RVER vs. DFND

Last updated Jun 4, 2026

RVER (Trenchless Fund ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both Large Cap Blend Equities funds. RVER is actively managed, while DFND is passively managed. Over the past year, RVER returned 24.60% vs 0.20% for DFND. At a 0.08 correlation, their price movements are largely independent. RVER charges 0.65%/yr vs 1.50%/yr for DFND.

Performance

RVER vs. DFND - Performance Comparison

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

Returns By Period

RVER

• 1D: -2.38%
• 1M: 22.28%
• YTD: 18.77%
• 6M: 15.82%
• 1Y: 24.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -1.09%
• 1Y: 0.20%
• 3Y*: 7.91%
• 5Y*: 4.54%
• 10Y*: 7.16%

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

RVER vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RVER Trenchless Fund ETF	18.77%	5.68%	17.75%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	-1.53%

Correlation

The correlation between RVER and DFND is 0.03, 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	0.03
Correlation (All Time) Calculated using the full available price history since Apr 4, 2024	0.08

RVER vs. DFND - Sectors Allocation Comparison

Sectors	RVER	DFND
Technology	61.9%	24.8%
Energy	12.8%	1.7%
Communication Services	7.9%	0.8%
Industrials	7.3%	17.1%
Healthcare	5.6%	10.7%
Financial Services	5.2%	18.2%
Consumer Cyclical	4.4%	3.5%
Basic Materials	2.4%	4.3%
Consumer Defensive	-	4.2%
Real Estate	-	2.0%
Utilities	-	-

Return for Risk

RVER vs. DFND — Risk / Return Rank

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

RVER

RVER Risk / Return Rank: 28
RVER Sharpe Ratio Rank: 31
RVER Sortino Ratio Rank: 31
RVER Omega Ratio Rank: 29
RVER Calmar Ratio Rank: 25
RVER Martin Ratio Rank: 25

DFND

DFND Risk / Return Rank: 9
DFND Sharpe Ratio Rank: 9
DFND Sortino Ratio Rank: 8
DFND Omega Ratio Rank: 8
DFND Calmar Ratio Rank: 9
DFND Martin Ratio Rank: 9

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.

RVER vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Trenchless Fund ETF (RVER) 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.

	RVER	DFND	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.02	+1.07
Sortino ratio: Return per unit of downside risk	1.64	0.11	+1.53
Omega ratio: Gain probability vs. loss probability	1.20	1.02	+0.18
Calmar ratio: Return relative to maximum drawdown	1.14	0.07	+1.07
Martin ratio: Return relative to average drawdown	3.13	0.13	+3.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RVER vs. DFND - Sharpe Ratio Comparison

The current RVER Sharpe Ratio is 1.09, which is higher than the DFND Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of RVER 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.

Sharpe Ratios by Period

	RVER	DFND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	0.02	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.36	+0.40

Drawdowns

RVER vs. DFND - Drawdown Comparison

The maximum RVER drawdown since its inception was -26.21%, which is greater than DFND's maximum drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for RVER and DFND.

Drawdown Indicators

	RVER	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-26.21%	-22.65%	-3.56%
Max Drawdown (1Y) Largest decline over 1 year	-21.61%	-3.44%	-18.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.56%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.65%	—
Current Drawdown Current decline from peak	-2.38%	-3.69%	+1.31%
Average Drawdown Average peak-to-trough decline	-5.95%	-5.70%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.88%	3.70%	+4.18%

Volatility

RVER vs. DFND - Volatility Comparison

Trenchless Fund ETF (RVER) has a higher volatility of 8.42% compared to Siren DIVCON Dividend Defender ETF (DFND) at 0.00%. This indicates that RVER'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

	RVER	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.42%	0.00%	+8.42%
Volatility (6M) Calculated over the trailing 6-month period	18.39%	6.16%	+12.23%
Volatility (1Y) Calculated over the trailing 1-year period	22.60%	10.92%	+11.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.40%	22.46%	+3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.40%	19.09%	+7.31%

RVER vs. DFND - Expense Ratio Comparison

RVER has a 0.65% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

RVER vs. DFND - Dividend Comparison

RVER's dividend yield for the trailing twelve months is around 1.44%, more than DFND's 0.62% yield.

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%
RVER Trenchless Fund ETF	1.44%	1.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RVER and DFND in my portfolio?

RVER and DFND have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RVER or DFND?

RVER has higher volatility (8.42%) compared to DFND (0.00%). In terms of maximum drawdown, RVER dropped -26.21% vs DFND's -22.65%.

Which ETF is better, RVER or DFND?

On 1-year performance, RVER leads with 24.60% vs 0.20% for DFND. On fees, RVER is cheaper at 0.65% 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, RVER or DFND?

Over the 1-year period, RVER has performed better with a 24.60% return vs 0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RVER or DFND?

RVER is cheaper with a 0.65% expense ratio, compared with 1.50% for DFND.

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

RVER has the higher dividend yield at 1.44%, compared with 0.62% for DFND.

What is the main difference between RVER and DFND?

They also come from different issuers: River1 and SRN Advisors. Their fees differ too: 0.65% for RVER and 1.50% for DFND.

Which has better risk-adjusted returns?

RVER currently has the higher Sharpe Ratio (1.09 vs 0.02), 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.