities. They also come from different issuers: Davis Advisers and Clockwise Capital. Their fees differ too: 0.64% for DFNL and 1.00% for TIME.

Which has better risk-adjusted returns?

TIME currently has the higher Sharpe Ratio (1.49 vs 1.25), 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.