EQTY vs. DFND

Last updated Jun 4, 2026

EQTY (Kovitz Core Equity ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both Large Cap Blend Equities funds - EQTY tracks the NONE while DFND tracks the Siren DIVCON Dividend Defender Index. Both are passively managed. Over the past 3 years, EQTY returned 15.88%/yr vs 7.91%/yr for DFND. At a 0.31 correlation, their price movements are largely independent. EQTY charges 0.99%/yr vs 1.50%/yr for DFND.

Performance

EQTY vs. DFND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kovitz Core Equity ETF (EQTY) and Siren DIVCON Dividend Defender ETF (DFND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EQTY

• 1D: -0.36%
• 1M: 1.29%
• YTD: 1.88%
• 6M: 3.56%
• 1Y: 14.80%
• 3Y*: 15.88%
• 5Y*: —
• 10Y*: —

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -1.09%
• 1Y: 0.20%
• 3Y*: 7.91%
• 5Y*: 4.54%
• 10Y*: 7.16%

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

EQTY vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EQTY Kovitz Core Equity ETF	1.88%	13.63%	19.89%	26.97%	-3.83%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	-2.58%

Correlation

The correlation between EQTY and DFND is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.31

The correlation between EQTY and DFND shifts across timeframes, from 0.13 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

EQTY vs. DFND - Sectors Allocation Comparison

Sectors	EQTY	DFND
Technology	23.8%	24.8%
Financial Services	19.0%	18.2%
Industrials	16.3%	17.1%
Healthcare	14.3%	10.7%
Communication Services	11.1%	0.8%
Consumer Cyclical	10.0%	3.5%
Consumer Defensive	4.0%	4.2%
Energy	1.5%	1.7%
Basic Materials	-	4.3%
Real Estate	-	2.0%
Utilities	-	-

Return for Risk

EQTY vs. DFND — Risk / Return Rank

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

EQTY

EQTY Risk / Return Rank: 31
EQTY Sharpe Ratio Rank: 33
EQTY Sortino Ratio Rank: 32
EQTY Omega Ratio Rank: 31
EQTY Calmar Ratio Rank: 27
EQTY Martin Ratio Rank: 32

DFND

DFND Risk / Return Rank: 9
DFND Sharpe Ratio Rank: 9
DFND Sortino Ratio Rank: 8
DFND Omega Ratio Rank: 8
DFND Calmar Ratio Rank: 9
DFND Martin Ratio Rank: 9

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.

EQTY vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kovitz Core Equity ETF (EQTY) and Siren DIVCON Dividend Defender ETF (DFND). 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.

	EQTY	DFND	Difference
Sharpe ratio Return per unit of total volatility	1.16	0.02	+1.14
Sortino ratio Return per unit of downside risk	1.71	0.11	+1.60
Omega ratio Gain probability vs. loss probability	1.21	1.02	+0.19
Calmar ratio Return relative to maximum drawdown	1.25	0.07	+1.18
Martin ratio Return relative to average drawdown	4.66	0.13	+4.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EQTY vs. DFND - Sharpe Ratio Comparison

The current EQTY Sharpe Ratio is 1.16, which is higher than the DFND Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of EQTY and DFND, 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

	EQTY	DFND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	0.02	+1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.36	+0.75

Drawdowns

EQTY vs. DFND - Drawdown Comparison

The maximum EQTY drawdown since its inception was -17.28%, smaller than the maximum DFND drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for EQTY and DFND.

Drawdown Indicators

	EQTY	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-17.28%	-22.65%	+5.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.85%	-3.44%	-8.41%
Max Drawdown (3Y) Largest decline over 3 years	-17.28%	-12.56%	-4.72%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.65%	—
Current Drawdown Current decline from peak	-2.26%	-3.69%	+1.43%
Average Drawdown Average peak-to-trough decline	-2.71%	-5.70%	+2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.70%	-0.51%

Volatility

EQTY vs. DFND - Volatility Comparison

Kovitz Core Equity ETF (EQTY) has a higher volatility of 2.58% compared to Siren DIVCON Dividend Defender ETF (DFND) at 0.00%. This indicates that EQTY's price experiences larger fluctuations and is considered to be riskier than DFND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQTY	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	0.00%	+2.58%
Volatility (6M) Calculated over the trailing 6-month period	9.45%	6.16%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.79%	10.92%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.95%	22.46%	-7.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.95%	19.09%	-4.14%

EQTY vs. DFND - Expense Ratio Comparison

EQTY has a 0.99% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

EQTY vs. DFND - Dividend Comparison

EQTY's dividend yield for the trailing twelve months is around 0.02%, less than DFND's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFND Siren DIVCON Dividend Defender ETF	0.62%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%
EQTY Kovitz Core Equity ETF	0.02%	0.02%	0.33%	0.26%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EQTY and DFND in my portfolio?

EQTY and DFND have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQTY or DFND?

EQTY has higher volatility (2.58%) compared to DFND (0.00%). In terms of maximum drawdown, EQTY dropped -17.28% vs DFND's -22.65%.

Which ETF is better, EQTY or DFND?

On 3-year performance, EQTY leads with 15.88% vs 7.91% for DFND. On fees, EQTY is cheaper at 0.99% per year. On volatility, DFND has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EQTY or DFND?

Over the 3-year period, EQTY has performed better with a 15.88% return vs 7.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EQTY or DFND?

EQTY is cheaper with a 0.99% expense ratio, compared with 1.50% for DFND.

Which ETF pays a higher dividend yield, EQTY or DFND?

DFND has the higher dividend yield at 0.62%, compared with 0.02% for EQTY.

What is the main difference between EQTY and DFND?

EQTY tracks NONE, while DFND tracks Siren DIVCON Dividend Defender Index. They also come from different issuers: Kovitz and SRN Advisors. Their fees differ too: 0.99% for EQTY and 1.50% for DFND.

Which has better risk-adjusted returns?

EQTY currently has the higher Sharpe Ratio (1.16 vs 0.02), 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.