DLS vs. DGS
DLS (WisdomTree International SmallCap Dividend) and DGS (WisdomTree Emerging Markets SmallCap Dividend Fund) are both exchange-traded funds - DLS is a Foreign Small & Mid Cap Equities fund tracking the WisdomTree International SmallCap Dividend Index, while DGS is a Emerging Markets Diversified fund tracking the WisdomTree Emerging Markets SmallCap Dividend Index. Both are passively managed. Over the past 10 years, DLS returned 8.34%/yr vs 10.20%/yr for DGS. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.58% expense ratio.
Performance
DLS vs. DGS - Performance Comparison
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Returns By Period
In the year-to-date period, DLS achieves a 6.66% return, which is significantly lower than DGS's 16.30% return. Over the past 10 years, DLS has underperformed DGS with an annualized return of 8.34%, while DGS has yielded a comparatively higher 10.20% annualized return.
DLS
- 1D
- -0.01%
- 1M
- -0.67%
- YTD
- 6.66%
- 6M
- 7.69%
- 1Y
- 22.64%
- 3Y*
- 17.89%
- 5Y*
- 7.27%
- 10Y*
- 8.34%
DGS
- 1D
- -0.18%
- 1M
- 2.28%
- YTD
- 16.30%
- 6M
- 17.62%
- 1Y
- 28.60%
- 3Y*
- 16.75%
- 5Y*
- 8.53%
- 10Y*
- 10.20%
DLS vs. DGS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DLS WisdomTree International SmallCap Dividend | 6.66% | 34.11% | 3.06% | 15.33% | -17.31% | 11.71% | -1.28% | 22.20% | -18.95% | 31.83% |
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 16.30% | 21.18% | 1.13% | 19.08% | -12.35% | 15.33% | 4.06% | 18.90% | -16.52% | 37.47% |
Correlation
The correlation between DLS and DGS is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2007 | 0.78 |
The correlation between DLS and DGS has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.
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Return for Risk
DLS vs. DGS — Risk / Return Rank
DLS
DGS
DLS vs. DGS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree International SmallCap Dividend (DLS) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). 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.
| DLS | DGS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.32 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 2.86 | -0.80 |
| Martin ratioReturn relative to average drawdown | 7.37 | 9.43 | -2.06 |
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Drawdowns
DLS vs. DGS - Drawdown Comparison
The maximum DLS drawdown since its inception was -63.13%, roughly equal to the maximum DGS drawdown of -61.83%. Use the drawdown chart below to compare losses from any high point for DLS and DGS.
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Drawdown Indicators
| DLS | DGS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.13% | -61.83% | -1.30% |
Max Drawdown (1Y)Largest decline over 1 year | -11.04% | -10.06% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -12.69% | -19.31% | +6.62% |
Max Drawdown (5Y)Largest decline over 5 years | -32.22% | -24.86% | -7.36% |
Max Drawdown (10Y)Largest decline over 10 years | -44.77% | -44.08% | -0.69% |
Current DrawdownCurrent decline from peak | -3.18% | -0.38% | -2.80% |
Average DrawdownAverage peak-to-trough decline | -13.62% | -12.56% | -1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 3.04% | +0.04% |
Volatility
DLS vs. DGS - Volatility Comparison
The current volatility for WisdomTree International SmallCap Dividend (DLS) is 4.38%, while WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) has a volatility of 7.20%. This indicates that DLS experiences smaller price fluctuations and is considered to be less risky than DGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DLS | DGS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.38% | 7.20% | -2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 11.49% | 14.41% | -2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.78% | 16.63% | -2.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.62% | 15.13% | +0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.65% | 17.39% | -0.74% |
DLS vs. DGS - Expense Ratio Comparison
Both DLS and DGS have an expense ratio of 0.58%.
Dividends
DLS vs. DGS - Dividend Comparison
DLS's dividend yield for the trailing twelve months is around 3.50%, more than DGS's 3.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 3.16% | 3.45% | 3.36% | 4.55% | 5.34% | 3.98% | 3.69% | 3.95% | 4.24% | 2.81% | 3.42% | 3.28% |
DLS WisdomTree International SmallCap Dividend | 3.50% | 3.87% | 4.56% | 4.29% | 4.96% | 3.29% | 2.50% | 3.37% | 3.66% | 2.79% | 3.29% | 2.72% |
Frequently Asked Questions
DLS and DGS have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGS has higher volatility (7.20%) compared to DLS (4.38%). In terms of maximum drawdown, DLS dropped -63.13% vs DGS's -61.83%.
On 10-year performance, DGS leads with 10.20% vs 8.34% for DLS. Both ETFs have the same 0.58% expense ratio. On volatility, DLS has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGS has performed better with a 10.20% return vs 8.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DLS and DGS have the same expense ratio: 0.58% per year.
DLS has the higher dividend yield at 3.50%, compared with 3.16% for DGS.
DLS is categorized as Foreign Small & Mid Cap Equities, while DGS is Emerging Markets Diversified. DLS tracks WisdomTree International SmallCap Dividend Index, while DGS tracks WisdomTree Emerging Markets SmallCap Dividend Index.
DGS currently has the higher Sharpe Ratio (1.73 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.
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