REIT vs. DFND

Last updated Jun 16, 2026

REIT (ALPS Active REIT ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both exchange-traded funds - REIT is a REIT fund actively managed by ALPS, while DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index. REIT is actively managed, while DFND is passively managed. Over the past 5 years, REIT returned 4.73%/yr vs 4.54%/yr for DFND. At a 0.32 correlation, their price movements are largely independent. REIT charges 0.68%/yr vs 1.50%/yr for DFND.

Performance

REIT vs. DFND - Performance Comparison

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

Returns By Period

REIT

• 1D: -0.69%
• 1M: 4.10%
• YTD: 16.63%
• 6M: 15.96%
• 1Y: 17.33%
• 3Y*: 10.76%
• 5Y*: 4.73%
• 10Y*: —

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 1.72%
• 3Y*: 8.10%
• 5Y*: 4.54%
• 10Y*: 7.15%

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

REIT vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
REIT ALPS Active REIT ETF	16.63%	-0.55%	7.11%	13.74%	-21.23%	33.02%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	-19.59%	20.15%

Correlation

The correlation between REIT 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	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since Feb 26, 2021	0.32

Over the past year, the correlation between REIT and DFND has dropped to 0.02 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

Return for Risk

REIT vs. DFND — Risk / Return Rank

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

REIT

REIT Risk / Return Rank: 43
REIT Sharpe Ratio Rank: 41
REIT Sortino Ratio Rank: 38
REIT Omega Ratio Rank: 39
REIT Calmar Ratio Rank: 52
REIT Martin Ratio Rank: 45

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.

REIT vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Active REIT ETF (REIT) 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.

	REIT	DFND	Difference
Sharpe ratio: Return per unit of total volatility	1.33	0.19	+1.14
Sortino ratio: Return per unit of downside risk	1.82	0.35	+1.46
Omega ratio: Gain probability vs. loss probability	1.24	1.05	+0.18
Calmar ratio: Return relative to maximum drawdown	2.37	0.60	+1.77
Martin ratio: Return relative to average drawdown	6.87	1.08	+5.79

REIT vs. DFND - Sharpe Ratio Comparison

The current REIT Sharpe Ratio is 1.33, which is higher than the DFND Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of REIT 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

REIT vs. DFND - Drawdown Comparison

The maximum REIT drawdown since its inception was -29.30%, which is greater than DFND's maximum drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for REIT and DFND.

Drawdown Indicators

	REIT	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-29.30%	-22.65%	-6.65%
Max Drawdown (1Y) Largest decline over 1 year	-7.35%	-3.44%	-3.91%
Max Drawdown (3Y) Largest decline over 3 years	-18.19%	-12.56%	-5.63%
Max Drawdown (5Y) Largest decline over 5 years	-29.30%	-22.65%	-6.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.65%	—
Current Drawdown Current decline from peak	-0.69%	-3.69%	+3.00%
Average Drawdown Average peak-to-trough decline	-10.32%	-5.70%	-4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	3.72%	-1.19%

Volatility

REIT vs. DFND - Volatility Comparison

ALPS Active REIT ETF (REIT) has a higher volatility of 4.66% compared to Siren DIVCON Dividend Defender ETF (DFND) at 0.00%. This indicates that REIT'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

	REIT	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	0.00%	+4.66%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	6.10%	+3.36%
Volatility (1Y) Calculated over the trailing 1-year period	13.09%	10.88%	+2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.49%	22.44%	-3.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	19.08%	-0.71%

REIT vs. DFND - Expense Ratio Comparison

REIT has a 0.68% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

REIT vs. DFND - Dividend Comparison

REIT's dividend yield for the trailing twelve months is around 2.71%, while DFND has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
REIT ALPS Active REIT ETF	2.71%	3.20%	3.06%	3.13%	2.81%	4.71%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both REIT and DFND in my portfolio?

REIT 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 is riskier, REIT or DFND?

REIT has higher volatility (4.66%) compared to DFND (0.00%). In terms of maximum drawdown, REIT dropped -29.30% vs DFND's -22.65%.

Which ETF is better, REIT or DFND?

On 5-year performance, REIT leads with 4.73% vs 4.54% for DFND. On fees, REIT is cheaper at 0.68% per year. On volatility, DFND has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, REIT or DFND?

Over the 5-year period, REIT has performed better with a 4.73% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, REIT or DFND?

REIT is cheaper with a 0.68% expense ratio, compared with 1.50% for DFND.

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

REIT has the higher dividend yield at 2.71%, compared with 0.62% for DFND.

What is the main difference between REIT and DFND?

REIT is categorized as REIT, while DFND is Large Cap Blend Equities. They also come from different issuers: ALPS and SRN Advisors. Their fees differ too: 0.68% for REIT and 1.50% for DFND.

Which has better risk-adjusted returns?

REIT currently has the higher Sharpe Ratio (1.33 vs 0.19), 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.