DYNF vs. THRO

Last updated Jun 23, 2026

DYNF (iShares U.S. Equity Factor Rotation Active ETF) and THRO (iShares U.S. Thematic Rotation Active ETF) are both exchange-traded funds - DYNF is a Large Cap Blend Equities fund actively managed by iShares, while THRO is a Tactical Allocation fund actively managed by iShares. Both are actively managed. Over the past 3 years, DYNF returned 25.88%/yr vs 23.19%/yr for THRO. With a 0.96 correlation, they move nearly in lockstep. DYNF charges 0.26%/yr vs 0.60%/yr for THRO.

Performance

DYNF vs. THRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Equity Factor Rotation Active ETF (DYNF) and iShares U.S. Thematic Rotation Active ETF (THRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DYNF having a 11.85% return and THRO slightly higher at 11.87%.

DYNF

• 1D: -0.01%
• 1M: 1.78%
• YTD: 11.85%
• 6M: 11.36%
• 1Y: 30.86%
• 3Y*: 25.88%
• 5Y*: 15.28%
• 10Y*: —

THRO

• 1D: -0.37%
• 1M: 1.00%
• YTD: 11.87%
• 6M: 11.18%
• 1Y: 26.46%
• 3Y*: 23.19%
• 5Y*: —
• 10Y*: —

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

DYNF vs. THRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DYNF iShares U.S. Equity Factor Rotation Active ETF	11.85%	20.00%	30.29%	36.25%	-20.27%	0.89%
THRO iShares U.S. Thematic Rotation Active ETF	11.87%	15.04%	32.03%	24.40%	-17.85%	1.01%

Correlation

The correlation between DYNF and THRO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.96

The correlation between DYNF and THRO has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

DYNF vs. THRO - Sectors Allocation Comparison

Sectors	DYNF	THRO
Technology	40.5%	43.9%
Financial Services	14.9%	10.7%
Communication Services	10.3%	8.9%
Industrials	9.5%	10.9%
Consumer Cyclical	7.0%	9.0%
Healthcare	5.8%	5.7%
Energy	4.5%	3.5%
Utilities	2.8%	0.1%
Real Estate	1.9%	-
Consumer Defensive	1.7%	5.7%
Basic Materials	0.8%	1.2%

Return for Risk

DYNF vs. THRO — Risk / Return Rank

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

DYNF

DYNF Risk / Return Rank: 77
DYNF Sharpe Ratio Rank: 77
DYNF Sortino Ratio Rank: 74
DYNF Omega Ratio Rank: 75
DYNF Calmar Ratio Rank: 73
DYNF Martin Ratio Rank: 84

THRO

THRO Risk / Return Rank: 57
THRO Sharpe Ratio Rank: 60
THRO Sortino Ratio Rank: 58
THRO Omega Ratio Rank: 56
THRO Calmar Ratio Rank: 51
THRO Martin Ratio Rank: 61

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.

DYNF vs. THRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Equity Factor Rotation Active ETF (DYNF) and iShares U.S. Thematic Rotation Active ETF (THRO). 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.

	DYNF	THRO	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.93	+0.44
Sortino ratio: Return per unit of downside risk	3.17	2.65	+0.52
Omega ratio: Gain probability vs. loss probability	1.42	1.34	+0.08
Calmar ratio: Return relative to maximum drawdown	3.58	2.44	+1.13
Martin ratio: Return relative to average drawdown	16.77	10.60	+6.17

DYNF vs. THRO - Sharpe Ratio Comparison

The current DYNF Sharpe Ratio is 2.36, which is comparable to the THRO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of DYNF and THRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DYNF vs. THRO - Drawdown Comparison

The maximum DYNF drawdown since its inception was -34.72%, which is greater than THRO's maximum drawdown of -26.54%. Use the drawdown chart below to compare losses from any high point for DYNF and THRO.

Drawdown Indicators

	DYNF	THRO	Difference
Max Drawdown Largest peak-to-trough decline	-34.72%	-26.54%	-8.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-10.87%	+2.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.70%	-19.07%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-28.65%	—	—
Current Drawdown Current decline from peak	-0.35%	-1.35%	+1.00%
Average Drawdown Average peak-to-trough decline	-5.95%	-6.64%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.50%	-0.65%

Volatility

DYNF vs. THRO - Volatility Comparison

The current volatility for iShares U.S. Equity Factor Rotation Active ETF (DYNF) is 5.10%, while iShares U.S. Thematic Rotation Active ETF (THRO) has a volatility of 5.43%. This indicates that DYNF experiences smaller price fluctuations and is considered to be less risky than THRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DYNF	THRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	5.43%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	11.12%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	13.15%	13.83%	-0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	18.77%	-1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.91%	18.77%	+1.14%

DYNF vs. THRO - Expense Ratio Comparison

DYNF has a 0.26% expense ratio, which is lower than THRO's 0.60% expense ratio.

Dividends

DYNF vs. THRO - Dividend Comparison

DYNF's dividend yield for the trailing twelve months is around 0.80%, more than THRO's 0.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DYNF iShares U.S. Equity Factor Rotation Active ETF	0.80%	1.01%	0.65%	1.11%	1.66%	2.89%	1.52%	1.22%
THRO iShares U.S. Thematic Rotation Active ETF	0.25%	0.15%	0.73%	0.55%	0.90%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DYNF and THRO in my portfolio?

With a correlation of 0.97, DYNF and THRO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DYNF or THRO?

THRO has higher volatility (5.43%) compared to DYNF (5.10%). In terms of maximum drawdown, DYNF dropped -34.72% vs THRO's -26.54%.

Which ETF is better, DYNF or THRO?

On 3-year performance, DYNF leads with 25.88% vs 23.19% for THRO. On fees, DYNF is cheaper at 0.26% per year. On volatility, DYNF has been the lower-risk option at 5.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DYNF or THRO?

Over the 3-year period, DYNF has performed better with a 25.88% return vs 23.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DYNF or THRO?

DYNF is cheaper with a 0.26% expense ratio, compared with 0.60% for THRO.

Which ETF pays a higher dividend yield, DYNF or THRO?

DYNF has the higher dividend yield at 0.80%, compared with 0.25% for THRO.

What is the main difference between DYNF and THRO?

DYNF is categorized as Large Cap Blend Equities, while THRO is Tactical Allocation. Their fees differ too: 0.26% for DYNF and 0.60% for THRO.

Which has better risk-adjusted returns?

DYNF currently has the higher Sharpe Ratio (2.36 vs 1.93), 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.