TBG vs. DHLX

Last updated Jun 5, 2026

TBG (TBG Dividend Focus ETF) and DHLX (Diamond Hill Large Cap Concentrated ETF) are both Large Cap Value Equities funds. TBG is actively managed, while DHLX is passively managed. A 0.76 correlation means they provide meaningful diversification when combined. TBG charges 0.59%/yr vs 0.55%/yr for DHLX.

Performance

TBG vs. DHLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TBG Dividend Focus ETF (TBG) and Diamond Hill Large Cap Concentrated ETF (DHLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBG achieves a 11.74% return, which is significantly higher than DHLX's -0.78% return.

TBG

• 1D: 1.20%
• 1M: 2.60%
• YTD: 11.74%
• 6M: 11.43%
• 1Y: 20.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DHLX

• 1D: 0.95%
• 1M: -2.00%
• YTD: -0.78%
• 6M: 1.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBG vs. DHLX - Yearly Performance Comparison

	2026 (YTD)	2025
TBG TBG Dividend Focus ETF	11.74%	2.08%
DHLX Diamond Hill Large Cap Concentrated ETF	-0.78%	1.24%

Correlation

The correlation between TBG and DHLX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025	0.76

Return for Risk

TBG vs. DHLX — Risk / Return Rank

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

TBG

TBG Risk / Return Rank: 65
TBG Sharpe Ratio Rank: 66
TBG Sortino Ratio Rank: 71
TBG Omega Ratio Rank: 63
TBG Calmar Ratio Rank: 69
TBG Martin Ratio Rank: 59

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.

TBG vs. DHLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TBG Dividend Focus ETF (TBG) and Diamond Hill Large Cap Concentrated ETF (DHLX). 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.

	TBG	DHLX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	—	—
Sortino ratio: Return per unit of downside risk	3.15	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	3.37	—	—
Martin ratio: Return relative to average drawdown	10.43	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TBG	DHLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	0.06	+1.57

Drawdowns

TBG vs. DHLX - Drawdown Comparison

The maximum TBG drawdown since its inception was -14.76%, which is greater than DHLX's maximum drawdown of -8.40%. Use the drawdown chart below to compare losses from any high point for TBG and DHLX.

Drawdown Indicators

	TBG	DHLX	Difference
Max Drawdown Largest peak-to-trough decline	-14.76%	-8.40%	-6.36%
Max Drawdown (1Y) Largest decline over 1 year	-6.13%	—	—
Current Drawdown Current decline from peak	-0.49%	-4.66%	+4.17%
Average Drawdown Average peak-to-trough decline	-2.10%	-2.40%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	—	—

Volatility

Volatility by Period

	TBG	DHLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.59%	11.45%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.23%	11.45%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.23%	11.45%	+0.78%

TBG vs. DHLX - Expense Ratio Comparison

TBG has a 0.59% expense ratio, which is higher than DHLX's 0.55% expense ratio.

Dividends

TBG vs. DHLX - Dividend Comparison

TBG's dividend yield for the trailing twelve months is around 2.66%, more than DHLX's 0.41% yield.

Position	TTM	2025	2024	2023
DHLX Diamond Hill Large Cap Concentrated ETF	0.41%	0.15%	0.00%	0.00%
TBG TBG Dividend Focus ETF	2.66%	2.80%	2.33%	0.48%

Frequently Asked Questions

Can I hold both TBG and DHLX in my portfolio?

TBG and DHLX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TBG or DHLX?

On fees, DHLX is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TBG or DHLX?

DHLX is cheaper with a 0.55% expense ratio, compared with 0.59% for TBG.

Which ETF pays a higher dividend yield, TBG or DHLX?

TBG has the higher dividend yield at 2.66%, compared with 0.41% for DHLX.

What is the main difference between TBG and DHLX?

They also come from different issuers: EA Series Trust and Diamond Hill. Their fees differ too: 0.59% for TBG and 0.55% for DHLX.