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IYF vs. DFNL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IYF vs. DFNL

Last updated Jun 24, 2026

IYF (iShares U.S. Financials ETF) and DFNL (Davis Select Financial ETF) are both Financials Equities funds. IYF is passively managed, while DFNL is actively managed. Over the past 5 years, IYF returned 11.53%/yr vs 12.48%/yr for DFNL. Their correlation of 0.93 suggests significant overlap in exposure. IYF charges 0.42%/yr vs 0.64%/yr for DFNL.

Performance

IYF vs. DFNL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Financials ETF (IYF) and Davis Select Financial ETF (DFNL). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, IYF achieves a 0.92% return, which is significantly higher than DFNL's 0.04% return.

IYF

1D
0.41%
1M
4.59%
YTD
0.92%
6M
-0.33%
1Y
11.89%
3Y*
23.15%
5Y*
11.53%
10Y*
13.90%

DFNL

1D
0.44%
1M
4.11%
YTD
0.04%
6M
-1.01%
1Y
17.47%
3Y*
25.01%
5Y*
12.48%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IYF vs. DFNL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IYF
iShares U.S. Financials ETF		0.92%18.25%31.30%15.32%-11.33%31.60%-1.00%31.86%-9.39%18.21%
DFNL
Davis Select Financial ETF		0.04%28.59%28.56%14.45%-8.45%31.25%-4.97%27.37%-11.59%20.34%

Correlation

The correlation between IYF and DFNL is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.90

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Jan 12, 2017

0.93

The correlation between IYF and DFNL has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

IYF vs. DFNL - Sectors Allocation Comparison

Sectors
IYF
DFNL

Financial Services

99.1%
93.1%

Real Estate

0.6%

-

Technology

0.3%
3.3%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

1.0%

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

2.7%

Utilities

-

-

Financial Services

IYF
99.1%
DFNL
93.1%

Real Estate

IYF
0.6%
DFNL

-

Technology

IYF
0.3%
DFNL
3.3%

Basic Materials

IYF

-

DFNL

-

Communication Services

IYF

-

DFNL

-

Consumer Cyclical

IYF

-

DFNL
1.0%

Consumer Defensive

IYF

-

DFNL

-

Energy

IYF

-

DFNL

-

Healthcare

IYF

-

DFNL

-

Industrials

IYF

-

DFNL
2.7%

Utilities

IYF

-

DFNL

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Financials ETF

Davis Select Financial ETF

Often compared with IYF:
IYF vs. XLFIYF vs. VFHIYF vs. IYGIYF vs. KBWBIYF vs. KBEIYF vs. IXGIYF vs. FTXO
Often compared with DFNL:
DFNL vs. VFHDFNL vs. FLBLDFNL vs. FTXODFNL vs. XLFDFNL vs. EUFNDFNL vs. SPMODFNL vs. BPAY

Return for Risk

IYF vs. DFNL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IYF
IYF Risk / Return Rank: 2222
Overall Rank
IYF Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
IYF Sortino Ratio Rank: 2222
Sortino Ratio Rank
IYF Omega Ratio Rank: 2222
Omega Ratio Rank
IYF Calmar Ratio Rank: 2020
Calmar Ratio Rank
IYF Martin Ratio Rank: 2020
Martin Ratio Rank
DFNL
DFNL Risk / Return Rank: 3232
Overall Rank
DFNL Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
DFNL Sortino Ratio Rank: 3434
Sortino Ratio Rank
DFNL Omega Ratio Rank: 3333
Omega Ratio Rank
DFNL Calmar Ratio Rank: 2929
Calmar Ratio Rank
DFNL Martin Ratio Rank: 2929
Martin Ratio Rank
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.

IYF vs. DFNL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Financials ETF (IYF) and Davis Select Financial ETF (DFNL). 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.

IYFDFNLDifference
Sharpe ratioReturn per unit of total volatility
0.82
1.20

-0.37

Sortino ratioReturn per unit of downside risk
1.19
1.71

-0.52

Omega ratioGain probability vs. loss probability

1.15

1.21

-0.06

Calmar ratioReturn relative to maximum drawdown

0.86

1.36

-0.50

Martin ratioReturn relative to average drawdown

2.32

3.83

-1.51

IYF vs. DFNL - Sharpe Ratio Comparison

The current IYF Sharpe Ratio is 0.82, which is lower than the DFNL Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of IYF and DFNL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IYF vs. DFNL - Drawdown Comparison

The maximum IYF drawdown since its inception was -79.09%, which is greater than DFNL's maximum drawdown of -44.51%. Use the drawdown chart below to compare losses from any high point for IYF and DFNL.

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Drawdown Indicators

IYFDFNLDifference

Max Drawdown

Largest peak-to-trough decline

-79.09%

-44.51%

-34.58%

Max Drawdown (1Y)

Largest decline over 1 year

-13.88%

-12.94%

-0.94%

Max Drawdown (3Y)

Largest decline over 3 years

-16.60%

-16.05%

-0.55%

Max Drawdown (5Y)

Largest decline over 5 years

-25.06%

-26.27%

+1.21%

Max Drawdown (10Y)

Largest decline over 10 years

-42.57%

—

—

Current Drawdown

Current decline from peak

-2.17%

-2.85%

+0.68%

Average Drawdown

Average peak-to-trough decline

-17.58%

-7.64%

-9.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.14%

4.57%

+0.57%

Volatility

IYF vs. DFNL - Volatility Comparison

iShares U.S. Financials ETF (IYF) and Davis Select Financial ETF (DFNL) have volatilities of 4.13% and 4.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IYFDFNLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.13%

4.08%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

11.19%

11.34%

-0.15%

Volatility (1Y)

Calculated over the trailing 1-year period

14.53%

14.72%

-0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.00%

19.26%

-0.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.84%

22.58%

-1.74%

IYF vs. DFNL - Expense Ratio Comparison

IYF has a 0.42% expense ratio, which is lower than DFNL's 0.64% expense ratio.

Dividends

IYF vs. DFNL - Dividend Comparison

IYF's dividend yield for the trailing twelve months is around 1.48%, more than DFNL's 1.37% yield.

PositionTTM20252024202320222021202020192018201720162015
DFNL
Davis Select Financial ETF		1.37%1.37%2.19%2.33%3.34%2.45%1.45%2.52%3.12%1.10%0.00%0.00%
IYF
iShares U.S. Financials ETF		1.48%1.32%1.29%1.67%1.86%1.27%1.72%1.64%1.90%1.46%1.67%1.66%

Frequently Asked Questions

With a correlation of 0.90, IYF and DFNL 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.

IYF has higher volatility (4.13%) compared to DFNL (4.08%). In terms of maximum drawdown, IYF dropped -79.09% vs DFNL's -44.51%.

On 5-year performance, DFNL leads with 12.48% vs 11.53% for IYF. On fees, IYF is cheaper at 0.42% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, DFNL has performed better with a 12.48% return vs 11.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IYF is cheaper with a 0.42% expense ratio, compared with 0.64% for DFNL.

IYF has the higher dividend yield at 1.48%, compared with 1.37% for DFNL.

They also come from different issuers: iShares and Davis Advisers. Their fees differ too: 0.42% for IYF and 0.64% for DFNL.

DFNL currently has the higher Sharpe Ratio (1.20 vs 0.82), 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.

Portfolio Optimizer

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