DGS vs. XCNY

Last updated Jul 14, 2026

DGS (WisdomTree Emerging Markets SmallCap Dividend Fund) and XCNY (SPDR S&P Emerging Markets ex-China ETF) are both Emerging Markets Diversified funds - DGS tracks the WisdomTree Emerging Markets SmallCap Dividend Index while XCNY tracks the S&P Emerging ex-China BMI. Both are passively managed. Over the past year, DGS returned 18.22% vs 29.37% for XCNY. Their correlation of 0.86 suggests significant overlap in exposure. DGS charges 0.58%/yr vs 0.15%/yr for XCNY.

Performance

DGS vs. XCNY - Performance Comparison

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

Returns By Period

In the year-to-date period, DGS achieves a 12.42% return, which is significantly lower than XCNY's 17.77% return.

DGS

• 1D: -2.18%
• 1M: -2.19%
• 6M: 9.13%
• YTD: 12.42%
• 1Y: 18.22%
• 3Y*: 13.40%
• 5Y*: 7.40%
• 10Y*: 8.81%

XCNY

• 1D: -2.01%
• 1M: -0.00%
• 6M: 13.80%
• YTD: 17.77%
• 1Y: 29.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DGS vs. XCNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DGS WisdomTree Emerging Markets SmallCap Dividend Fund	12.42%	21.18%	-4.07%
XCNY SPDR S&P Emerging Markets ex-China ETF	17.77%	20.42%	-3.63%

Correlation

The correlation between DGS and XCNY is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.86

The correlation between DGS and XCNY has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

Return for Risk

DGS vs. XCNY — Risk / Return Rank

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

DGS

DGS Risk / Return Rank: 40
DGS Sharpe Ratio Rank: 37
DGS Sortino Ratio Rank: 36
DGS Omega Ratio Rank: 38
DGS Calmar Ratio Rank: 45
DGS Martin Ratio Rank: 45

XCNY

XCNY Risk / Return Rank: 61
XCNY Sharpe Ratio Rank: 60
XCNY Sortino Ratio Rank: 58
XCNY Omega Ratio Rank: 62
XCNY Calmar Ratio Rank: 63
XCNY Martin Ratio Rank: 64

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. XCNY - Risk-Adjusted Trends Comparison

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

	DGS	XCNY	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.60	-0.53
Sortino ratio: Return per unit of downside risk	1.54	2.20	-0.66
Omega ratio: Gain probability vs. loss probability	1.20	1.30	-0.09
Calmar ratio: Return relative to maximum drawdown	1.82	2.49	-0.67
Martin ratio: Return relative to average drawdown	5.88	9.05	-3.17

DGS vs. XCNY - Sharpe Ratio Comparison

The current DGS Sharpe Ratio is 1.07, which is lower than the XCNY Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of DGS and XCNY, 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

DGS vs. XCNY - Drawdown Comparison

The maximum DGS drawdown since its inception was -61.83%, which is greater than XCNY's maximum drawdown of -19.70%. Use the drawdown chart below to compare losses from any high point for DGS and XCNY.

Drawdown Indicators

	DGS	XCNY	Difference
Max Drawdown Largest peak-to-trough decline	-61.83%	-19.70%	-42.13%
Max Drawdown (1Y) Largest decline over 1 year	-10.06%	-11.86%	+1.80%
Max Drawdown (3Y) Largest decline over 3 years	-19.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.08%	—	—
Current Drawdown Current decline from peak	-3.70%	-4.60%	+0.90%
Average Drawdown Average peak-to-trough decline	-12.53%	-4.08%	-8.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.25%	-0.15%

Volatility

DGS vs. XCNY - Volatility Comparison

The current volatility for WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) is 7.14%, while SPDR S&P Emerging Markets ex-China ETF (XCNY) has a volatility of 7.75%. This indicates that DGS experiences smaller price fluctuations and is considered to be less risky than XCNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGS	XCNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	7.75%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	15.24%	16.81%	-1.57%
Volatility (1Y) Calculated over the trailing 1-year period	17.12%	18.48%	-1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.27%	18.47%	-3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.32%	18.47%	-1.15%

DGS vs. XCNY - Expense Ratio Comparison

DGS has a 0.58% expense ratio, which is higher than XCNY's 0.15% expense ratio.

Dividends

DGS vs. XCNY - Dividend Comparison

DGS's dividend yield for the trailing twelve months is around 3.81%, more than XCNY's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGS WisdomTree Emerging Markets SmallCap Dividend Fund	3.81%	3.45%	3.36%	4.55%	5.34%	3.98%	3.69%	3.95%	4.24%	2.81%	3.42%	3.28%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.27%	2.68%	1.07%	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 DGS and XCNY in my portfolio?

DGS and XCNY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGS or XCNY?

XCNY has higher volatility (7.75%) compared to DGS (7.14%). In terms of maximum drawdown, DGS dropped -61.83% vs XCNY's -19.70%.

Which ETF is better, DGS or XCNY?

On 1-year performance, XCNY leads with 29.37% vs 18.22% for DGS. On fees, XCNY is cheaper at 0.15% per year. On volatility, DGS has been the lower-risk option at 7.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGS or XCNY?

Over the 1-year period, XCNY has performed better with a 29.37% return vs 18.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGS or XCNY?

XCNY is cheaper with a 0.15% expense ratio, compared with 0.58% for DGS.

Which ETF pays a higher dividend yield, DGS or XCNY?

DGS has the higher dividend yield at 3.81%, compared with 2.27% for XCNY.

What is the main difference between DGS and XCNY?

DGS tracks WisdomTree Emerging Markets SmallCap Dividend Index, while XCNY tracks S&P Emerging ex-China BMI. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.58% for DGS and 0.15% for XCNY.

Which has better risk-adjusted returns?

XCNY currently has the higher Sharpe Ratio (1.60 vs 1.07), 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.