MADE vs. DVIN

Last updated Jun 4, 2026

MADE (iShares U.S. Manufacturing ETF) and DVIN (WEBs Industrials XLI Defined Volatility ETF) are both Industrials Equities funds - MADE tracks the S&P U.S. Manufacturing Select Index while DVIN tracks the Syntax Defined Volatility XLI Index. Both are passively managed. Their correlation of 0.90 suggests significant overlap in exposure. MADE charges 0.40%/yr vs 0.89%/yr for DVIN.

Performance

MADE vs. DVIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Manufacturing ETF (MADE) and WEBs Industrials XLI Defined Volatility ETF (DVIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MADE achieves a 22.94% return, which is significantly higher than DVIN's 15.30% return.

MADE

• 1D: 0.07%
• 1M: 4.90%
• YTD: 22.94%
• 6M: 24.56%
• 1Y: 50.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DVIN

• 1D: 0.06%
• 1M: 2.41%
• YTD: 15.30%
• 6M: 16.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MADE vs. DVIN - Yearly Performance Comparison

	2026 (YTD)	2025
MADE iShares U.S. Manufacturing ETF	22.94%	11.55%
DVIN WEBs Industrials XLI Defined Volatility ETF	15.30%	-1.06%

Correlation

The correlation between MADE and DVIN 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 (All Time) Calculated using the full available price history since Jul 24, 2025	0.90

Return for Risk

MADE vs. DVIN — Risk / Return Rank

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

MADE

MADE Risk / Return Rank: 75
MADE Sharpe Ratio Rank: 76
MADE Sortino Ratio Rank: 73
MADE Omega Ratio Rank: 69
MADE Calmar Ratio Rank: 75
MADE Martin Ratio Rank: 82

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.

MADE vs. DVIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Manufacturing ETF (MADE) and WEBs Industrials XLI Defined Volatility ETF (DVIN). 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.

	MADE	DVIN	Difference
Sharpe ratio Return per unit of total volatility	2.47	—	—
Sortino ratio Return per unit of downside risk	3.29	—	—
Omega ratio Gain probability vs. loss probability	1.41	—	—
Calmar ratio Return relative to maximum drawdown	3.76	—	—
Martin ratio Return relative to average drawdown	16.45	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MADE	DVIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.65	+0.64

Drawdowns

MADE vs. DVIN - Drawdown Comparison

The maximum MADE drawdown since its inception was -23.79%, which is greater than DVIN's maximum drawdown of -18.47%. Use the drawdown chart below to compare losses from any high point for MADE and DVIN.

Drawdown Indicators

	MADE	DVIN	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-18.47%	-5.32%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	—	—
Current Drawdown Current decline from peak	0.00%	-7.59%	+7.59%
Average Drawdown Average peak-to-trough decline	-3.82%	-5.00%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	—	—

Volatility

Volatility by Period

	MADE	DVIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.51%	25.60%	-5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.30%	25.60%	-3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.30%	25.60%	-3.30%

MADE vs. DVIN - Expense Ratio Comparison

MADE has a 0.40% expense ratio, which is lower than DVIN's 0.89% expense ratio.

Dividends

MADE vs. DVIN - Dividend Comparison

MADE's dividend yield for the trailing twelve months is around 0.65%, while DVIN has not paid dividends to shareholders.

Position	TTM	2025	2024
DVIN WEBs Industrials XLI Defined Volatility ETF	0.00%	0.00%	0.00%
MADE iShares U.S. Manufacturing ETF	0.65%	0.89%	0.34%

Frequently Asked Questions

Can I hold both MADE and DVIN in my portfolio?

MADE and DVIN have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MADE or DVIN?

On fees, MADE is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MADE or DVIN?

MADE is cheaper with a 0.40% expense ratio, compared with 0.89% for DVIN.

Which ETF pays a higher dividend yield, MADE or DVIN?

MADE has the higher dividend yield at 0.65%, compared with 0.00% for DVIN.

What is the main difference between MADE and DVIN?

MADE tracks S&P U.S. Manufacturing Select Index, while DVIN tracks Syntax Defined Volatility XLI Index. They also come from different issuers: iShares and WEBs. Their fees differ too: 0.40% for MADE and 0.89% for DVIN.