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PDC.TO vs. DFND
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PDC.TO vs. DFND

Last updated Jun 3, 2026

PDC.TO (Invesco Canadian Dividend Index ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both exchange-traded funds - PDC.TO is a Dividend fund managed by Invesco, while DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index. Over the past 10 years, PDC.TO returned 10.83%/yr vs 7.89%/yr for DFND. At a 0.08 correlation, their price movements are largely independent. PDC.TO charges 0.58%/yr vs 1.50%/yr for DFND.

Performance

PDC.TO vs. DFND - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco Canadian Dividend Index ETF (PDC.TO) and Siren DIVCON Dividend Defender ETF (DFND). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

PDC.TO is traded in CAD, while DFND is traded in USD. To make them comparable, the DFND values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PDC.TO achieves a 18.73% return, which is significantly higher than DFND's 0.51% return. Over the past 10 years, PDC.TO has outperformed DFND with an annualized return of 10.83%, while DFND has yielded a comparatively lower 7.89% annualized return.

PDC.TO

1D
1.42%
1M
3.85%
YTD
18.73%
6M
16.92%
1Y
35.49%
3Y*
20.05%
5Y*
13.13%
10Y*
10.83%

DFND

1D
-0.00%
1M
1.87%
YTD
0.51%
6M
-1.28%
1Y
1.45%
3Y*
9.01%
5Y*
7.58%
10Y*
7.89%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PDC.TO vs. DFND - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PDC.TO
Invesco Canadian Dividend Index ETF		18.73%21.62%16.14%6.74%-4.34%29.91%-5.70%24.75%-12.03%10.06%
DFND
Siren DIVCON Dividend Defender ETF		0.51%5.68%17.79%9.66%-13.86%13.76%14.15%13.66%6.49%8.92%

Correlation

The correlation between PDC.TO and DFND is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.05

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

0.03

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

0.04

Correlation (10Y)
Calculated over the trailing 10-year period

0.09

Correlation (All Time)
Calculated using the full available price history since Jan 15, 2016

0.08

The correlation between PDC.TO and DFND shifts across timeframes, from -0.05 (1 year) to 0.09 (10 years), reflecting how their relationship changes across market environments.

PDC.TO vs. DFND - Sectors Allocation Comparison

Sectors
PDC.TO
DFND

Financial Services

44.7%
18.2%

Energy

21.8%
1.7%

Utilities

13.7%

-

Consumer Cyclical

6.6%
3.5%

Communication Services

4.8%
0.8%

Basic Materials

3.5%
4.3%

Real Estate

2.3%
2.0%

Industrials

1.0%
17.1%

Consumer Defensive

0.8%
4.2%

Technology

0.7%
24.8%

Healthcare

-

10.7%

Financial Services

PDC.TO
44.7%
DFND
18.2%

Energy

PDC.TO
21.8%
DFND
1.7%

Utilities

PDC.TO
13.7%
DFND

-

Consumer Cyclical

PDC.TO
6.6%
DFND
3.5%

Communication Services

PDC.TO
4.8%
DFND
0.8%

Basic Materials

PDC.TO
3.5%
DFND
4.3%

Real Estate

PDC.TO
2.3%
DFND
2.0%

Industrials

PDC.TO
1.0%
DFND
17.1%

Consumer Defensive

PDC.TO
0.8%
DFND
4.2%

Technology

PDC.TO
0.7%
DFND
24.8%

Healthcare

PDC.TO

-

DFND
10.7%

Compare stocks, funds, or ETFs

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

Invesco Canadian Dividend Index ETF

Siren DIVCON Dividend Defender ETF

Often compared with PDC.TO:
PDC.TO vs. XDIV.TOPDC.TO vs. RCD.TOPDC.TO vs. VDY.TOPDC.TO vs. PDIV.TOPDC.TO vs. RBNK.TOPDC.TO vs. XDV.TOPDC.TO vs. ZDIV.TO
Often compared with DFND:
DFND vs. DFNG.LDFND vs. ITADFND vs. CLSEDFND vs. QAIDFND vs. 2B7C.DEDFND vs. HTUSDFND vs. VOO

Return for Risk

PDC.TO vs. DFND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PDC.TO
PDC.TO Risk / Return Rank: 9696
Overall Rank
PDC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PDC.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
PDC.TO Omega Ratio Rank: 9797
Omega Ratio Rank
PDC.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
PDC.TO Martin Ratio Rank: 9696
Martin Ratio Rank
DFND
DFND Risk / Return Rank: 1313
Overall Rank
DFND Sharpe Ratio Rank: 99
Sharpe Ratio Rank
DFND Sortino Ratio Rank: 99
Sortino Ratio Rank
DFND Omega Ratio Rank: 99
Omega Ratio Rank
DFND Calmar Ratio Rank: 2020
Calmar Ratio Rank
DFND Martin Ratio Rank: 1717
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.

PDC.TO vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Canadian Dividend Index ETF (PDC.TO) 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.

PDC.TODFNDDifference

Sharpe ratio

Return per unit of total volatility

4.31

0.15

+4.16

Sortino ratio

Return per unit of downside risk

5.61

0.28

+5.32

Omega ratio

Gain probability vs. loss probability

1.89

1.04

+0.85

Calmar ratio

Return relative to maximum drawdown

9.22

0.29

+8.92

Martin ratio

Return relative to average drawdown

34.11

0.55

+33.56

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDC.TO vs. DFND - Sharpe Ratio Comparison

The current PDC.TO Sharpe Ratio is 4.31, which is higher than the DFND Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of PDC.TO 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.

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Sharpe Ratios by Period

PDC.TODFNDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.31

0.15

+4.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.22

0.35

+0.86

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

0.42

+0.29

Sharpe Ratio (All Time)

Calculated using the full available price history

0.75

0.33

+0.42

Drawdowns

PDC.TO vs. DFND - Drawdown Comparison

The maximum PDC.TO drawdown since its inception was -41.94%, which is greater than DFND's maximum drawdown of -21.72%. Use the drawdown chart below to compare losses from any high point for PDC.TO and DFND.

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Drawdown Indicators

PDC.TODFNDDifference

Max Drawdown

Largest peak-to-trough decline

-41.94%

-21.72%

-20.22%

Max Drawdown (1Y)

Largest decline over 1 year

-3.86%

-5.87%

+2.01%

Max Drawdown (3Y)

Largest decline over 3 years

-10.91%

-15.30%

+4.39%

Max Drawdown (5Y)

Largest decline over 5 years

-18.24%

-21.72%

+3.48%

Max Drawdown (10Y)

Largest decline over 10 years

-41.94%

-21.72%

-20.22%

Current Drawdown

Current decline from peak

-0.51%

-4.85%

+4.34%

Average Drawdown

Average peak-to-trough decline

-4.56%

-6.41%

+1.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.04%

4.29%

-3.25%

Volatility

PDC.TO vs. DFND - Volatility Comparison

Invesco Canadian Dividend Index ETF (PDC.TO) has a higher volatility of 3.07% compared to Siren DIVCON Dividend Defender ETF (DFND) at 0.76%. This indicates that PDC.TO'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.

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Volatility by Period

PDC.TODFNDDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.07%

0.76%

+2.31%

Volatility (6M)

Calculated over the trailing 6-month period

7.26%

6.96%

+0.30%

Volatility (1Y)

Calculated over the trailing 1-year period

8.27%

11.69%

-3.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.84%

22.24%

-11.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.29%

19.11%

-3.82%

PDC.TO vs. DFND - Expense Ratio Comparison

PDC.TO has a 0.58% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

PDC.TO vs. DFND - Dividend Comparison

PDC.TO's dividend yield for the trailing twelve months is around 3.27%, more than DFND's 0.62% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
PDC.TO
Invesco Canadian Dividend Index ETF		3.27%3.84%4.29%4.56%4.05%3.49%4.85%4.14%4.90%4.05%3.61%4.20%

Frequently Asked Questions

PDC.TO and DFND have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, PDC.TO is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

PDC.TO is cheaper with a 0.58% expense ratio, compared with 1.50% for DFND.

PDC.TO is categorized as Dividend, while DFND is Large Cap Blend Equities. They also come from different issuers: Invesco and SRN Advisors. Their fees differ too: 0.58% for PDC.TO and 1.50% for DFND.

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