DLN vs. DON

Last updated Jun 20, 2026

DLN (WisdomTree US LargeCap Dividend ETF) and DON (WisdomTree US MidCap Dividend ETF) are both exchange-traded funds - DLN is a Large Cap Growth Equities fund tracking the WisdomTree LargeCap Dividend Index, while DON is a Mid Cap Value Equities fund tracking the WisdomTree U.S. MidCap Dividend Index. Both are passively managed. Over the past 10 years, DLN returned 12.66%/yr vs 9.31%/yr for DON. Their correlation of 0.88 suggests significant overlap in exposure. DLN charges 0.28%/yr vs 0.38%/yr for DON.

Performance

DLN vs. DON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree US LargeCap Dividend ETF (DLN) and WisdomTree US MidCap Dividend ETF (DON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLN achieves a 9.96% return, which is significantly higher than DON's 9.10% return. Over the past 10 years, DLN has outperformed DON with an annualized return of 12.66%, while DON has yielded a comparatively lower 9.31% annualized return.

DLN

• 1D: 0.10%
• 1M: 0.75%
• YTD: 9.96%
• 6M: 10.51%
• 1Y: 22.25%
• 3Y*: 17.35%
• 5Y*: 12.92%
• 10Y*: 12.66%

DON

• 1D: 0.49%
• 1M: 1.99%
• YTD: 9.10%
• 6M: 7.95%
• 1Y: 16.24%
• 3Y*: 12.86%
• 5Y*: 9.23%
• 10Y*: 9.31%

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

DLN vs. DON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLN WisdomTree US LargeCap Dividend ETF	9.96%	15.53%	19.66%	9.95%	-3.78%	25.60%	4.59%	28.91%	-5.82%	18.22%
DON WisdomTree US MidCap Dividend ETF	9.10%	3.86%	14.20%	14.04%	-4.72%	30.29%	-5.40%	23.31%	-8.26%	14.86%

Correlation

The correlation between DLN and DON is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.88

The correlation between DLN and DON has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

DLN vs. DON - Sectors Allocation Comparison

Sectors	DLN	DON
Technology	22.8%	4.5%
Financial Services	17.4%	21.1%
Healthcare	12.6%	2.4%
Consumer Defensive	8.9%	3.6%
Energy	7.9%	7.9%
Industrials	7.8%	17.1%
Communication Services	7.5%	3.9%
Utilities	5.5%	6.9%
Consumer Cyclical	4.9%	11.5%
Real Estate	3.9%	9.3%
Basic Materials	1.0%	6.4%

Return for Risk

DLN vs. DON — Risk / Return Rank

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

DLN

DLN Risk / Return Rank: 81
DLN Sharpe Ratio Rank: 82
DLN Sortino Ratio Rank: 84
DLN Omega Ratio Rank: 80
DLN Calmar Ratio Rank: 76
DLN Martin Ratio Rank: 82

DON

DON Risk / Return Rank: 37
DON Sharpe Ratio Rank: 37
DON Sortino Ratio Rank: 39
DON Omega Ratio Rank: 34
DON Calmar Ratio Rank: 38
DON Martin Ratio Rank: 38

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.

DLN vs. DON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree US LargeCap Dividend ETF (DLN) and WisdomTree US MidCap Dividend ETF (DON). 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.

	DLN	DON	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.26	+1.23
Sortino ratio: Return per unit of downside risk	3.53	1.93	+1.60
Omega ratio: Gain probability vs. loss probability	1.45	1.22	+0.23
Calmar ratio: Return relative to maximum drawdown	3.68	1.82	+1.86
Martin ratio: Return relative to average drawdown	15.49	5.68	+9.81

DLN vs. DON - Sharpe Ratio Comparison

The current DLN Sharpe Ratio is 2.49, which is higher than the DON Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of DLN and DON, 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

DLN vs. DON - Drawdown Comparison

The maximum DLN drawdown since its inception was -57.84%, smaller than the maximum DON drawdown of -61.94%. Use the drawdown chart below to compare losses from any high point for DLN and DON.

Drawdown Indicators

	DLN	DON	Difference
Max Drawdown Largest peak-to-trough decline	-57.84%	-61.94%	+4.10%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-9.05%	+2.95%
Max Drawdown (3Y) Largest decline over 3 years	-13.71%	-21.46%	+7.75%
Max Drawdown (5Y) Largest decline over 5 years	-16.26%	-21.46%	+5.20%
Max Drawdown (10Y) Largest decline over 10 years	-35.82%	-46.80%	+10.98%
Current Drawdown Current decline from peak	-1.11%	-1.38%	+0.27%
Average Drawdown Average peak-to-trough decline	-7.51%	-7.89%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	2.90%	-1.45%

Volatility

DLN vs. DON - Volatility Comparison

The current volatility for WisdomTree US LargeCap Dividend ETF (DLN) is 2.81%, while WisdomTree US MidCap Dividend ETF (DON) has a volatility of 3.59%. This indicates that DLN experiences smaller price fluctuations and is considered to be less risky than DON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLN	DON	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	3.59%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	8.98%	-1.98%
Volatility (1Y) Calculated over the trailing 1-year period	9.02%	13.08%	-4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.28%	17.74%	-4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.17%	20.27%	-4.10%

DLN vs. DON - Expense Ratio Comparison

DLN has a 0.28% expense ratio, which is lower than DON's 0.38% expense ratio.

Dividends

DLN vs. DON - Dividend Comparison

DLN's dividend yield for the trailing twelve months is around 1.79%, less than DON's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLN WisdomTree US LargeCap Dividend ETF	1.79%	1.90%	2.00%	2.43%	2.53%	2.01%	2.66%	2.51%	2.90%	2.33%	2.64%	2.80%
DON WisdomTree US MidCap Dividend ETF	2.32%	2.53%	2.27%	2.41%	2.71%	2.12%	2.77%	2.38%	2.55%	2.25%	2.48%	2.89%

Frequently Asked Questions

Can I hold both DLN and DON in my portfolio?

DLN and DON have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLN or DON?

DON has higher volatility (3.59%) compared to DLN (2.81%). In terms of maximum drawdown, DLN dropped -57.84% vs DON's -61.94%.

Which ETF is better, DLN or DON?

On 10-year performance, DLN leads with 12.66% vs 9.31% for DON. On fees, DLN is cheaper at 0.28% per year. On volatility, DLN has been the lower-risk option at 2.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DLN or DON?

Over the 10-year period, DLN has performed better with a 12.66% return vs 9.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DLN or DON?

DLN is cheaper with a 0.28% expense ratio, compared with 0.38% for DON.

Which ETF pays a higher dividend yield, DLN or DON?

DON has the higher dividend yield at 2.32%, compared with 1.79% for DLN.

What is the main difference between DLN and DON?

DLN is categorized as Large Cap Growth Equities, while DON is Mid Cap Value Equities. DLN tracks WisdomTree LargeCap Dividend Index, while DON tracks WisdomTree U.S. MidCap Dividend Index. Their fees differ too: 0.28% for DLN and 0.38% for DON.

Which has better risk-adjusted returns?

DLN currently has the higher Sharpe Ratio (2.49 vs 1.26), 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.