DGRC.TO vs. DFND

Last updated Jul 17, 2026

DGRC.TO (CI Canada Quality Dividend Growth Index ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both exchange-traded funds - DGRC.TO is a Dividend fund managed by CI Investments, while DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index. At a 0.28 correlation, their price movements are largely independent. DGRC.TO charges 0.23%/yr vs 1.50%/yr for DFND.

Performance

DGRC.TO vs. DFND - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Canada Quality Dividend Growth Index ETF (DGRC.TO) and Siren DIVCON Dividend Defender ETF (DFND). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DGRC.TO is traded in CAD, while DFND is traded in USD. To make them comparable, the DFND values have been converted to CAD using the latest available exchange rates.

Returns By Period

DGRC.TO

• 1D: 0.83%
• 1M: 2.63%
• 6M: 14.58%
• YTD: 18.54%
• 1Y: 34.86%
• 3Y*: 20.77%
• 5Y*: 13.71%
• 10Y*: —

DFND

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DGRC.TO vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGRC.TO CI Canada Quality Dividend Growth Index ETF	18.54%	27.20%	12.36%	7.79%	-1.70%	20.84%	7.22%	18.60%	-4.73%	3.78%
DFND Siren DIVCON Dividend Defender ETF	0.95%	5.95%	17.66%	9.46%	-14.50%	14.74%	13.36%	14.60%	6.42%	8.60%

Correlation

The correlation between DGRC.TO and DFND is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Sep 25, 2017	0.28

Over the past year, the correlation between DGRC.TO and DFND has dropped to 0.03 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.

DGRC.TO vs. DFND - Sectors Allocation Comparison

Sectors	DGRC.TO	DFND
Energy	26.6%	1.7%
Financial Services	24.8%	18.2%
Industrials	15.9%	17.1%
Consumer Defensive	10.7%	4.2%
Consumer Cyclical	10.3%	3.5%
Basic Materials	8.3%	4.3%
Communication Services	2.0%	0.8%
Technology	1.3%	24.8%
Real Estate	0.1%	2.0%
Healthcare	-	10.7%
Utilities	-	-

Return for Risk

DGRC.TO vs. DFND — Risk / Return Rank

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

DGRC.TO

DGRC.TO Risk / Return Rank: 95
DGRC.TO Sharpe Ratio Rank: 95
DGRC.TO Sortino Ratio Rank: 94
DGRC.TO Omega Ratio Rank: 94
DGRC.TO Calmar Ratio Rank: 95
DGRC.TO Martin Ratio Rank: 95

DFND

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.

DGRC.TO vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Canada Quality Dividend Growth Index ETF (DGRC.TO) and Siren DIVCON Dividend Defender ETF (DFND). 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.

	DGRC.TO	DFND	Difference
Sharpe ratio: Return per unit of total volatility	2.99	—	—
Sortino ratio: Return per unit of downside risk	4.06	—	—
Omega ratio: Gain probability vs. loss probability	1.54	—	—
Calmar ratio: Return relative to maximum drawdown	5.84	—	—
Martin ratio: Return relative to average drawdown	22.02	—	—

Drawdowns

Drawdown Indicators

	DGRC.TO	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-36.59%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.39%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-3.19%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	—	—

Volatility

Volatility by Period

	DGRC.TO	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.73%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.53%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.65%	—	—

DGRC.TO vs. DFND - Expense Ratio Comparison

DGRC.TO has a 0.23% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

DGRC.TO vs. DFND - Dividend Comparison

DGRC.TO's dividend yield for the trailing twelve months is around 2.28%, while DFND has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFND Siren DIVCON Dividend Defender ETF	0.29%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%
DGRC.TO CI Canada Quality Dividend Growth Index ETF	2.28%	2.58%	2.46%	2.56%	2.48%	1.87%	3.06%	2.20%	1.79%	0.23%

Frequently Asked Questions

Can I hold both DGRC.TO and DFND in my portfolio?

DGRC.TO and DFND have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DGRC.TO or DFND?

On fees, DGRC.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DGRC.TO or DFND?

DGRC.TO is cheaper with a 0.23% expense ratio, compared with 1.50% for DFND.

What is the main difference between DGRC.TO and DFND?

DGRC.TO is categorized as Dividend, while DFND is Large Cap Blend Equities. They also come from different issuers: CI Investments and SRN Advisors. Their fees differ too: 0.23% for DGRC.TO and 1.50% for DFND.