DJD vs. DHEAX

Last updated Jun 9, 2026

DJD (Invesco Dow Jones Industrial Average Dividend ETF) and DHEAX (Diamond Hill Short Duration Securitized Bond Fund) are both funds - DJD is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average Yield Weight, while DHEAX is a Short-Term Bond fund managed by Diamond Hill. Over the past 5 years, DJD returned 10.33%/yr vs 4.22%/yr for DHEAX. At a 0.02 correlation, their price movements are largely independent. DJD charges 0.07%/yr vs 0.83%/yr for DHEAX.

Performance

DJD vs. DHEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dow Jones Industrial Average Dividend ETF (DJD) and Diamond Hill Short Duration Securitized Bond Fund (DHEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DJD achieves a 10.63% return, which is significantly higher than DHEAX's 1.65% return.

DJD

• 1D: -0.13%
• 1M: 4.23%
• YTD: 10.63%
• 6M: 11.54%
• 1Y: 23.40%
• 3Y*: 17.54%
• 5Y*: 10.33%
• 10Y*: 12.31%

DHEAX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.65%
• 6M: 1.93%
• 1Y: 5.00%
• 3Y*: 7.42%
• 5Y*: 4.22%
• 10Y*: —

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

DJD vs. DHEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DJD Invesco Dow Jones Industrial Average Dividend ETF	10.63%	15.83%	13.66%	9.41%	-0.73%	22.40%	0.87%	22.00%	0.03%	20.67%
DHEAX Diamond Hill Short Duration Securitized Bond Fund	1.65%	5.70%	9.15%	8.38%	-3.57%	2.42%	2.87%	4.44%	2.88%	3.97%

Correlation

The correlation between DJD and DHEAX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.02

Over the past year, DJD and DHEAX have become more correlated (0.23) than their long-term average of 0.02, meaning their price movements have been converging.

Return for Risk

DJD vs. DHEAX — Risk / Return Rank

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

DJD

DJD Risk / Return Rank: 79
DJD Sharpe Ratio Rank: 79
DJD Sortino Ratio Rank: 85
DJD Omega Ratio Rank: 75
DJD Calmar Ratio Rank: 84
DJD Martin Ratio Rank: 72

DHEAX

DHEAX Risk / Return Rank: 99
DHEAX Sharpe Ratio Rank: 99
DHEAX Sortino Ratio Rank: 99
DHEAX Omega Ratio Rank: 98
DHEAX Calmar Ratio Rank: 99
DHEAX Martin Ratio Rank: 99

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.

DJD vs. DHEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dow Jones Industrial Average Dividend ETF (DJD) and Diamond Hill Short Duration Securitized Bond Fund (DHEAX). 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.

	DJD	DHEAX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	4.43	-2.13
Sortino ratio: Return per unit of downside risk	3.47	7.47	-4.00
Omega ratio: Gain probability vs. loss probability	1.40	2.44	-1.04
Calmar ratio: Return relative to maximum drawdown	4.17	9.84	-5.67
Martin ratio: Return relative to average drawdown	12.24	43.14	-30.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DJD vs. DHEAX - Sharpe Ratio Comparison

The current DJD Sharpe Ratio is 2.30, which is lower than the DHEAX Sharpe Ratio of 4.43. The chart below compares the historical Sharpe Ratios of DJD and DHEAX, 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

	DJD	DHEAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	4.43	-2.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	2.79	-2.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	1.76	-1.01

Drawdowns

DJD vs. DHEAX - Drawdown Comparison

The maximum DJD drawdown since its inception was -34.66%, which is greater than DHEAX's maximum drawdown of -12.34%. Use the drawdown chart below to compare losses from any high point for DJD and DHEAX.

Drawdown Indicators

	DJD	DHEAX	Difference
Max Drawdown Largest peak-to-trough decline	-34.66%	-12.34%	-22.32%
Max Drawdown (1Y) Largest decline over 1 year	-5.64%	-0.50%	-5.14%
Max Drawdown (3Y) Largest decline over 3 years	-12.28%	-0.50%	-11.78%
Max Drawdown (5Y) Largest decline over 5 years	-19.94%	-5.06%	-14.88%
Max Drawdown (10Y) Largest decline over 10 years	-34.66%	—	—
Current Drawdown Current decline from peak	-0.76%	0.00%	-0.76%
Average Drawdown Average peak-to-trough decline	-3.75%	-0.80%	-2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.11%	+1.81%

Volatility

DJD vs. DHEAX - Volatility Comparison

Invesco Dow Jones Industrial Average Dividend ETF (DJD) has a higher volatility of 2.66% compared to Diamond Hill Short Duration Securitized Bond Fund (DHEAX) at 0.22%. This indicates that DJD's price experiences larger fluctuations and is considered to be riskier than DHEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DJD	DHEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	0.22%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	7.50%	0.73%	+6.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	1.11%	+9.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.36%	1.52%	+11.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	2.27%	+14.38%

DJD vs. DHEAX - Expense Ratio Comparison

DJD has a 0.07% expense ratio, which is lower than DHEAX's 0.83% expense ratio.

Dividends

DJD vs. DHEAX - Dividend Comparison

DJD's dividend yield for the trailing twelve months is around 2.43%, less than DHEAX's 5.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHEAX Diamond Hill Short Duration Securitized Bond Fund	5.64%	5.27%	5.94%	5.25%	3.41%	2.31%	2.92%	3.76%	3.45%	3.20%	0.00%	0.00%
DJD Invesco Dow Jones Industrial Average Dividend ETF	2.43%	2.62%	3.00%	3.49%	3.16%	2.82%	3.47%	2.80%	2.66%	2.75%	2.46%	0.08%

Frequently Asked Questions

Can I hold both DJD and DHEAX in my portfolio?

DJD and DHEAX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJD or DHEAX?

DJD has higher volatility (2.66%) compared to DHEAX (0.22%). In terms of maximum drawdown, DJD dropped -34.66% vs DHEAX's -12.34%.

Which has better risk-adjusted returns?

DHEAX currently has the higher Sharpe Ratio (4.43 vs 2.30), 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.