DIVL vs. DFRA

Last updated Jun 4, 2026

DIVL (Madison Dividend Value ETF) and DFRA (Donoghue Forlines Yield Enhanced Real Asset ETF) are both Large Cap Value Equities funds. DIVL is actively managed, while DFRA is passively managed. Over the past year, DIVL returned 14.51% vs 15.09% for DFRA. A 0.80 correlation means they provide meaningful diversification when combined. DIVL charges 0.65%/yr vs 0.69%/yr for DFRA.

Performance

DIVL vs. DFRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Dividend Value ETF (DIVL) and Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIVL achieves a 8.16% return, which is significantly lower than DFRA's 8.60% return.

DIVL

• 1D: 0.41%
• 1M: -0.01%
• YTD: 8.16%
• 6M: 7.23%
• 1Y: 14.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFRA

• 1D: -0.14%
• 1M: -2.02%
• YTD: 8.60%
• 6M: 8.04%
• 1Y: 15.09%
• 3Y*: 12.75%
• 5Y*: —
• 10Y*: —

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

DIVL vs. DFRA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DIVL Madison Dividend Value ETF	8.16%	9.83%	8.81%	1.81%
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	8.60%	6.64%	7.05%	8.28%

Correlation

The correlation between DIVL and DFRA 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 (1Y) Calculated over the trailing 1-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 16, 2023	0.80

The correlation between DIVL and DFRA has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

DIVL vs. DFRA - Sectors Allocation Comparison

Sectors	DIVL	DFRA
Energy	17.2%	26.3%
Industrials	16.8%	35.7%
Financial Services	13.8%	-
Healthcare	11.6%	-
Consumer Defensive	10.2%	3.2%
Technology	8.2%	1.5%
Consumer Cyclical	7.7%	-
Basic Materials	6.1%	18.5%
Utilities	6.0%	2.8%
Real Estate	2.4%	12.1%
Communication Services	-	-

Return for Risk

DIVL vs. DFRA — Risk / Return Rank

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

DIVL

DIVL Risk / Return Rank: 40
DIVL Sharpe Ratio Rank: 39
DIVL Sortino Ratio Rank: 40
DIVL Omega Ratio Rank: 38
DIVL Calmar Ratio Rank: 43
DIVL Martin Ratio Rank: 41

DFRA

DFRA Risk / Return Rank: 29
DFRA Sharpe Ratio Rank: 29
DFRA Sortino Ratio Rank: 27
DFRA Omega Ratio Rank: 29
DFRA Calmar Ratio Rank: 27
DFRA Martin Ratio Rank: 31

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.

DIVL vs. DFRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Dividend Value ETF (DIVL) and Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA). 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.

	DIVL	DFRA	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.03	+0.35
Sortino ratio: Return per unit of downside risk	2.03	1.47	+0.56
Omega ratio: Gain probability vs. loss probability	1.25	1.19	+0.05
Calmar ratio: Return relative to maximum drawdown	2.10	1.30	+0.80
Martin ratio: Return relative to average drawdown	6.36	4.50	+1.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIVL vs. DFRA - Sharpe Ratio Comparison

The current DIVL Sharpe Ratio is 1.38, which is higher than the DFRA Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of DIVL and DFRA, 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

	DIVL	DFRA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.38	1.03	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.68	+0.16

Drawdowns

DIVL vs. DFRA - Drawdown Comparison

The maximum DIVL drawdown since its inception was -14.06%, smaller than the maximum DFRA drawdown of -19.35%. Use the drawdown chart below to compare losses from any high point for DIVL and DFRA.

Drawdown Indicators

	DIVL	DFRA	Difference
Max Drawdown Largest peak-to-trough decline	-14.06%	-19.35%	+5.29%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-11.64%	+4.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.35%	—
Current Drawdown Current decline from peak	-3.34%	-7.31%	+3.97%
Average Drawdown Average peak-to-trough decline	-2.56%	-3.96%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	3.36%	-1.07%

Volatility

DIVL vs. DFRA - Volatility Comparison

The current volatility for Madison Dividend Value ETF (DIVL) is 3.08%, while Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) has a volatility of 4.52%. This indicates that DIVL experiences smaller price fluctuations and is considered to be less risky than DFRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVL	DFRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	4.52%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	12.85%	-4.80%
Volatility (1Y) Calculated over the trailing 1-year period	10.55%	14.70%	-4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.39%	17.52%	-5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.39%	17.52%	-5.13%

DIVL vs. DFRA - Expense Ratio Comparison

DIVL has a 0.65% expense ratio, which is lower than DFRA's 0.69% expense ratio.

Dividends

DIVL vs. DFRA - Dividend Comparison

DIVL's dividend yield for the trailing twelve months is around 1.77%, less than DFRA's 4.20% yield.

Position	TTM	2025	2024	2023	2022	2021
DFRA Donoghue Forlines Yield Enhanced Real Asset ETF	4.20%	2.86%	10.13%	4.70%	8.40%	0.08%
DIVL Madison Dividend Value ETF	1.77%	1.80%	2.19%	1.01%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DIVL and DFRA in my portfolio?

DIVL and DFRA 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 is riskier, DIVL or DFRA?

DFRA has higher volatility (4.52%) compared to DIVL (3.08%). In terms of maximum drawdown, DIVL dropped -14.06% vs DFRA's -19.35%.

Which ETF is better, DIVL or DFRA?

On 1-year performance, DFRA leads with 15.09% vs 14.51% for DIVL. On fees, DIVL is cheaper at 0.65% per year. On volatility, DIVL has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVL or DFRA?

Over the 1-year period, DFRA has performed better with a 15.09% return vs 14.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVL or DFRA?

DIVL is cheaper with a 0.65% expense ratio, compared with 0.69% for DFRA.

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

DFRA has the higher dividend yield at 4.20%, compared with 1.77% for DIVL.

What is the main difference between DIVL and DFRA?

They also come from different issuers: Madison and Donoghue Forlines. Their fees differ too: 0.65% for DIVL and 0.69% for DFRA.

Which has better risk-adjusted returns?

DIVL currently has the higher Sharpe Ratio (1.38 vs 1.03), 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.