DFE vs. EWQ

Last updated Aug 6, 2026

DFE (WisdomTree Europe SmallCap Dividend Fund) and EWQ (iShares MSCI France ETF) are both Europe Equities funds - DFE tracks the WisdomTree Europe SmallCap Dividend Index while EWQ tracks the MSCI France Index. Both are passively managed. Over the past 10 years, DFE returned 7.91%/yr vs 10.16%/yr for EWQ. Their correlation of 0.83 means they have usually moved in the same direction. DFE charges 0.58%/yr vs 0.50%/yr for EWQ.

Performance

DFE vs. EWQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Europe SmallCap Dividend Fund (DFE) and iShares MSCI France ETF (EWQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFE achieves a 8.86% return, which is significantly higher than EWQ's 8.19% return. Over the past 10 years, DFE has underperformed EWQ with an annualized return of 7.91%, while EWQ has yielded a comparatively higher 10.16% annualized return.

DFE

• 1D: 0.03%
• 1M: 3.44%
• 6M: 4.06%
• YTD: 8.86%
• 1Y: 14.34%
• 3Y*: 15.45%
• 5Y*: 4.87%
• 10Y*: 7.91%
• ALL TIME*: 6.52%

EWQ

• 1D: 0.02%
• 1M: 3.19%
• 6M: 5.75%
• YTD: 8.19%
• 1Y: 16.95%
• 3Y*: 10.88%
• 5Y*: 7.56%
• 10Y*: 10.16%
• ALL TIME*: 7.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFE WisdomTree Europe SmallCap Dividend Fund	$255.64K	$422.45K	$456.33K
EWQ iShares MSCI France ETF	$16.77M	$14.94M	$16.22M

DFE vs. EWQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFE WisdomTree Europe SmallCap Dividend Fund	8.86%	32.85%	-0.61%	14.94%	-22.15%	18.44%	2.15%	27.15%	-21.23%	32.71%
EWQ iShares MSCI France ETF	8.19%	28.90%	-5.63%	21.71%	-12.05%	21.43%	2.86%	26.69%	-12.90%	29.11%

Correlation

The correlation between DFE and EWQ is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.83

The correlation between DFE and EWQ has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

DFE vs. EWQ - Sectors Allocation Comparison

Sectors	DFE	EWQ
Industrials	25.7%	33.1%
Financial Services	10.0%	13.4%
Consumer Cyclical	9.4%	11.4%
Basic Materials	7.7%	7.1%
Energy	6.8%	7.2%
Technology	6.8%	4.0%
Real Estate	6.5%	1.3%
Communication Services	5.8%	2.8%
Consumer Defensive	3.5%	8.5%
Utilities	3.5%	2.6%
Healthcare	3.4%	8.5%

Return for Risk

DFE vs. EWQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFE

DFE Risk / Return Rank: 34
DFE Sharpe Ratio Rank: 34
DFE Sortino Ratio Rank: 33
DFE Omega Ratio Rank: 32
DFE Calmar Ratio Rank: 33
DFE Martin Ratio Rank: 36

EWQ

EWQ Risk / Return Rank: 34
EWQ Sharpe Ratio Rank: 35
EWQ Sortino Ratio Rank: 34
EWQ Omega Ratio Rank: 33
EWQ Calmar Ratio Rank: 32
EWQ Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFE vs. EWQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Europe SmallCap Dividend Fund (DFE) and iShares MSCI France ETF (EWQ). 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.

	DFE	EWQ	Difference
Sharpe ratio: Return per unit of total volatility	0.95	0.98	-0.03
Sortino ratio: Return per unit of downside risk	1.43	1.47	-0.04
Omega ratio: Gain probability vs. loss probability	1.18	1.18	0.00
Calmar ratio: Return relative to maximum drawdown	1.26	1.23	+0.03
Martin ratio: Return relative to average drawdown	4.03	3.70	+0.33

DFE vs. EWQ - Sharpe Ratio Comparison

The current DFE Sharpe Ratio is 0.95, which is comparable to the EWQ Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of DFE and EWQ, 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

DFE vs. EWQ - Drawdown Comparison

The maximum DFE drawdown since its inception was -69.38%, which is greater than EWQ's maximum drawdown of -61.41%. Use the drawdown chart below to compare losses from any high point for DFE and EWQ.

Drawdown Indicators

	DFE	EWQ	Difference
Max Drawdown Largest peak-to-trough decline	-69.38%	-61.41%	-7.97%
Max Drawdown (1Y) Largest decline over 1 year	-11.41%	-13.80%	+2.39%
Max Drawdown (3Y) Largest decline over 3 years	-13.86%	-15.16%	+1.30%
Max Drawdown (5Y) Largest decline over 5 years	-40.34%	-31.46%	-8.88%
Max Drawdown (10Y) Largest decline over 10 years	-49.66%	-39.23%	-10.43%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.61%	-16.01%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	4.59%	-1.03%

Volatility

DFE vs. EWQ - Volatility Comparison

The current volatility for WisdomTree Europe SmallCap Dividend Fund (DFE) is 3.60%, while iShares MSCI France ETF (EWQ) has a volatility of 4.17%. This indicates that DFE experiences smaller price fluctuations and is considered to be less risky than EWQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFE	EWQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	4.17%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	14.71%	-2.03%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	17.35%	-2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.05%	19.86%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	20.39%	-1.18%

DFE vs. EWQ - Expense Ratio Comparison

DFE has a 0.58% expense ratio, which is higher than EWQ's 0.50% expense ratio.

Dividends

DFE vs. EWQ - Dividend Comparison

DFE's dividend yield for the trailing twelve months is around 3.89%, more than EWQ's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFE WisdomTree Europe SmallCap Dividend Fund	3.89%	4.38%	4.93%	4.97%	5.84%	2.56%	2.43%	3.39%	4.97%	2.53%	4.05%	2.78%
EWQ iShares MSCI France ETF	2.77%	2.63%	3.31%	2.73%	3.23%	3.79%	1.02%	2.44%	2.90%	1.90%	2.84%	2.25%

Frequently Asked Questions

Can I hold both DFE and EWQ in my portfolio?

DFE and EWQ have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFE or EWQ?

EWQ has higher volatility (4.17%) compared to DFE (3.60%). In terms of maximum drawdown, DFE dropped -69.38% vs EWQ's -61.41%.

Which ETF is better, DFE or EWQ?

On 10-year performance, EWQ leads with 10.16% vs 7.91% for DFE. On fees, EWQ is cheaper at 0.50% per year. On volatility, DFE has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFE or EWQ?

Over the 10-year period, EWQ has performed better with a 10.16% return vs 7.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFE or EWQ?

EWQ is cheaper with a 0.50% expense ratio, compared with 0.58% for DFE.

Which ETF pays a higher dividend yield, DFE or EWQ?

DFE has the higher dividend yield at 3.89%, compared with 2.77% for EWQ.

What is the main difference between DFE and EWQ?

DFE tracks WisdomTree Europe SmallCap Dividend Index, while EWQ tracks MSCI France Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.58% for DFE and 0.50% for EWQ.

Which has better risk-adjusted returns?

EWQ currently has the higher Sharpe Ratio (0.98 vs 0.95), 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.