ERNZ vs. DFND

Last updated Jun 4, 2026

ERNZ (TrueShares Active Yield ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both Large Cap Blend Equities funds. ERNZ is actively managed, while DFND is passively managed. Over the past year, ERNZ returned 2.28% vs 0.20% for DFND. At a 0.12 correlation, their price movements are largely independent. ERNZ charges 0.75%/yr vs 1.50%/yr for DFND.

Performance

ERNZ vs. DFND - Performance Comparison

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

Returns By Period

ERNZ

• 1D: 0.00%
• 1M: 0.00%
• YTD: 4.89%
• 6M: 3.58%
• 1Y: 2.28%
• 3Y*: —
• 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)

ERNZ vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ERNZ TrueShares Active Yield ETF	4.89%	-6.50%	3.43%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	0.59%

Correlation

The correlation between ERNZ and DFND is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.12

ERNZ vs. DFND - Sectors Allocation Comparison

Sectors	ERNZ	DFND
Financial Services	24.6%	18.2%
Energy	23.0%	1.7%
Consumer Cyclical	10.1%	3.5%
Consumer Defensive	8.7%	4.2%
Real Estate	8.7%	2.0%
Basic Materials	6.1%	4.3%
Healthcare	5.8%	10.7%
Communication Services	3.5%	0.8%
Utilities	3.5%	-
Technology	3.3%	24.8%
Industrials	2.9%	17.1%

Return for Risk

ERNZ vs. DFND — Risk / Return Rank

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

ERNZ

ERNZ Risk / Return Rank: 12
ERNZ Sharpe Ratio Rank: 12
ERNZ Sortino Ratio Rank: 12
ERNZ Omega Ratio Rank: 12
ERNZ Calmar Ratio Rank: 11
ERNZ Martin Ratio Rank: 11

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.

ERNZ vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Active Yield ETF (ERNZ) 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.

	ERNZ	DFND	Difference
Sharpe ratio: Return per unit of total volatility	0.24	0.02	+0.21
Sortino ratio: Return per unit of downside risk	0.42	0.11	+0.31
Omega ratio: Gain probability vs. loss probability	1.05	1.02	+0.04
Calmar ratio: Return relative to maximum drawdown	0.22	0.07	+0.15
Martin ratio: Return relative to average drawdown	0.47	0.13	+0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERNZ vs. DFND - Sharpe Ratio Comparison

The current ERNZ Sharpe Ratio is 0.24, which is higher than the DFND Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of ERNZ 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

	ERNZ	DFND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.24	0.02	+0.21
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	0.06	0.36	-0.30

Drawdowns

ERNZ vs. DFND - Drawdown Comparison

The maximum ERNZ drawdown since its inception was -14.16%, smaller than the maximum DFND drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for ERNZ and DFND.

Drawdown Indicators

	ERNZ	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-14.16%	-22.65%	+8.49%
Max Drawdown (1Y) Largest decline over 1 year	-10.61%	-3.44%	-7.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.56%	—
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	-5.59%	-3.69%	-1.90%
Average Drawdown Average peak-to-trough decline	-4.58%	-5.70%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	3.70%	+1.18%

Volatility

ERNZ vs. DFND - Volatility Comparison

The current volatility for TrueShares Active Yield ETF (ERNZ) is 0.00%, while Siren DIVCON Dividend Defender ETF (DFND) has a volatility of 0.00%. This indicates that ERNZ experiences smaller price fluctuations and is considered to be less risky than DFND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERNZ	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.00%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	4.40%	6.16%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	10.92%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.77%	22.46%	-10.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.77%	19.09%	-7.32%

ERNZ vs. DFND - Expense Ratio Comparison

ERNZ has a 0.75% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

ERNZ vs. DFND - Dividend Comparison

ERNZ's dividend yield for the trailing twelve months is around 6.37%, more 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%
ERNZ TrueShares Active Yield ETF	6.37%	9.90%	5.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ERNZ and DFND in my portfolio?

ERNZ and DFND have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ERNZ or DFND?

DFND has higher volatility (0.00%) compared to ERNZ (0.00%). In terms of maximum drawdown, ERNZ dropped -14.16% vs DFND's -22.65%.

Which ETF is better, ERNZ or DFND?

On 1-year performance, ERNZ leads with 2.28% vs 0.20% for DFND. On fees, ERNZ is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERNZ or DFND?

Over the 1-year period, ERNZ has performed better with a 2.28% return vs 0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ERNZ or DFND?

ERNZ is cheaper with a 0.75% expense ratio, compared with 1.50% for DFND.

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

ERNZ has the higher dividend yield at 6.37%, compared with 0.62% for DFND.

What is the main difference between ERNZ and DFND?

They also come from different issuers: TrueShares and SRN Advisors. Their fees differ too: 0.75% for ERNZ and 1.50% for DFND.

Which has better risk-adjusted returns?

ERNZ currently has the higher Sharpe Ratio (0.24 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.