DGS vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) and State Street SPDR S&P 500 ETF (SPY).

DGS and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DGS is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Emerging Markets SmallCap Dividend Index. It was launched on Oct 30, 2007. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both DGS and SPY 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

DGS vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

DGS vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGS WisdomTree Emerging Markets SmallCap Dividend Fund	5.34%	21.18%	1.13%	19.08%	-12.35%	15.33%	4.06%	18.90%	-16.52%	37.47%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, DGS achieves a 5.34% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, DGS has underperformed SPY with an annualized return of 8.94%, while SPY has yielded a comparatively higher 13.98% annualized return.

DGS

• 1D: 2.72%
• 1M: -6.99%
• YTD: 5.34%
• 6M: 6.67%
• 1Y: 29.07%
• 3Y*: 13.78%
• 5Y*: 7.49%
• 10Y*: 8.94%

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

DGS vs. SPY - Expense Ratio Comparison

DGS has a 0.58% expense ratio, which is higher than SPY's 0.09% expense ratio.

DGS

WisdomTree Emerging Markets SmallCap Dividend Fund

SPY

State Street SPDR S&P 500 ETF

Return for Risk

DGS vs. SPY — Risk / Return Rank

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

DGS

DGS Risk / Return Rank: 87
DGS Sharpe Ratio Rank: 87
DGS Sortino Ratio Rank: 88
DGS Omega Ratio Rank: 87
DGS Calmar Ratio Rank: 86
DGS Martin Ratio Rank: 86

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY 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.

DGS vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) and State Street SPDR S&P 500 ETF (SPY). 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.

	DGS	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.76	0.93	+0.84
Sortino ratio Return per unit of downside risk	2.37	1.45	+0.91
Omega ratio Gain probability vs. loss probability	1.34	1.22	+0.11
Calmar ratio Return relative to maximum drawdown	2.56	1.53	+1.04
Martin ratio Return relative to average drawdown	9.49	7.30	+2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGS vs. SPY - Sharpe Ratio Comparison

The current DGS Sharpe Ratio is 1.76, which is higher than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of DGS and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DGS	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	0.93	+0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.69	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.78	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.56	-0.35

Correlation

The correlation between DGS and SPY is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DGS vs. SPY - Dividend Comparison

DGS's dividend yield for the trailing twelve months is around 3.49%, more than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGS WisdomTree Emerging Markets SmallCap Dividend Fund	3.49%	3.45%	3.36%	4.55%	5.34%	3.98%	3.69%	3.95%	4.24%	2.81%	3.42%	3.28%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

DGS vs. SPY - Drawdown Comparison

The maximum DGS drawdown since its inception was -61.83%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DGS and SPY.

Drawdown Indicators

	DGS	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-61.83%	-55.19%	-6.64%
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	-12.05%	+1.06%
Max Drawdown (5Y) Largest decline over 5 years	-24.86%	-24.50%	-0.36%
Max Drawdown (10Y) Largest decline over 10 years	-44.08%	-33.72%	-10.36%
Current Drawdown Current decline from peak	-7.62%	-6.24%	-1.38%
Average Drawdown Average peak-to-trough decline	-12.68%	-9.09%	-3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.52%	+0.44%

Volatility

DGS vs. SPY - Volatility Comparison

WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) has a higher volatility of 8.48% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that DGS's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.48%	5.31%	+3.17%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	9.47%	+1.99%
Volatility (1Y) Calculated over the trailing 1-year period	16.59%	19.05%	-2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.66%	17.06%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.25%	17.92%	-0.67%