VOTE vs. DFND

Last updated Jun 5, 2026

VOTE (Engine No. 1 Transform 500 ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both Large Cap Blend Equities funds - VOTE tracks the Morningstar US Large Cap Index while DFND tracks the Siren DIVCON Dividend Defender Index. Both are passively managed. Over the past 3 years, VOTE returned 23.05%/yr vs 8.09%/yr for DFND. At a 0.44 correlation, their price movements are largely independent. VOTE charges 0.05%/yr vs 1.50%/yr for DFND.

Performance

VOTE vs. DFND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Engine No. 1 Transform 500 ETF (VOTE) and Siren DIVCON Dividend Defender ETF (DFND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VOTE

• 1D: 0.44%
• 1M: 4.81%
• YTD: 11.51%
• 6M: 11.46%
• 1Y: 28.65%
• 3Y*: 23.05%
• 5Y*: —
• 10Y*: —

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.06%
• 1Y: 1.01%
• 3Y*: 8.09%
• 5Y*: 4.54%
• 10Y*: 7.15%

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

VOTE vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VOTE Engine No. 1 Transform 500 ETF	11.51%	17.95%	25.23%	27.60%	-19.74%	12.08%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	-19.59%	13.29%

Correlation

The correlation between VOTE and DFND is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jun 24, 2021	0.44

Over the past year, the correlation between VOTE and DFND has dropped to 0.14 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

VOTE vs. DFND - Sectors Allocation Comparison

Sectors	VOTE	DFND
Technology	35.5%	24.8%
Financial Services	11.7%	18.2%
Communication Services	11.3%	0.8%
Consumer Cyclical	10.2%	3.5%
Healthcare	8.6%	10.7%
Industrials	8.5%	17.1%
Consumer Defensive	4.8%	4.2%
Energy	3.6%	1.7%
Utilities	2.3%	-
Basic Materials	1.8%	4.3%
Real Estate	1.8%	2.0%

Return for Risk

VOTE vs. DFND — Risk / Return Rank

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

VOTE

VOTE Risk / Return Rank: 72
VOTE Sharpe Ratio Rank: 75
VOTE Sortino Ratio Rank: 73
VOTE Omega Ratio Rank: 73
VOTE Calmar Ratio Rank: 65
VOTE Martin Ratio Rank: 77

DFND

DFND Risk / Return Rank: 11
DFND Sharpe Ratio Rank: 11
DFND Sortino Ratio Rank: 10
DFND Omega Ratio Rank: 11
DFND Calmar Ratio Rank: 13
DFND Martin Ratio Rank: 12

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.

VOTE vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Engine No. 1 Transform 500 ETF (VOTE) 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.

	VOTE	DFND	Difference
Sharpe ratio: Return per unit of total volatility	2.38	0.11	+2.27
Sortino ratio: Return per unit of downside risk	3.25	0.24	+3.01
Omega ratio: Gain probability vs. loss probability	1.43	1.04	+0.39
Calmar ratio: Return relative to maximum drawdown	3.16	0.35	+2.81
Martin ratio: Return relative to average drawdown	14.50	0.64	+13.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOTE vs. DFND - Sharpe Ratio Comparison

The current VOTE Sharpe Ratio is 2.38, which is higher than the DFND Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of VOTE 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

	VOTE	DFND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	0.11	+2.27
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	0.81	0.36	+0.45

Drawdowns

VOTE vs. DFND - Drawdown Comparison

The maximum VOTE drawdown since its inception was -25.71%, which is greater than DFND's maximum drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for VOTE and DFND.

Drawdown Indicators

	VOTE	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-22.65%	-3.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.10%	-3.44%	-5.66%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-12.56%	-6.52%
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	-0.27%	-3.69%	+3.42%
Average Drawdown Average peak-to-trough decline	-6.14%	-5.70%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	3.71%	-1.73%

Volatility

VOTE vs. DFND - Volatility Comparison

Engine No. 1 Transform 500 ETF (VOTE) has a higher volatility of 2.91% compared to Siren DIVCON Dividend Defender ETF (DFND) at 0.00%. This indicates that VOTE'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

	VOTE	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	0.00%	+2.91%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	6.13%	+3.07%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	10.92%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	22.45%	-5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	19.08%	-1.94%

VOTE vs. DFND - Expense Ratio Comparison

VOTE has a 0.05% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

VOTE vs. DFND - Dividend Comparison

VOTE's dividend yield for the trailing twelve months is around 0.89%, 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%
VOTE Engine No. 1 Transform 500 ETF	0.89%	1.03%	1.18%	1.33%	1.54%	0.54%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VOTE and DFND in my portfolio?

VOTE and DFND have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOTE or DFND?

VOTE has higher volatility (2.91%) compared to DFND (0.00%). In terms of maximum drawdown, VOTE dropped -25.71% vs DFND's -22.65%.

Which ETF is better, VOTE or DFND?

On 3-year performance, VOTE leads with 23.05% vs 8.09% for DFND. On fees, VOTE is cheaper at 0.05% 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, VOTE or DFND?

Over the 3-year period, VOTE has performed better with a 23.05% return vs 8.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOTE or DFND?

VOTE is cheaper with a 0.05% expense ratio, compared with 1.50% for DFND.

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

VOTE has the higher dividend yield at 0.89%, compared with 0.62% for DFND.

What is the main difference between VOTE and DFND?

VOTE tracks Morningstar US Large Cap Index, while DFND tracks Siren DIVCON Dividend Defender Index. They also come from different issuers: Engine No. 1 LLC and SRN Advisors. Their fees differ too: 0.05% for VOTE and 1.50% for DFND.

Which has better risk-adjusted returns?

VOTE currently has the higher Sharpe Ratio (2.38 vs 0.11), 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.