DFRA vs. DHLX

Last updated Aug 4, 2026

DFRA (Donoghue Forlines Yield Enhanced Real Asset ETF) and DHLX (Diamond Hill Large Cap Concentrated ETF) are both Large Cap Value Equities funds - DFRA tracks the FCF Yield Enhanced Real Asset Index - Benchmark TR Net while DHLX tracks the Actively Managed. Both are passively managed. Their 0.45 correlation means their historical movements had little consistent relationship. DFRA charges 0.69%/yr vs 0.55%/yr for DHLX.

Performance

DFRA vs. DHLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) and Diamond Hill Large Cap Concentrated ETF (DHLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFRA achieves a 9.19% return, which is significantly higher than DHLX's 3.49% return.

DFRA

• 1D: 0.58%
• 1M: 3.74%
• 6M: 1.27%
• YTD: 9.19%
• 1Y: 13.37%
• 3Y*: 10.25%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.46%

DHLX

• 1D: 1.40%
• 1M: 2.22%
• 6M: 2.41%
• YTD: 3.49%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	$251.33K	$270.09K	$369.62K
DHLX Diamond Hill Large Cap Concentrated ETF	$2.04M	$1.16M	$722.10K

DFRA vs. DHLX - Yearly Performance Comparison

	2026 (YTD)	2025
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	9.19%	0.94%
DHLX Diamond Hill Large Cap Concentrated ETF	3.49%	1.22%

Correlation

The correlation between DFRA and DHLX is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 29, 2025	0.45

Return for Risk

DFRA vs. DHLX — Risk / Return Rank

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

DFRA

DFRA Risk / Return Rank: 33
DFRA Sharpe Ratio Rank: 34
DFRA Sortino Ratio Rank: 33
DFRA Omega Ratio Rank: 34
DFRA Calmar Ratio Rank: 33
DFRA Martin Ratio Rank: 29

DHLX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

DFRA vs. DHLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) and Diamond Hill Large Cap Concentrated ETF (DHLX). 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.

	DFRA	DHLX	Difference
Sharpe ratio: Return per unit of total volatility	0.90	—	—
Sortino ratio: Return per unit of downside risk	1.29	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	1.15	—	—
Martin ratio: Return relative to average drawdown	2.67	—	—

Drawdowns

DFRA vs. DHLX - Drawdown Comparison

The maximum DFRA drawdown since its inception was -19.35%, which is greater than DHLX's maximum drawdown of -8.40%. Use the drawdown chart below to compare losses from any high point for DFRA and DHLX.

Drawdown Indicators

	DFRA	DHLX	Difference
Max Drawdown Largest peak-to-trough decline	-19.35%	-8.40%	-10.95%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.35%	—	—
Current Drawdown Current decline from peak	-6.80%	-0.56%	-6.24%
Average Drawdown Average peak-to-trough decline	-4.15%	-2.64%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.01%	—	—

Volatility

Volatility by Period

	DFRA	DHLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.74%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	11.70%	+3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.35%	11.70%	+5.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	11.70%	+5.65%

DFRA vs. DHLX - Expense Ratio Comparison

DFRA has a 0.69% expense ratio, which is higher than DHLX's 0.55% expense ratio.

Dividends

DFRA vs. DHLX - Dividend Comparison

DFRA's dividend yield for the trailing twelve months is around 3.52%, more than DHLX's 0.64% yield.

Position	TTM	2025	2024	2023	2022	2021
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	3.52%	2.86%	10.13%	4.70%	8.40%	0.08%
DHLX Diamond Hill Large Cap Concentrated ETF	0.64%	0.15%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFRA and DHLX in my portfolio?

DFRA and DHLX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFRA or DHLX?

On fees, DHLX is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFRA or DHLX?

DHLX is cheaper with a 0.55% expense ratio, compared with 0.69% for DFRA.

Which ETF pays a higher dividend yield, DFRA or DHLX?

DFRA has the higher dividend yield at 3.52%, compared with 0.64% for DHLX.

What is the main difference between DFRA and DHLX?

DFRA tracks FCF Yield Enhanced Real Asset Index - Benchmark TR Net, while DHLX tracks Actively Managed. They also come from different issuers: Donoghue Forlines and Diamond Hill. Their fees differ too: 0.69% for DFRA and 0.55% for DHLX.