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DFE vs. HEDJ
Performance
Return for Risk
Dividends
Drawdowns
Volatility

DFE vs. HEDJ

Last updated Apr 1, 2026

Compare and contrast key facts about WisdomTree Europe SmallCap Dividend Fund (DFE) and WisdomTree Europe Hedged Equity Fund (HEDJ).

DFE and HEDJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DFE is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Europe SmallCap Dividend Index. It was launched on Jun 16, 2006. HEDJ is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Europe Hedged Equity Index. It was launched on Dec 31, 2009. Both DFE and HEDJ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DFE vs. HEDJ - Performance Comparison

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

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DFE vs. HEDJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DFE
WisdomTree Europe SmallCap Dividend Fund		-0.10%32.85%-0.61%14.94%-22.15%18.44%2.15%27.15%-21.23%32.71%
HEDJ
WisdomTree Europe Hedged Equity Fund		-1.43%23.55%5.28%26.89%-10.09%23.54%-3.35%27.50%-9.27%13.51%

Returns By Period

In the year-to-date period, DFE achieves a -0.10% return, which is significantly higher than HEDJ's -1.43% return. Over the past 10 years, DFE has underperformed HEDJ with an annualized return of 6.62%, while HEDJ has yielded a comparatively higher 10.18% annualized return.

DFE

1D
3.45%
1M
-7.61%
YTD
-0.10%
6M
3.19%
1Y
22.70%
3Y*
12.12%
5Y*
4.86%
10Y*
6.62%

HEDJ

1D
2.35%
1M
-6.79%
YTD
-1.43%
6M
3.77%
1Y
12.14%
3Y*
11.45%
5Y*
10.27%
10Y*
10.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

WisdomTree Europe SmallCap Dividend Fund

WisdomTree Europe Hedged Equity Fund

Often compared with DFE:
DFE vs. FEPDFE vs. GALDFE vs. ALTYDFE vs. VGKDFE vs. FDDDFE vs. QGRWDFE vs. IEUS
Often compared with HEDJ:
HEDJ vs. HEZUHEDJ vs. VGKHEDJ vs. DBEUHEDJ vs. SPYHEDJ vs. TURHEDJ vs. FEPHEDJ vs. UPV

DFE vs. HEDJ - Expense Ratio Comparison

Both DFE and HEDJ have an expense ratio of 0.58%.

DFE
WisdomTree Europe SmallCap Dividend Fund
HEDJ
WisdomTree Europe Hedged Equity Fund

Return for Risk

DFE vs. HEDJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DFE
DFE Risk / Return Rank: 7272
Overall Rank
DFE Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
DFE Sortino Ratio Rank: 7474
Sortino Ratio Rank
DFE Omega Ratio Rank: 7474
Omega Ratio Rank
DFE Calmar Ratio Rank: 7272
Calmar Ratio Rank
DFE Martin Ratio Rank: 6565
Martin Ratio Rank
HEDJ
HEDJ Risk / Return Rank: 3838
Overall Rank
HEDJ Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
HEDJ Sortino Ratio Rank: 3838
Sortino Ratio Rank
HEDJ Omega Ratio Rank: 3838
Omega Ratio Rank
HEDJ Calmar Ratio Rank: 3838
Calmar Ratio Rank
HEDJ Martin Ratio Rank: 3939
Martin Ratio Rank
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.

DFE vs. HEDJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Europe SmallCap Dividend Fund (DFE) and WisdomTree Europe Hedged Equity Fund (HEDJ). 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.

DFEHEDJDifference

Sharpe ratio

Return per unit of total volatility

1.34

0.64

+0.70

Sortino ratio

Return per unit of downside risk

1.87

1.03

+0.84

Omega ratio

Gain probability vs. loss probability

1.27

1.14

+0.13

Calmar ratio

Return relative to maximum drawdown

1.85

0.91

+0.94

Martin ratio

Return relative to average drawdown

6.48

3.47

+3.01

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFE vs. HEDJ - Sharpe Ratio Comparison

The current DFE Sharpe Ratio is 1.34, which is higher than the HEDJ Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of DFE and HEDJ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

DFEHEDJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.34

0.64

+0.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.26

0.63

-0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.34

0.56

-0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.45

-0.17

Correlation

The correlation between DFE and HEDJ is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DFE vs. HEDJ - Dividend Comparison

DFE's dividend yield for the trailing twelve months is around 4.10%, more than HEDJ's 1.65% yield.

TTM20252024202320222021202020192018201720162015
DFE
WisdomTree Europe SmallCap Dividend Fund		4.10%4.38%4.93%4.97%5.84%2.56%2.43%3.39%4.97%2.53%4.05%2.78%
HEDJ
WisdomTree Europe Hedged Equity Fund		1.65%1.63%3.28%3.31%2.83%2.08%2.65%1.82%2.73%2.27%2.74%9.43%

Drawdowns

DFE vs. HEDJ - Drawdown Comparison

The maximum DFE drawdown since its inception was -69.38%, which is greater than HEDJ's maximum drawdown of -38.18%. Use the drawdown chart below to compare losses from any high point for DFE and HEDJ.

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Drawdown Indicators

DFEHEDJDifference

Max Drawdown

Largest peak-to-trough decline

-69.38%

-38.18%

-31.20%

Max Drawdown (1Y)

Largest decline over 1 year

-11.41%

-12.25%

+0.84%

Max Drawdown (5Y)

Largest decline over 5 years

-40.34%

-22.17%

-18.17%

Max Drawdown (10Y)

Largest decline over 10 years

-49.66%

-38.18%

-11.48%

Current Drawdown

Current decline from peak

-7.99%

-7.52%

-0.47%

Average Drawdown

Average peak-to-trough decline

-17.87%

-5.96%

-11.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.25%

3.22%

+0.03%

Volatility

DFE vs. HEDJ - Volatility Comparison

WisdomTree Europe SmallCap Dividend Fund (DFE) has a higher volatility of 7.34% compared to WisdomTree Europe Hedged Equity Fund (HEDJ) at 6.94%. This indicates that DFE's price experiences larger fluctuations and is considered to be riskier than HEDJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DFEHEDJDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.34%

6.94%

+0.40%

Volatility (6M)

Calculated over the trailing 6-month period

10.80%

10.74%

+0.06%

Volatility (1Y)

Calculated over the trailing 1-year period

17.03%

19.04%

-2.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.95%

16.48%

+2.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.70%

18.34%

+1.36%