DFNL vs. XLFI

Last updated Jul 17, 2026

DFNL (Davis Select Financial ETF) and XLFI (State Street Financial Select Sector SPDR Premium Income ETF) are both exchange-traded funds - DFNL is a Financials Equities fund actively managed by Davis Advisers, while XLFI is a Derivative Income fund actively managed by State Street. Both are actively managed. Their correlation of 0.86 suggests significant overlap in exposure. DFNL charges 0.64%/yr vs 0.35%/yr for XLFI.

Performance

DFNL vs. XLFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davis Select Financial ETF (DFNL) and State Street Financial Select Sector SPDR Premium Income ETF (XLFI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFNL achieves a 6.75% return, which is significantly higher than XLFI's 2.85% return.

DFNL

• 1D: 0.70%
• 1M: 6.70%
• 6M: 6.61%
• YTD: 6.75%
• 1Y: 21.82%
• 3Y*: 25.14%
• 5Y*: 14.38%
• 10Y*: —

XLFI

• 1D: 0.37%
• 1M: 3.86%
• 6M: 3.40%
• YTD: 2.85%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFNL vs. XLFI - Yearly Performance Comparison

	2026 (YTD)	2025
DFNL Davis Select Financial ETF	6.75%	12.27%
XLFI State Street Financial Select Sector SPDR Premium Income ETF	2.85%	5.40%

Correlation

The correlation between DFNL and XLFI is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.86

DFNL vs. XLFI - Sectors Allocation Comparison

Sectors	DFNL	XLFI
Financial Services	93.1%	99.9%
Technology	3.3%	-
Industrials	2.7%	-
Consumer Cyclical	1.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DFNL vs. XLFI — Risk / Return Rank

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

DFNL

DFNL Risk / Return Rank: 47
DFNL Sharpe Ratio Rank: 54
DFNL Sortino Ratio Rank: 52
DFNL Omega Ratio Rank: 51
DFNL Calmar Ratio Rank: 40
DFNL Martin Ratio Rank: 38

XLFI

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. XLFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davis Select Financial ETF (DFNL) and State Street Financial Select Sector SPDR Premium Income ETF (XLFI). 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	XLFI	Difference
Sharpe ratio: Return per unit of total volatility	1.49	—	—
Sortino ratio: Return per unit of downside risk	2.08	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	1.69	—	—
Martin ratio: Return relative to average drawdown	4.79	—	—

Drawdowns

DFNL vs. XLFI - Drawdown Comparison

The maximum DFNL drawdown since its inception was -44.51%, which is greater than XLFI's maximum drawdown of -11.89%. Use the drawdown chart below to compare losses from any high point for DFNL and XLFI.

Drawdown Indicators

	DFNL	XLFI	Difference
Max Drawdown Largest peak-to-trough decline	-44.51%	-11.89%	-32.62%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.60%	-3.13%	-4.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	—	—

Volatility

Volatility by Period

	DFNL	XLFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.74%	11.96%	+2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.20%	11.96%	+7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.53%	11.96%	+10.57%

DFNL vs. XLFI - Expense Ratio Comparison

DFNL has a 0.64% expense ratio, which is higher than XLFI's 0.35% expense ratio.

Dividends

DFNL vs. XLFI - Dividend Comparison

DFNL's dividend yield for the trailing twelve months is around 1.28%, less than XLFI's 11.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFNL Davis Select Financial ETF	1.28%	1.37%	2.19%	2.33%	3.34%	2.45%	1.45%	2.52%	3.12%	1.10%
XLFI State Street Financial Select Sector SPDR Premium Income ETF	11.32%	5.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFNL and XLFI in my portfolio?

DFNL and XLFI have a correlation of 0.86, 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 XLFI?

On fees, XLFI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFNL or XLFI?

XLFI is cheaper with a 0.35% expense ratio, compared with 0.64% for DFNL.

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

XLFI has the higher dividend yield at 11.32%, compared with 1.28% for DFNL.

What is the main difference between DFNL and XLFI?

DFNL is categorized as Financials Equities, while XLFI is Derivative Income. They also come from different issuers: Davis Advisers and State Street. Their fees differ too: 0.64% for DFNL and 0.35% for XLFI.