DEM.L vs. GLDW.L

Last updated Jun 4, 2026

DEM.L (WisdomTree Emerging Markets Equity Income UCITS ETF) and GLDW.L (WisdomTree Core Physical Gold) are both exchange-traded funds - DEM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD, while GLDW.L is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 5 years, DEM.L returned 12.70%/yr vs 19.72%/yr for GLDW.L. At a 0.17 correlation, their price movements are largely independent. DEM.L charges 0.46%/yr vs 0.12%/yr for GLDW.L.

Performance

DEM.L vs. GLDW.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.L) and WisdomTree Core Physical Gold (GLDW.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEM.L achieves a 19.05% return, which is significantly higher than GLDW.L's 3.31% return.

DEM.L

• 1D: -0.90%
• 1M: 7.90%
• YTD: 19.05%
• 6M: 18.88%
• 1Y: 31.57%
• 3Y*: 19.15%
• 5Y*: 12.70%
• 10Y*: 12.62%

GLDW.L

• 1D: -1.07%
• 1M: -2.78%
• YTD: 3.31%
• 6M: 4.57%
• 1Y: 33.37%
• 3Y*: 27.95%
• 5Y*: 19.72%
• 10Y*: —

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

DEM.L vs. GLDW.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DEM.L WisdomTree Emerging Markets Equity Income UCITS ETF	19.05%	12.71%	11.70%	18.04%	-2.59%	8.39%
GLDW.L WisdomTree Core Physical Gold	3.31%	53.57%	28.18%	7.26%	11.82%	9.07%

Correlation

The correlation between DEM.L and GLDW.L is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Mar 16, 2021	0.17

Return for Risk

DEM.L vs. GLDW.L — Risk / Return Rank

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

DEM.L

DEM.L Risk / Return Rank: 77
DEM.L Sharpe Ratio Rank: 73
DEM.L Sortino Ratio Rank: 73
DEM.L Omega Ratio Rank: 70
DEM.L Calmar Ratio Rank: 86
DEM.L Martin Ratio Rank: 82

GLDW.L

GLDW.L Risk / Return Rank: 38
GLDW.L Sharpe Ratio Rank: 40
GLDW.L Sortino Ratio Rank: 35
GLDW.L Omega Ratio Rank: 44
GLDW.L Calmar Ratio Rank: 37
GLDW.L Martin Ratio Rank: 33

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.

DEM.L vs. GLDW.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.L) and WisdomTree Core Physical Gold (GLDW.L). 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.

	DEM.L	GLDW.L	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.45	+0.95
Sortino ratio: Return per unit of downside risk	3.33	1.88	+1.44
Omega ratio: Gain probability vs. loss probability	1.42	1.29	+0.13
Calmar ratio: Return relative to maximum drawdown	4.79	1.86	+2.93
Martin ratio: Return relative to average drawdown	16.62	5.06	+11.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEM.L vs. GLDW.L - Sharpe Ratio Comparison

The current DEM.L Sharpe Ratio is 2.40, which is higher than the GLDW.L Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of DEM.L and GLDW.L, 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

	DEM.L	GLDW.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	1.45	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	1.23	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	1.29	-0.69

Drawdowns

DEM.L vs. GLDW.L - Drawdown Comparison

The maximum DEM.L drawdown since its inception was -35.94%, which is greater than GLDW.L's maximum drawdown of -17.86%. Use the drawdown chart below to compare losses from any high point for DEM.L and GLDW.L.

Drawdown Indicators

	DEM.L	GLDW.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.94%	-17.86%	-18.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.56%	-17.86%	+11.30%
Max Drawdown (3Y) Largest decline over 3 years	-12.37%	-17.86%	+5.49%
Max Drawdown (5Y) Largest decline over 5 years	-14.48%	-17.86%	+3.38%
Max Drawdown (10Y) Largest decline over 10 years	-30.09%	—	—
Current Drawdown Current decline from peak	-0.90%	-16.46%	+15.56%
Average Drawdown Average peak-to-trough decline	-6.55%	-3.57%	-2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	6.57%	-4.68%

Volatility

DEM.L vs. GLDW.L - Volatility Comparison

The current volatility for WisdomTree Emerging Markets Equity Income UCITS ETF (DEM.L) is 4.50%, while WisdomTree Core Physical Gold (GLDW.L) has a volatility of 5.10%. This indicates that DEM.L experiences smaller price fluctuations and is considered to be less risky than GLDW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEM.L	GLDW.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	5.10%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	19.81%	-10.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.12%	22.96%	-9.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.31%	16.09%	-2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.47%	15.95%	+0.52%

DEM.L vs. GLDW.L - Expense Ratio Comparison

DEM.L has a 0.46% expense ratio, which is higher than GLDW.L's 0.12% expense ratio.

Dividends

DEM.L vs. GLDW.L - Dividend Comparison

DEM.L's dividend yield for the trailing twelve months is around 3.73%, while GLDW.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEM.L WisdomTree Emerging Markets Equity Income UCITS ETF	3.73%	4.47%	11.82%	9.48%	7.05%	4.14%	9.14%	6.10%	4.19%	3.16%	1.48%	4.55%
GLDW.L WisdomTree Core Physical Gold	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEM.L and GLDW.L in my portfolio?

DEM.L and GLDW.L have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DEM.L or GLDW.L?

On fees, GLDW.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DEM.L or GLDW.L?

GLDW.L is cheaper with a 0.12% expense ratio, compared with 0.46% for DEM.L.

What is the main difference between DEM.L and GLDW.L?

DEM.L is categorized as Emerging Markets Equities, while GLDW.L is Precious Metals. DEM.L tracks MSCI EM NR USD, while GLDW.L tracks Gold. Their fees differ too: 0.46% for DEM.L and 0.12% for GLDW.L.