DFNV vs. XLK

Last updated Jun 5, 2026

DFNV (TrimTabs Donoghue Forlines Risk Managed Innovation ETF) and XLK (State Street Technology Select Sector SPDR ETF) are both Technology Equities funds - DFNV tracks the TrimTabs Donoghue Forlines Risk Managed Free Cash Flow Innovation Index while XLK tracks the S&P Technology Select Sector Daily Capped 35/20 Index. Both are passively managed. Over the past 5 years, DFNV returned 9.65%/yr vs 23.44%/yr for XLK. Their correlation of 0.84 suggests significant overlap in exposure. DFNV charges 0.69%/yr vs 0.08%/yr for XLK.

Performance

DFNV vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrimTabs Donoghue Forlines Risk Managed Innovation ETF (DFNV) and State Street Technology Select Sector SPDR ETF (XLK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFNV achieves a 2.81% return, which is significantly lower than XLK's 34.34% return.

DFNV

• 1D: -0.18%
• 1M: 10.83%
• YTD: 2.81%
• 6M: 0.55%
• 1Y: 7.23%
• 3Y*: 18.75%
• 5Y*: 9.65%
• 10Y*: —

XLK

• 1D: -1.56%
• 1M: 16.63%
• YTD: 34.34%
• 6M: 33.10%
• 1Y: 64.08%
• 3Y*: 33.46%
• 5Y*: 23.44%
• 10Y*: 25.62%

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

DFNV vs. XLK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DFNV TrimTabs Donoghue Forlines Risk Managed Innovation ETF	2.81%	8.42%	31.93%	26.92%	-24.05%	18.51%	2.92%
XLK State Street Technology Select Sector SPDR ETF	34.34%	24.61%	21.63%	56.02%	-27.73%	34.74%	2.77%

Correlation

The correlation between DFNV and XLK is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 9, 2020	0.84

The correlation between DFNV and XLK shifts across timeframes, from 0.67 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

DFNV vs. XLK - Sectors Allocation Comparison

Sectors	DFNV	XLK
Technology	60.9%	99.7%
Healthcare	16.2%	-
Communication Services	12.0%	-
Consumer Cyclical	9.0%	-
Industrials	1.9%	0.1%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	0.2%
Financial Services	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DFNV vs. XLK — Risk / Return Rank

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

DFNV

DFNV Risk / Return Rank: 15
DFNV Sharpe Ratio Rank: 16
DFNV Sortino Ratio Rank: 15
DFNV Omega Ratio Rank: 15
DFNV Calmar Ratio Rank: 13
DFNV Martin Ratio Rank: 13

XLK

XLK Risk / Return Rank: 82
XLK Sharpe Ratio Rank: 90
XLK Sortino Ratio Rank: 85
XLK Omega Ratio Rank: 83
XLK Calmar Ratio Rank: 79
XLK Martin Ratio Rank: 73

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.

DFNV vs. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrimTabs Donoghue Forlines Risk Managed Innovation ETF (DFNV) and State Street Technology Select Sector SPDR ETF (XLK). 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.

	DFNV	XLK	Difference
Sharpe ratio: Return per unit of total volatility	0.41	3.09	-2.68
Sortino ratio: Return per unit of downside risk	0.67	3.77	-3.10
Omega ratio: Gain probability vs. loss probability	1.08	1.49	-0.41
Calmar ratio: Return relative to maximum drawdown	0.34	4.04	-3.71
Martin ratio: Return relative to average drawdown	0.81	13.55	-12.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFNV vs. XLK - Sharpe Ratio Comparison

The current DFNV Sharpe Ratio is 0.41, which is lower than the XLK Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of DFNV and XLK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFNV	XLK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	3.09	-2.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.95	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.41	+0.12

Drawdowns

DFNV vs. XLK - Drawdown Comparison

The maximum DFNV drawdown since its inception was -29.71%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for DFNV and XLK.

Drawdown Indicators

	DFNV	XLK	Difference
Max Drawdown Largest peak-to-trough decline	-29.71%	-82.05%	+52.34%
Max Drawdown (1Y) Largest decline over 1 year	-21.54%	-15.92%	-5.62%
Max Drawdown (3Y) Largest decline over 3 years	-22.72%	-25.66%	+2.94%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-33.56%	+3.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.56%	—
Current Drawdown Current decline from peak	-4.08%	-2.54%	-1.54%
Average Drawdown Average peak-to-trough decline	-9.47%	-34.95%	+25.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.91%	4.74%	+4.17%

Volatility

DFNV vs. XLK - Volatility Comparison

The current volatility for TrimTabs Donoghue Forlines Risk Managed Innovation ETF (DFNV) is 6.62%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 7.27%. This indicates that DFNV experiences smaller price fluctuations and is considered to be less risky than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFNV	XLK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	7.27%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	16.76%	-1.91%
Volatility (1Y) Calculated over the trailing 1-year period	17.67%	20.86%	-3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	24.90%	-5.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.73%	24.49%	-4.76%

DFNV vs. XLK - Expense Ratio Comparison

DFNV has a 0.69% expense ratio, which is higher than XLK's 0.08% expense ratio.

Dividends

DFNV vs. XLK - Dividend Comparison

DFNV's dividend yield for the trailing twelve months is around 0.37%, less than XLK's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFNV TrimTabs Donoghue Forlines Risk Managed Innovation ETF	0.37%	0.38%	1.28%	0.77%	1.20%	4.77%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%
XLK State Street Technology Select Sector SPDR ETF	0.40%	0.54%	0.66%	0.76%	1.04%	0.65%	0.92%	1.16%	1.60%	1.37%	1.74%	1.79%

Frequently Asked Questions

Can I hold both DFNV and XLK in my portfolio?

DFNV and XLK have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFNV or XLK?

XLK has higher volatility (7.27%) compared to DFNV (6.62%). In terms of maximum drawdown, DFNV dropped -29.71% vs XLK's -82.05%.

Which ETF is better, DFNV or XLK?

On 5-year performance, XLK leads with 23.44% vs 9.65% for DFNV. On fees, XLK is cheaper at 0.08% per year. On volatility, DFNV has been the lower-risk option at 6.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFNV or XLK?

Over the 5-year period, XLK has performed better with a 23.44% return vs 9.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFNV or XLK?

XLK is cheaper with a 0.08% expense ratio, compared with 0.69% for DFNV.

Which ETF pays a higher dividend yield, DFNV or XLK?

XLK has the higher dividend yield at 0.40%, compared with 0.37% for DFNV.

What is the main difference between DFNV and XLK?

DFNV tracks TrimTabs Donoghue Forlines Risk Managed Free Cash Flow Innovation Index, while XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index. They also come from different issuers: TrimTabs and State Street. Their fees differ too: 0.69% for DFNV and 0.08% for XLK.

Which has better risk-adjusted returns?

XLK currently has the higher Sharpe Ratio (3.09 vs 0.41), 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.