DIVZ vs. BEDY

Last updated Jun 3, 2026

DIVZ (Opal Dividend Income ETF) and BEDY (BNY Mellon Enhanced Dividend Income ETF) are both Large Cap Value Equities funds. Both are actively managed. A 0.58 correlation means they provide meaningful diversification when combined. DIVZ charges 0.65%/yr vs 0.50%/yr for BEDY.

Performance

DIVZ vs. BEDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Opal Dividend Income ETF (DIVZ) and BNY Mellon Enhanced Dividend Income ETF (BEDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIVZ achieves a 3.37% return, which is significantly lower than BEDY's 10.77% return.

DIVZ

• 1D: 0.52%
• 1M: -0.98%
• YTD: 3.37%
• 6M: 4.40%
• 1Y: 10.65%
• 3Y*: 15.12%
• 5Y*: 8.50%
• 10Y*: —

BEDY

• 1D: 1.13%
• 1M: 2.86%
• YTD: 10.77%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIVZ vs. BEDY - Yearly Performance Comparison

	2026 (YTD)	2025
DIVZ Opal Dividend Income ETF	3.37%	1.27%
BEDY BNY Mellon Enhanced Dividend Income ETF	10.77%	1.62%

Correlation

The correlation between DIVZ and BEDY 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 (All Time) Calculated using the full available price history since Dec 9, 2025	0.58

Return for Risk

DIVZ vs. BEDY — Risk / Return Rank

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

DIVZ

DIVZ Risk / Return Rank: 33
DIVZ Sharpe Ratio Rank: 32
DIVZ Sortino Ratio Rank: 32
DIVZ Omega Ratio Rank: 29
DIVZ Calmar Ratio Rank: 38
DIVZ Martin Ratio Rank: 32

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.

DIVZ vs. BEDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Opal Dividend Income ETF (DIVZ) and BNY Mellon Enhanced Dividend Income ETF (BEDY). 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.

	DIVZ	BEDY	Difference
Sharpe ratio Return per unit of total volatility	1.15	—	—
Sortino ratio Return per unit of downside risk	1.71	—	—
Omega ratio Gain probability vs. loss probability	1.20	—	—
Calmar ratio Return relative to maximum drawdown	1.93	—	—
Martin ratio Return relative to average drawdown	4.83	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DIVZ	BEDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	2.36	-1.46

Drawdowns

DIVZ vs. BEDY - Drawdown Comparison

The maximum DIVZ drawdown since its inception was -15.42%, which is greater than BEDY's maximum drawdown of -6.25%. Use the drawdown chart below to compare losses from any high point for DIVZ and BEDY.

Drawdown Indicators

	DIVZ	BEDY	Difference
Max Drawdown Largest peak-to-trough decline	-15.42%	-6.25%	-9.17%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.52%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	—	—
Current Drawdown Current decline from peak	-4.25%	0.00%	-4.25%
Average Drawdown Average peak-to-trough decline	-3.49%	-1.37%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	—	—

Volatility

Volatility by Period

	DIVZ	BEDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.29%	12.02%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	12.02%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.57%	12.02%	+0.55%

DIVZ vs. BEDY - Expense Ratio Comparison

DIVZ has a 0.65% expense ratio, which is higher than BEDY's 0.50% expense ratio.

Dividends

DIVZ vs. BEDY - Dividend Comparison

DIVZ's dividend yield for the trailing twelve months is around 2.59%, less than BEDY's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021
BEDY BNY Mellon Enhanced Dividend Income ETF	3.34%	0.09%	0.00%	0.00%	0.00%	0.00%
DIVZ Opal Dividend Income ETF	2.59%	2.60%	2.63%	3.66%	3.23%	3.83%

Frequently Asked Questions

Can I hold both DIVZ and BEDY in my portfolio?

DIVZ and BEDY 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 ETF is better, DIVZ or BEDY?

On fees, BEDY is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DIVZ or BEDY?

BEDY is cheaper with a 0.50% expense ratio, compared with 0.65% for DIVZ.

Which ETF pays a higher dividend yield, DIVZ or BEDY?

BEDY has the higher dividend yield at 3.34%, compared with 2.59% for DIVZ.

What is the main difference between DIVZ and BEDY?

They also come from different issuers: TrueShares and BNY Mellon. Their fees differ too: 0.65% for DIVZ and 0.50% for BEDY.