RWLC vs. DFND

Last updated Jun 4, 2026

RWLC (Rayliant Wilshire NxtGen US Large Cap Equity ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both Large Cap Blend Equities funds - RWLC tracks the S&P 500 while DFND tracks the Siren DIVCON Dividend Defender Index. Both are passively managed. Over the past 3 years, RWLC returned 24.01%/yr vs 7.91%/yr for DFND. At a 0.39 correlation, their price movements are largely independent. RWLC charges 0.32%/yr vs 1.50%/yr for DFND.

Performance

RWLC vs. DFND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rayliant Wilshire NxtGen US Large Cap Equity ETF (RWLC) and Siren DIVCON Dividend Defender ETF (DFND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

RWLC

• 1D: -0.44%
• 1M: 6.22%
• YTD: 12.91%
• 6M: 15.36%
• 1Y: 21.97%
• 3Y*: 24.01%
• 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)

RWLC vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RWLC Rayliant Wilshire NxtGen US Large Cap Equity ETF	12.91%	20.23%	28.58%	14.40%	-12.40%	2.05%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	-19.59%	2.10%

Correlation

The correlation between RWLC and DFND is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.39

Over the past year, the correlation between RWLC and DFND has dropped to 0.17 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

RWLC vs. DFND - Sectors Allocation Comparison

Sectors	RWLC	DFND
Technology	27.9%	24.8%
Financial Services	15.7%	18.2%
Healthcare	11.8%	10.7%
Consumer Cyclical	11.2%	3.5%
Communication Services	9.7%	0.8%
Consumer Defensive	6.8%	4.2%
Energy	6.6%	1.7%
Industrials	5.6%	17.1%
Basic Materials	2.2%	4.3%
Utilities	1.9%	-
Real Estate	0.7%	2.0%

Return for Risk

RWLC vs. DFND — Risk / Return Rank

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

RWLC

RWLC Risk / Return Rank: 49
RWLC Sharpe Ratio Rank: 46
RWLC Sortino Ratio Rank: 49
RWLC Omega Ratio Rank: 47
RWLC Calmar Ratio Rank: 49
RWLC Martin Ratio Rank: 52

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.

RWLC vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rayliant Wilshire NxtGen US Large Cap Equity ETF (RWLC) 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.

	RWLC	DFND	Difference
Sharpe ratio: Return per unit of total volatility	1.59	0.02	+1.57
Sortino ratio: Return per unit of downside risk	2.39	0.11	+2.28
Omega ratio: Gain probability vs. loss probability	1.29	1.02	+0.28
Calmar ratio: Return relative to maximum drawdown	2.36	0.07	+2.29
Martin ratio: Return relative to average drawdown	8.78	0.13	+8.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RWLC vs. DFND - Sharpe Ratio Comparison

The current RWLC Sharpe Ratio is 1.59, which is higher than the DFND Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of RWLC 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

	RWLC	DFND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	0.02	+1.57
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	0.85	0.36	+0.49

Drawdowns

RWLC vs. DFND - Drawdown Comparison

The maximum RWLC drawdown since its inception was -21.00%, smaller than the maximum DFND drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for RWLC and DFND.

Drawdown Indicators

	RWLC	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-21.00%	-22.65%	+1.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-3.44%	-5.89%
Max Drawdown (3Y) Largest decline over 3 years	-16.20%	-12.56%	-3.64%
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	-0.44%	-3.69%	+3.25%
Average Drawdown Average peak-to-trough decline	-5.43%	-5.70%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	3.70%	-1.19%

Volatility

RWLC vs. DFND - Volatility Comparison

Rayliant Wilshire NxtGen US Large Cap Equity ETF (RWLC) has a higher volatility of 2.66% compared to Siren DIVCON Dividend Defender ETF (DFND) at 0.00%. This indicates that RWLC'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

	RWLC	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	0.00%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	6.16%	+4.81%
Volatility (1Y) Calculated over the trailing 1-year period	13.88%	10.92%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	22.46%	-5.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.48%	19.09%	-2.61%

RWLC vs. DFND - Expense Ratio Comparison

RWLC has a 0.32% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

RWLC vs. DFND - Dividend Comparison

RWLC's dividend yield for the trailing twelve months is around 13.01%, 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%
RWLC Rayliant Wilshire NxtGen US Large Cap Equity ETF	13.01%	14.69%	0.98%	1.63%	1.39%	0.01%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RWLC and DFND in my portfolio?

RWLC and DFND have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWLC or DFND?

RWLC has higher volatility (2.66%) compared to DFND (0.00%). In terms of maximum drawdown, RWLC dropped -21.00% vs DFND's -22.65%.

Which ETF is better, RWLC or DFND?

On 3-year performance, RWLC leads with 24.01% vs 7.91% for DFND. On fees, RWLC is cheaper at 0.32% 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, RWLC or DFND?

Over the 3-year period, RWLC has performed better with a 24.01% return vs 7.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWLC or DFND?

RWLC is cheaper with a 0.32% expense ratio, compared with 1.50% for DFND.

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

RWLC has the higher dividend yield at 13.01%, compared with 0.62% for DFND.

What is the main difference between RWLC and DFND?

RWLC tracks S&P 500, while DFND tracks Siren DIVCON Dividend Defender Index. They also come from different issuers: Rayliant and SRN Advisors. Their fees differ too: 0.32% for RWLC and 1.50% for DFND.

Which has better risk-adjusted returns?

RWLC currently has the higher Sharpe Ratio (1.59 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.