RCD.TO vs. DFND

Last updated Jun 25, 2026

RCD.TO (RBC Quant Canadian Dividend Leaders ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both exchange-traded funds - RCD.TO is a Dividend fund managed by RBC, while DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index. Over the past 10 years, RCD.TO returned 10.36%/yr vs 8.03%/yr for DFND. At a 0.13 correlation, their price movements are largely independent. RCD.TO charges 0.43%/yr vs 1.50%/yr for DFND.

Performance

RCD.TO vs. DFND - Performance Comparison

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

Different Trading Currencies

RCD.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, RCD.TO achieves a 11.24% return, which is significantly higher than DFND's 0.95% return. Over the past 10 years, RCD.TO has outperformed DFND with an annualized return of 10.36%, while DFND has yielded a comparatively lower 8.03% annualized return.

RCD.TO

• 1D: -0.85%
• 1M: -0.40%
• YTD: 11.24%
• 6M: 1.75%
• 1Y: 20.76%
• 3Y*: 18.55%
• 5Y*: 11.99%
• 10Y*: 10.36%

DFND

• 1D: 0.09%
• 1M: 0.94%
• YTD: 0.95%
• 6M: 0.95%
• 1Y: 1.04%
• 3Y*: 9.32%
• 5Y*: 7.48%
• 10Y*: 8.03%

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

RCD.TO vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RCD.TO RBC Quant Canadian Dividend Leaders ETF	11.24%	22.09%	11.41%	10.95%	-2.83%	28.19%	-8.74%	32.30%	-10.87%	6.35%
DFND Siren DIVCON Dividend Defender ETF	0.95%	5.95%	17.66%	9.46%	-14.50%	14.74%	13.36%	14.60%	6.42%	8.45%

Correlation

The correlation between RCD.TO and DFND is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jan 14, 2016	0.13

The correlation between RCD.TO and DFND shifts across timeframes, from 0.02 (1 year) to 0.14 (10 years), reflecting how their relationship changes across market environments.

RCD.TO vs. DFND - Sectors Allocation Comparison

Sectors	RCD.TO	DFND
Financial Services	29.3%	18.2%
Energy	20.4%	1.7%
Basic Materials	15.7%	4.3%
Industrials	7.3%	17.1%
Technology	7.0%	24.8%
Utilities	6.1%	-
Communication Services	4.6%	0.8%
Consumer Cyclical	4.0%	3.5%
Consumer Defensive	3.4%	4.2%
Real Estate	2.1%	2.0%
Healthcare	-	10.7%

Return for Risk

RCD.TO vs. DFND — Risk / Return Rank

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

RCD.TO

RCD.TO Risk / Return Rank: 50
RCD.TO Sharpe Ratio Rank: 49
RCD.TO Sortino Ratio Rank: 38
RCD.TO Omega Ratio Rank: 58
RCD.TO Calmar Ratio Rank: 55
RCD.TO Martin Ratio Rank: 50

DFND

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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

This table presents a comparison of risk-adjusted performance metrics for RBC Quant Canadian Dividend Leaders ETF (RCD.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.

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.

	RCD.TO	DFND	Difference
Sharpe ratio: Return per unit of total volatility	1.50	0.36	+1.15
Sortino ratio: Return per unit of downside risk	1.80	0.57	+1.23
Omega ratio: Gain probability vs. loss probability	1.32	1.08	+0.24
Calmar ratio: Return relative to maximum drawdown	2.41	0.70	+1.71
Martin ratio: Return relative to average drawdown	7.57	1.30	+6.27

RCD.TO vs. DFND - Sharpe Ratio Comparison

The current RCD.TO Sharpe Ratio is 1.50, which is higher than the DFND Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of RCD.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.

Drawdowns

RCD.TO vs. DFND - Drawdown Comparison

The maximum RCD.TO drawdown since its inception was -42.74%, which is greater than DFND's maximum drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for RCD.TO and DFND.

Drawdown Indicators

	RCD.TO	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-42.74%	-22.21%	-20.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.65%	-5.81%	-2.84%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	-14.66%	-7.01%
Max Drawdown (5Y) Largest decline over 5 years	-21.67%	-22.21%	+0.54%
Max Drawdown (10Y) Largest decline over 10 years	-42.74%	-22.21%	-20.53%
Current Drawdown Current decline from peak	-1.99%	-3.85%	+1.86%
Average Drawdown Average peak-to-trough decline	-9.95%	-6.34%	-3.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	4.35%	-1.60%

Volatility

RCD.TO vs. DFND - Volatility Comparison

RBC Quant Canadian Dividend Leaders ETF (RCD.TO) has a higher volatility of 3.52% compared to Siren DIVCON Dividend Defender ETF (DFND) at 0.80%. This indicates that RCD.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.

Volatility by Period

	RCD.TO	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	0.80%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	6.75%	+5.82%
Volatility (1Y) Calculated over the trailing 1-year period	13.86%	11.52%	+2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.28%	23.40%	+28.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.68%	20.21%	+34.47%

RCD.TO vs. DFND - Expense Ratio Comparison

RCD.TO has a 0.43% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

RCD.TO vs. DFND - Dividend Comparison

RCD.TO's dividend yield for the trailing twelve months is around 3.02%, while DFND has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
RCD.TO RBC Quant Canadian Dividend Leaders ETF	3.02%	3.32%	3.71%	4.00%	3.97%	2.76%	4.07%	3.41%	4.30%	3.55%	3.63%	3.95%

Frequently Asked Questions

Can I hold both RCD.TO and DFND in my portfolio?

RCD.TO and DFND have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RCD.TO or DFND?

On fees, RCD.TO is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RCD.TO or DFND?

RCD.TO is cheaper with a 0.43% expense ratio, compared with 1.50% for DFND.

What is the main difference between RCD.TO and DFND?

RCD.TO is categorized as Dividend, while DFND is Large Cap Blend Equities. They also come from different issuers: RBC and SRN Advisors. Their fees differ too: 0.43% for RCD.TO and 1.50% for DFND.