THRO vs. DYNF

Last updated Jun 26, 2026

THRO (iShares U.S. Thematic Rotation Active ETF) and DYNF (iShares U.S. Equity Factor Rotation Active ETF) are both exchange-traded funds - THRO is a Tactical Allocation fund actively managed by iShares, while DYNF is a Large Cap Blend Equities fund actively managed by iShares. Both are actively managed. Over the past 3 years, THRO returned 22.45%/yr vs 25.56%/yr for DYNF. With a 0.96 correlation, they move nearly in lockstep. THRO charges 0.60%/yr vs 0.26%/yr for DYNF.

Performance

THRO vs. DYNF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Thematic Rotation Active ETF (THRO) and iShares U.S. Equity Factor Rotation Active ETF (DYNF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with THRO having a 9.85% return and DYNF slightly higher at 10.23%.

THRO

• 1D: 0.17%
• 1M: -1.79%
• YTD: 9.85%
• 6M: 8.22%
• 1Y: 21.33%
• 3Y*: 22.45%
• 5Y*: —
• 10Y*: —

DYNF

• 1D: 0.41%
• 1M: -0.53%
• YTD: 10.23%
• 6M: 8.70%
• 1Y: 26.09%
• 3Y*: 25.56%
• 5Y*: 14.63%
• 10Y*: —

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

THRO vs. DYNF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
THRO iShares U.S. Thematic Rotation Active ETF	9.85%	15.04%	32.03%	24.40%	-17.85%	1.01%
DYNF iShares U.S. Equity Factor Rotation Active ETF	10.23%	20.00%	30.29%	36.25%	-20.27%	0.89%

Correlation

The correlation between THRO and DYNF is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.96

The correlation between THRO and DYNF has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

THRO vs. DYNF - Sectors Allocation Comparison

Sectors	THRO	DYNF
Technology	43.9%	40.5%
Industrials	10.9%	9.5%
Financial Services	10.7%	14.9%
Consumer Cyclical	9.0%	7.0%
Communication Services	8.9%	10.3%
Consumer Defensive	5.7%	1.7%
Healthcare	5.7%	5.8%
Energy	3.5%	4.5%
Basic Materials	1.2%	0.8%
Utilities	0.1%	2.8%
Real Estate	-	1.9%

Return for Risk

THRO vs. DYNF — Risk / Return Rank

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

THRO

THRO Risk / Return Rank: 50
THRO Sharpe Ratio Rank: 51
THRO Sortino Ratio Rank: 50
THRO Omega Ratio Rank: 49
THRO Calmar Ratio Rank: 45
THRO Martin Ratio Rank: 55

DYNF

DYNF Risk / Return Rank: 72
DYNF Sharpe Ratio Rank: 71
DYNF Sortino Ratio Rank: 69
DYNF Omega Ratio Rank: 70
DYNF Calmar Ratio Rank: 70
DYNF Martin Ratio Rank: 82

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.

THRO vs. DYNF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Thematic Rotation Active ETF (THRO) and iShares U.S. Equity Factor Rotation Active ETF (DYNF). 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.

	THRO	DYNF	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.99	-0.44
Sortino ratio: Return per unit of downside risk	2.17	2.70	-0.53
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	1.97	3.02	-1.05
Martin ratio: Return relative to average drawdown	8.47	14.08	-5.61

THRO vs. DYNF - Sharpe Ratio Comparison

The current THRO Sharpe Ratio is 1.55, which is comparable to the DYNF Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of THRO and DYNF, 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

THRO vs. DYNF - Drawdown Comparison

The maximum THRO drawdown since its inception was -26.54%, smaller than the maximum DYNF drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for THRO and DYNF.

Drawdown Indicators

	THRO	DYNF	Difference
Max Drawdown Largest peak-to-trough decline	-26.54%	-34.72%	+8.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.87%	-8.67%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-19.07%	-18.70%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.65%	—
Current Drawdown Current decline from peak	-3.14%	-1.80%	-1.34%
Average Drawdown Average peak-to-trough decline	-6.63%	-5.94%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	1.86%	+0.67%

Volatility

THRO vs. DYNF - Volatility Comparison

iShares U.S. Thematic Rotation Active ETF (THRO) and iShares U.S. Equity Factor Rotation Active ETF (DYNF) have volatilities of 5.57% and 5.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THRO	DYNF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	5.33%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	11.15%	10.60%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	13.84%	13.18%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.76%	17.61%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	19.90%	-1.14%

THRO vs. DYNF - Expense Ratio Comparison

THRO has a 0.60% expense ratio, which is higher than DYNF's 0.26% expense ratio.

Dividends

THRO vs. DYNF - Dividend Comparison

THRO's dividend yield for the trailing twelve months is around 0.26%, less than DYNF's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DYNF iShares U.S. Equity Factor Rotation Active ETF	0.81%	1.01%	0.65%	1.11%	1.66%	2.89%	1.52%	1.22%
THRO iShares U.S. Thematic Rotation Active ETF	0.26%	0.15%	0.73%	0.55%	0.90%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THRO and DYNF in my portfolio?

With a correlation of 0.97, THRO and DYNF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, THRO or DYNF?

THRO has higher volatility (5.57%) compared to DYNF (5.33%). In terms of maximum drawdown, THRO dropped -26.54% vs DYNF's -34.72%.

Which ETF is better, THRO or DYNF?

On 3-year performance, DYNF leads with 25.56% vs 22.45% for THRO. On fees, DYNF is cheaper at 0.26% per year. On volatility, DYNF has been the lower-risk option at 5.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THRO or DYNF?

Over the 3-year period, DYNF has performed better with a 25.56% return vs 22.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THRO or DYNF?

DYNF is cheaper with a 0.26% expense ratio, compared with 0.60% for THRO.

Which ETF pays a higher dividend yield, THRO or DYNF?

DYNF has the higher dividend yield at 0.81%, compared with 0.26% for THRO.

What is the main difference between THRO and DYNF?

THRO is categorized as Tactical Allocation, while DYNF is Large Cap Blend Equities. Their fees differ too: 0.60% for THRO and 0.26% for DYNF.

Which has better risk-adjusted returns?

DYNF currently has the higher Sharpe Ratio (1.99 vs 1.55), 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.