DFRA vs. VOO

Last updated Jun 18, 2026

DFRA (Donoghue Forlines Yield Enhanced Real Asset ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - DFRA is a Large Cap Value Equities fund tracking the FCF Yield Enhanced Real Asset Index - Benchmark TR Net, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, DFRA returned 10.53%/yr vs 20.52%/yr for VOO. A 0.65 correlation means they provide meaningful diversification when combined. DFRA charges 0.69%/yr vs 0.03%/yr for VOO.

Performance

DFRA vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFRA achieves a 5.85% return, which is significantly lower than VOO's 9.00% return.

DFRA

• 1D: -1.53%
• 1M: -3.11%
• YTD: 5.85%
• 6M: 5.88%
• 1Y: 11.62%
• 3Y*: 10.53%
• 5Y*: —
• 10Y*: —

VOO

• 1D: -1.21%
• 1M: 0.37%
• YTD: 9.00%
• 6M: 11.04%
• 1Y: 25.53%
• 3Y*: 20.52%
• 5Y*: 13.84%
• 10Y*: 15.51%

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

DFRA vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	5.85%	6.64%	7.05%	18.89%	7.42%	3.86%
VOO Vanguard S&P 500 ETF	9.00%	17.82%	24.98%	26.32%	-18.17%	2.14%

Correlation

The correlation between DFRA and VOO is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Dec 14, 2021	0.65

The correlation between DFRA and VOO has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

DFRA vs. VOO - Sectors Allocation Comparison

Sectors	DFRA	VOO
Industrials	35.7%	8.0%
Energy	26.3%	3.5%
Basic Materials	18.5%	1.8%
Real Estate	12.1%	1.9%
Consumer Defensive	3.2%	4.9%
Utilities	2.8%	2.8%
Technology	1.5%	35.6%
Communication Services	-	11.1%
Consumer Cyclical	-	10.1%
Financial Services	-	11.6%
Healthcare	-	8.5%

Return for Risk

DFRA vs. VOO — Risk / Return Rank

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

DFRA

DFRA Risk / Return Rank: 22
DFRA Sharpe Ratio Rank: 23
DFRA Sortino Ratio Rank: 21
DFRA Omega Ratio Rank: 22
DFRA Calmar Ratio Rank: 22
DFRA Martin Ratio Rank: 24

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 66
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 61
VOO Martin Ratio Rank: 74

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.

DFRA vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.78	2.08	-1.30
Sortino ratio: Return per unit of downside risk	1.13	2.81	-1.68
Omega ratio: Gain probability vs. loss probability	1.15	1.38	-0.23
Calmar ratio: Return relative to maximum drawdown	1.00	2.88	-1.88
Martin ratio: Return relative to average drawdown	3.06	12.99	-9.93

DFRA vs. VOO - Sharpe Ratio Comparison

The current DFRA Sharpe Ratio is 0.78, which is lower than the VOO Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of DFRA and VOO, 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

DFRA vs. VOO - Drawdown Comparison

The maximum DFRA drawdown since its inception was -19.35%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for DFRA and VOO.

Drawdown Indicators

	DFRA	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-19.35%	-33.99%	+14.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-8.90%	-2.74%
Max Drawdown (3Y) Largest decline over 3 years	-19.35%	-18.69%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-9.66%	-2.41%	-7.25%
Average Drawdown Average peak-to-trough decline	-4.00%	-3.68%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	1.97%	+1.84%

Volatility

DFRA vs. VOO - Volatility Comparison

Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) and Vanguard S&P 500 ETF (VOO) have volatilities of 4.48% and 4.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFRA	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	4.65%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	9.76%	+3.50%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	12.37%	+2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	16.91%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	18.05%	-0.53%

DFRA vs. VOO - Expense Ratio Comparison

DFRA has a 0.69% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

DFRA vs. VOO - Dividend Comparison

DFRA's dividend yield for the trailing twelve months is around 4.31%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	4.31%	2.86%	10.13%	4.70%	8.40%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both DFRA and VOO in my portfolio?

DFRA and VOO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFRA or VOO?

VOO has higher volatility (4.65%) compared to DFRA (4.48%). In terms of maximum drawdown, DFRA dropped -19.35% vs VOO's -33.99%.

Which ETF is better, DFRA or VOO?

On 3-year performance, VOO leads with 20.52% vs 10.53% for DFRA. On fees, VOO is cheaper at 0.03% per year. On volatility, DFRA has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFRA or VOO?

Over the 3-year period, VOO has performed better with a 20.52% return vs 10.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFRA or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.69% for DFRA.

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

DFRA has the higher dividend yield at 4.31%, compared with 1.05% for VOO.

What is the main difference between DFRA and VOO?

DFRA is categorized as Large Cap Value Equities, while VOO is S&P 500. DFRA tracks FCF Yield Enhanced Real Asset Index - Benchmark TR Net, while VOO tracks S&P 500 Index. They also come from different issuers: Donoghue Forlines and Vanguard. Their fees differ too: 0.69% for DFRA and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.08 vs 0.78), 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.