DLN vs. DXJ

Last updated Aug 4, 2026

DLN (WisdomTree U.S. LargeCap Dividend Fund) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - DLN is a Large Cap Value Equities fund tracking the WisdomTree U.S. LargeCap Dividend Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, DLN returned 12.58%/yr vs 18.44%/yr for DXJ. Their 0.62 correlation means they have sometimes moved together and sometimes differently. DLN charges 0.28%/yr vs 0.48%/yr for DXJ.

Performance

DLN vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree U.S. LargeCap Dividend Fund (DLN) and WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLN achieves a 13.81% return, which is significantly lower than DXJ's 19.19% return. Over the past 10 years, DLN has underperformed DXJ with an annualized return of 12.58%, while DXJ has yielded a comparatively higher 18.44% annualized return.

DLN

• 1D: 0.69%
• 1M: 2.28%
• 6M: 9.47%
• YTD: 13.81%
• 1Y: 22.57%
• 3Y*: 18.10%
• 5Y*: 12.59%
• 10Y*: 12.58%
• ALL TIME*: 9.89%

DXJ

• 1D: -1.70%
• 1M: -2.32%
• 6M: 11.80%
• YTD: 19.19%
• 1Y: 46.73%
• 3Y*: 30.24%
• 5Y*: 26.79%
• 10Y*: 18.44%
• ALL TIME*: 9.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DLN WisdomTree U.S. LargeCap Dividend Fund	$10.06M	$9.95M	$12.21M
DXJ WisdomTree Japan Hedged Equity Fund	$74.17M	$64.25M	$59.52M

DLN vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLN WisdomTree U.S. LargeCap Dividend Fund	13.81%	15.53%	19.66%	9.95%	-3.78%	25.60%	4.59%	28.91%	-5.82%	18.22%
DXJ WisdomTree Japan Hedged Equity Fund	19.19%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Correlation

The correlation between DLN and DXJ is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (10Y) Provides a long-term view across more market conditions.	0.61
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.62

The correlation between DLN and DXJ shifts across timeframes, from 0.48 (3 years) to 0.62 (all time), reflecting how their relationship changes across market environments.

DLN vs. DXJ - Sectors Allocation Comparison

Sectors	DLN	DXJ
Technology	21.6%	12.9%
Financial Services	17.7%	18.3%
Healthcare	13.4%	6.8%
Consumer Defensive	9.0%	4.7%
Industrials	8.0%	29.5%
Communication Services	7.7%	2.3%
Energy	7.0%	1.7%
Utilities	5.7%	0.1%
Consumer Cyclical	4.9%	13.3%
Real Estate	3.9%	-
Basic Materials	1.0%	9.1%

Return for Risk

DLN vs. DXJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DLN

DLN Risk / Return Rank: 92
DLN Sharpe Ratio Rank: 93
DLN Sortino Ratio Rank: 93
DLN Omega Ratio Rank: 92
DLN Calmar Ratio Rank: 89
DLN Martin Ratio Rank: 91

DXJ

DXJ Risk / Return Rank: 92
DXJ Sharpe Ratio Rank: 94
DXJ Sortino Ratio Rank: 92
DXJ Omega Ratio Rank: 92
DXJ Calmar Ratio Rank: 92
DXJ Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DLN vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. LargeCap Dividend Fund (DLN) and WisdomTree Japan Hedged Equity Fund (DXJ). 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	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.60	-0.07
Sortino ratio: Return per unit of downside risk	3.58	3.38	+0.20
Omega ratio: Gain probability vs. loss probability	1.46	1.46	0.00
Calmar ratio: Return relative to maximum drawdown	3.72	4.28	-0.56
Martin ratio: Return relative to average drawdown	15.65	15.89	-0.25

DLN vs. DXJ - Sharpe Ratio Comparison

The current DLN Sharpe Ratio is 2.53, which is comparable to the DXJ Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of DLN and DXJ, 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. DXJ - Drawdown Comparison

The maximum DLN drawdown since its inception was -57.84%, which is greater than DXJ's maximum drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for DLN and DXJ.

Drawdown Indicators

	DLN	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-57.84%	-49.63%	-8.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-10.98%	+4.88%
Max Drawdown (3Y) Largest decline over 3 years	-13.71%	-22.19%	+8.48%
Max Drawdown (5Y) Largest decline over 5 years	-16.26%	-22.19%	+5.93%
Max Drawdown (10Y) Largest decline over 10 years	-35.82%	-39.14%	+3.32%
Current Drawdown Current decline from peak	0.00%	-5.05%	+5.05%
Average Drawdown Average peak-to-trough decline	-7.47%	-14.24%	+6.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	2.95%	-1.50%

Volatility

DLN vs. DXJ - Volatility Comparison

The current volatility for WisdomTree U.S. LargeCap Dividend Fund (DLN) is 2.34%, while WisdomTree Japan Hedged Equity Fund (DXJ) has a volatility of 6.27%. This indicates that DLN experiences smaller price fluctuations and is considered to be less risky than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLN	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	6.27%	-3.93%
Volatility (6M) Calculated over the trailing 6-month period	6.92%	14.45%	-7.53%
Volatility (1Y) Calculated over the trailing 1-year period	8.99%	18.12%	-9.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.24%	19.09%	-5.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.12%	19.91%	-3.79%

DLN vs. DXJ - Expense Ratio Comparison

DLN has a 0.28% expense ratio, which is lower than DXJ's 0.48% expense ratio.

Dividends

DLN vs. DXJ - Dividend Comparison

DLN's dividend yield for the trailing twelve months is around 1.74%, more than DXJ's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLN WisdomTree U.S. LargeCap Dividend Fund	1.74%	1.90%	2.00%	2.43%	2.53%	2.01%	2.66%	2.51%	2.90%	2.33%	2.64%	2.80%
DXJ WisdomTree Japan Hedged Equity Fund	0.98%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%

Frequently Asked Questions

Can I hold both DLN and DXJ in my portfolio?

DLN and DXJ have a correlation of 0.49, 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 DXJ?

DXJ has higher volatility (6.27%) compared to DLN (2.34%). In terms of maximum drawdown, DLN dropped -57.84% vs DXJ's -49.63%.

Which ETF is better, DLN or DXJ?

On 10-year performance, DXJ leads with 18.44% vs 12.58% for DLN. On fees, DLN is cheaper at 0.28% per year. On volatility, DLN has been the lower-risk option at 2.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DLN or DXJ?

Over the 10-year period, DXJ has performed better with a 18.44% return vs 12.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DLN or DXJ?

DLN is cheaper with a 0.28% expense ratio, compared with 0.48% for DXJ.

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

DLN has the higher dividend yield at 1.74%, compared with 0.98% for DXJ.

What is the main difference between DLN and DXJ?

DLN is categorized as Large Cap Value Equities, while DXJ is Japan Equities. DLN tracks WisdomTree U.S. LargeCap Dividend Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. Their fees differ too: 0.28% for DLN and 0.48% for DXJ.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (2.60 vs 2.53), 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.