FDRS vs. DFND

Last updated Jun 25, 2026

FDRS (Founder-Led ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both Large Cap Blend Equities funds - FDRS tracks the Founder Led Index while DFND tracks the Siren DIVCON Dividend Defender Index. Both are passively managed. FDRS charges 0.49%/yr vs 1.50%/yr for DFND.

Performance

FDRS vs. DFND - Performance Comparison

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

Returns By Period

FDRS

• 1D: -1.06%
• 1M: -4.38%
• YTD: -8.02%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: -0.25%
• 3Y*: 8.10%
• 5Y*: 4.54%
• 10Y*: 7.15%

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

FDRS vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025
FDRS Founder-Led ETF	-8.02%	-1.34%
DFND Siren DIVCON Dividend Defender ETF	0.00%	0.00%

Return for Risk

FDRS vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Founder-Led ETF (FDRS) 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.

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.

	FDRS	DFND	Difference
Sharpe ratio: Return per unit of total volatility	—	0.19	—
Sortino ratio: Return per unit of downside risk	—	0.35	—
Omega ratio: Gain probability vs. loss probability	—	1.05	—
Calmar ratio: Return relative to maximum drawdown	—	0.60	—
Martin ratio: Return relative to average drawdown	—	1.08	—

Drawdowns

FDRS vs. DFND - Drawdown Comparison

The maximum FDRS drawdown since its inception was -21.77%, roughly equal to the maximum DFND drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for FDRS and DFND.

Drawdown Indicators

	FDRS	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-21.77%	-22.65%	+0.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.44%	—
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	-12.40%	-3.69%	-8.71%
Average Drawdown Average peak-to-trough decline	-9.38%	-5.70%	-3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.72%	—

Volatility

Volatility by Period

	FDRS	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	29.05%	10.88%	+18.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.05%	22.44%	+6.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.05%	19.08%	+9.97%

FDRS vs. DFND - Expense Ratio Comparison

FDRS has a 0.49% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

FDRS vs. DFND - Dividend Comparison

Neither FDRS nor DFND has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFND Siren DIVCON Dividend Defender ETF	0.29%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%
FDRS Founder-Led ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, FDRS or DFND?

On fees, FDRS is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FDRS or DFND?

FDRS is cheaper with a 0.49% expense ratio, compared with 1.50% for DFND.

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

DFND has the higher dividend yield at 0.29%, compared with 0.00% for FDRS.

What is the main difference between FDRS and DFND?

FDRS tracks Founder Led Index, while DFND tracks Siren DIVCON Dividend Defender Index. They also come from different issuers: Corgi Strategies and SRN Advisors. Their fees differ too: 0.49% for FDRS and 1.50% for DFND.