DFJ vs. IVV

Last updated Jun 4, 2026

DFJ (WisdomTree Japan SmallCap Dividend Fund) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - DFJ is a Japan Equities fund tracking the WisdomTree Japan SmallCap Dividend Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DFJ returned 8.70%/yr vs 15.54%/yr for IVV. A 0.58 correlation means they provide meaningful diversification when combined. DFJ charges 0.58%/yr vs 0.03%/yr for IVV.

Performance

DFJ vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Japan SmallCap Dividend Fund (DFJ) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFJ achieves a 9.06% return, which is significantly lower than IVV's 10.85% return. Over the past 10 years, DFJ has underperformed IVV with an annualized return of 8.70%, while IVV has yielded a comparatively higher 15.54% annualized return.

DFJ

• 1D: -0.46%
• 1M: 2.01%
• YTD: 9.06%
• 6M: 12.58%
• 1Y: 26.81%
• 3Y*: 18.99%
• 5Y*: 9.51%
• 10Y*: 8.70%

IVV

• 1D: -0.76%
• 1M: 4.97%
• YTD: 10.85%
• 6M: 10.87%
• 1Y: 28.00%
• 3Y*: 22.43%
• 5Y*: 13.88%
• 10Y*: 15.54%

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

DFJ vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFJ WisdomTree Japan SmallCap Dividend Fund	9.06%	31.90%	2.80%	21.81%	-9.00%	0.38%	1.29%	16.98%	-18.53%	32.14%
IVV iShares Core S&P 500 ETF	10.85%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%

Correlation

The correlation between DFJ and IVV is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jun 19, 2006	0.58

Over the past year, the correlation between DFJ and IVV has dropped to 0.38 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

DFJ vs. IVV - Sectors Allocation Comparison

Sectors	DFJ	IVV
Industrials	27.0%	8.3%
Consumer Cyclical	16.1%	10.1%
Basic Materials	13.3%	1.8%
Financial Services	13.3%	11.8%
Technology	12.6%	35.6%
Consumer Defensive	7.1%	4.9%
Healthcare	4.1%	8.5%
Real Estate	2.9%	1.9%
Utilities	1.6%	2.4%
Communication Services	1.5%	11.2%
Energy	0.6%	3.5%

Return for Risk

DFJ vs. IVV — Risk / Return Rank

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

DFJ

DFJ Risk / Return Rank: 44
DFJ Sharpe Ratio Rank: 47
DFJ Sortino Ratio Rank: 47
DFJ Omega Ratio Rank: 45
DFJ Calmar Ratio Rank: 42
DFJ Martin Ratio Rank: 38

IVV

IVV Risk / Return Rank: 70
IVV Sharpe Ratio Rank: 71
IVV Sortino Ratio Rank: 70
IVV Omega Ratio Rank: 70
IVV Calmar Ratio Rank: 62
IVV Martin Ratio Rank: 75

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.

DFJ vs. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan SmallCap Dividend Fund (DFJ) and iShares Core S&P 500 ETF (IVV). 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.

	DFJ	IVV	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.39	-0.74
Sortino ratio: Return per unit of downside risk	2.34	3.25	-0.91
Omega ratio: Gain probability vs. loss probability	1.29	1.43	-0.14
Calmar ratio: Return relative to maximum drawdown	2.07	3.17	-1.10
Martin ratio: Return relative to average drawdown	6.01	14.71	-8.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFJ vs. IVV - Sharpe Ratio Comparison

The current DFJ Sharpe Ratio is 1.65, which is lower than the IVV Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of DFJ and IVV, 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

	DFJ	IVV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	2.39	-0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.83	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.86	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.45	-0.15

Drawdowns

DFJ vs. IVV - Drawdown Comparison

The maximum DFJ drawdown since its inception was -46.00%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for DFJ and IVV.

Drawdown Indicators

	DFJ	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-46.00%	-55.25%	+9.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.03%	-8.89%	-4.14%
Max Drawdown (3Y) Largest decline over 3 years	-13.03%	-18.75%	+5.72%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-24.53%	-5.18%
Max Drawdown (10Y) Largest decline over 10 years	-40.02%	-33.90%	-6.12%
Current Drawdown Current decline from peak	-6.92%	-0.76%	-6.16%
Average Drawdown Average peak-to-trough decline	-11.15%	-10.78%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	1.91%	+2.56%

Volatility

DFJ vs. IVV - Volatility Comparison

WisdomTree Japan SmallCap Dividend Fund (DFJ) has a higher volatility of 4.15% compared to iShares Core S&P 500 ETF (IVV) at 2.87%. This indicates that DFJ's price experiences larger fluctuations and is considered to be riskier than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFJ	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	2.87%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	8.90%	+4.58%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	11.80%	+4.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.89%	16.88%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	18.05%	-1.10%

DFJ vs. IVV - Expense Ratio Comparison

DFJ has a 0.58% expense ratio, which is higher than IVV's 0.03% expense ratio.

Dividends

DFJ vs. IVV - Dividend Comparison

DFJ's dividend yield for the trailing twelve months is around 2.44%, more than IVV's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJ WisdomTree Japan SmallCap Dividend Fund	2.44%	2.68%	2.46%	2.43%	2.62%	2.07%	2.59%	2.24%	1.89%	1.60%	1.76%	1.23%
IVV iShares Core S&P 500 ETF	1.06%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%

Frequently Asked Questions

Can I hold both DFJ and IVV in my portfolio?

DFJ and IVV have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFJ or IVV?

DFJ has higher volatility (4.15%) compared to IVV (2.87%). In terms of maximum drawdown, DFJ dropped -46.00% vs IVV's -55.25%.

Which ETF is better, DFJ or IVV?

On 10-year performance, IVV leads with 15.54% vs 8.70% for DFJ. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFJ or IVV?

Over the 10-year period, IVV has performed better with a 15.54% return vs 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFJ or IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.58% for DFJ.

Which ETF pays a higher dividend yield, DFJ or IVV?

DFJ has the higher dividend yield at 2.44%, compared with 1.06% for IVV.

What is the main difference between DFJ and IVV?

DFJ is categorized as Japan Equities, while IVV is S&P 500. DFJ tracks WisdomTree Japan SmallCap Dividend Index, while IVV tracks S&P 500 Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.58% for DFJ and 0.03% for IVV.

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (2.39 vs 1.65), 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.