DHLX vs. TBG

Last updated Jun 3, 2026

DHLX (Diamond Hill Large Cap Concentrated ETF) and TBG (TBG Dividend Focus ETF) are both Large Cap Value Equities funds. DHLX is passively managed, while TBG is actively managed. A 0.75 correlation means they provide meaningful diversification when combined. DHLX charges 0.55%/yr vs 0.59%/yr for TBG.

Performance

DHLX vs. TBG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill Large Cap Concentrated ETF (DHLX) and TBG Dividend Focus ETF (TBG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHLX achieves a -1.10% return, which is significantly lower than TBG's 11.50% return.

DHLX

• 1D: -0.38%
• 1M: -3.18%
• YTD: -1.10%
• 6M: 1.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBG

• 1D: 0.38%
• 1M: 2.32%
• YTD: 11.50%
• 6M: 11.92%
• 1Y: 20.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DHLX vs. TBG - Yearly Performance Comparison

	2026 (YTD)	2025
DHLX Diamond Hill Large Cap Concentrated ETF	-1.10%	1.24%
TBG TBG Dividend Focus ETF	11.50%	2.08%

Correlation

The correlation between DHLX and TBG is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025	0.75

Return for Risk

DHLX vs. TBG — Risk / Return Rank

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

TBG

TBG Risk / Return Rank: 63
TBG Sharpe Ratio Rank: 64
TBG Sortino Ratio Rank: 68
TBG Omega Ratio Rank: 60
TBG Calmar Ratio Rank: 66
TBG Martin Ratio Rank: 58

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.

DHLX vs. TBG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill Large Cap Concentrated ETF (DHLX) and TBG Dividend Focus ETF (TBG). 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.

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

Sharpe Ratios by Period

	DHLX	TBG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	1.62	-1.61

Drawdowns

DHLX vs. TBG - Drawdown Comparison

The maximum DHLX drawdown since its inception was -8.40%, smaller than the maximum TBG drawdown of -14.76%. Use the drawdown chart below to compare losses from any high point for DHLX and TBG.

Drawdown Indicators

	DHLX	TBG	Difference
Max Drawdown Largest peak-to-trough decline	-8.40%	-14.76%	+6.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.13%	—
Current Drawdown Current decline from peak	-4.97%	-0.70%	-4.27%
Average Drawdown Average peak-to-trough decline	-2.36%	-2.11%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.98%	—

Volatility

Volatility by Period

	DHLX	TBG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.43%	9.48%	+1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.43%	12.21%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.43%	12.21%	-0.78%

DHLX vs. TBG - Expense Ratio Comparison

DHLX has a 0.55% expense ratio, which is lower than TBG's 0.59% expense ratio.

Dividends

DHLX vs. TBG - Dividend Comparison

DHLX's dividend yield for the trailing twelve months is around 0.41%, less than TBG's 2.67% yield.

Position	TTM	2025	2024	2023
DHLX Diamond Hill Large Cap Concentrated ETF	0.41%	0.15%	0.00%	0.00%
TBG TBG Dividend Focus ETF	2.67%	2.80%	2.33%	0.48%

Frequently Asked Questions

Can I hold both DHLX and TBG in my portfolio?

DHLX and TBG have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DHLX or TBG?

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, DHLX or TBG?

DHLX is cheaper with a 0.55% expense ratio, compared with 0.59% for TBG.

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

TBG has the higher dividend yield at 2.67%, compared with 0.41% for DHLX.

What is the main difference between DHLX and TBG?

They also come from different issuers: Diamond Hill and EA Series Trust. Their fees differ too: 0.55% for DHLX and 0.59% for TBG.