Davis Select Financial ETF (DFNL) Performance
DFNL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +2.4% since Dec 31, 2025
- 1 year
- +13.0% total return
- 5 years
- +11.0% a year
- Since first price
- +11.9% a year since 2017
DFNL trailing returns vs SPY, QQQ, AGG
| Period | DFNL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.4% | +1.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.9% | −1.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.4% | +4.4% | +7.8% | +8.4% | −1.5% |
| YTD | +2.4% | +2.4% | +12.3% | +15.1% | −1.0% |
| 1 year | +13.0% | +11.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +105.5%+27.1%/yr | +93.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +68.8%+11.0%/yr | +50.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJan 12, 2017 | +200.1%+11.9%/yr | +146.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: DFNL vs SPY
From Jan 12, 2017: DFNL grew to $30,007, SPY to $39,054.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DFNL returns by calendar year
5 of 8 full years positive. Best 2021 (+31.3%), worst 2018 (−11.6%). 2026 is year to date.
DFNL annual returns table
| Year | DFNL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +2.4% | −12.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +28.6% | −16.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +28.6% | −7.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +14.4% | −17.7% | +26.2% | +54.9% | +5.7% |
| 2022 | −8.4% | −26.3% | −18.2% | −32.6% | −13.0% |
| 2021 | +31.3% | −9.4% | +28.7% | +27.4% | −1.8% |
| 2020 | −5.0% | −44.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +27.4% | −9.5% | +31.2% | +39.0% | +8.5% |
| 2018 | −11.6% | −21.1% | −4.6% | −0.1% | +0.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
DFNL largest drawdowns
Now 6.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 2, 2020 | −44.5% | Mar 23, 2020 | Jan 12, 2021 | 3 months | 1.0 years |
| Feb 9, 2022 | −26.3% | Sep 30, 2022 | Feb 29, 2024 | 8 months | 2.1 years |
| Jan 26, 2018 | −21.1% | Dec 24, 2018 | Nov 4, 2019 | 11 months | 1.8 years |
| Feb 6, 2025 | −16.1% | Apr 8, 2025 | May 13, 2025 | 2 months | 3 months |
| Jan 6, 2026 | −12.9% | Mar 27, 2026 | Jul 1, 2026 | 3 months | 6 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
DFNL risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +24.0% | +12.2% | +11.7% |
| Volatility (annualized) | 15.2% | 18.8% | 19.9% |
| Sharpe ratio | 1.22 | 0.52 | 0.54 |
| Sortino ratio | 2.42 | 0.81 | 0.80 |
| Best month | +9.6% | +11.6% | +18.1% |
| Worst month | −6.6% | −10.9% | −24.5% |
| Best 12 months | +48.3% | +48.3% | +70.4% |
| Worst 12 months | +7.9% | −17.6% | −22.4% |
| Positive months | 64% | 57% | 59% |
| Beta vs S&P 500 | 0.74 | 0.83 | — |
| Correlation with S&P 500 | 0.61 | 0.69 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
DFNL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 106 | −22.4% | +12.9% | +70.4% | 68% |
| 3-year (a year) | 82 | −4.9% | +11.1% | +26.3% | 89% |
| 5-year (a year) | 58 | +3.8% | +11.1% | +21.7% | 100% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
DFNL performance overview
Davis Select Financial ETF (DFNL) returned +13.0% over the past year and +11.0% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +11.9% a year, turning $10,000 into about $30,007. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −44.5%, from Jan 2, 2020 to Mar 23, 2020, and it took 10 months to get back to the old high. DFNL finished 5 of its 8 full calendar years with a gain; the best year was 2021 (+31.3%) and the worst 2018 (−11.6%). Volatility has been 19.9% a year.
Related: DFNL chart, DFNL holdings, DFNL dividends, DFNL valuation. See the DFNL overview for the latest quote and fund facts.
DFNL performance FAQ
What is the DFNL return over the past year?
DFNL returned +13.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 11.5%.
What is the average annual return of DFNL?
DFNL has returned +11.0% a year over 5 years, +11.9% a year since January 12, 2017 (total return, distributions reinvested).
How much would $10,000 invested in DFNL be worth?
$10,000 invested in DFNL at its first recorded close on January 12, 2017 would be worth about $30,007 on October 23, 2026 with distributions reinvested.
What was the worst year for DFNL?
The worst calendar year was 2018, with a total return of −11.6%. The best was 2021 at +31.3%.
What is the biggest drawdown of DFNL?
The largest peak-to-trough decline was −44.5% between January 2, 2020 and March 23, 2020. It recovered to the old high on January 12, 2021, 10 months after the bottom.
How volatile is DFNL?
Over the past 3 years DFNL had an annualized volatility of 15.2% and a Sharpe ratio of 1.22 (excess return over 1–3 month T-bills per unit of risk).