DLS vs. VIOV

Last updated Aug 4, 2026

DLS (WisdomTree International SmallCap Dividend Fund) and VIOV (Vanguard S&P Small-Cap 600 Value ETF) are both exchange-traded funds - DLS is a Foreign Small & Mid Cap Equities fund tracking the WisdomTree International SmallCap Dividend Index, while VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index. Both are passively managed. Over the past 10 years, DLS returned 7.86%/yr vs 10.31%/yr for VIOV. Their 0.64 correlation means they have sometimes moved together and sometimes differently. DLS charges 0.58%/yr vs 0.10%/yr for VIOV.

Performance

DLS vs. VIOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree International SmallCap Dividend Fund (DLS) and Vanguard S&P Small-Cap 600 Value ETF (VIOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLS achieves a 8.83% return, which is significantly lower than VIOV's 22.35% return. Over the past 10 years, DLS has underperformed VIOV with an annualized return of 7.86%, while VIOV has yielded a comparatively higher 10.31% annualized return.

DLS

• 1D: 0.38%
• 1M: 1.63%
• 6M: 3.76%
• YTD: 8.83%
• 1Y: 18.81%
• 3Y*: 17.23%
• 5Y*: 7.14%
• 10Y*: 7.86%
• ALL TIME*: 6.45%

VIOV

• 1D: 1.61%
• 1M: 2.10%
• 6M: 13.55%
• YTD: 22.35%
• 1Y: 41.74%
• 3Y*: 13.82%
• 5Y*: 8.93%
• 10Y*: 10.31%
• ALL TIME*: 11.95%

*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)
DLS WisdomTree International SmallCap Dividend Fund	$1.55M	$1.40M	$1.52M
VIOV Vanguard S&P Small-Cap 600 Value ETF	$4.17M	$4.42M	$5.04M

DLS vs. VIOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLS WisdomTree International SmallCap Dividend Fund	8.83%	34.11%	3.06%	15.33%	-17.31%	11.71%	-1.28%	22.20%	-18.95%	31.83%
VIOV Vanguard S&P Small-Cap 600 Value ETF	22.35%	6.63%	7.44%	15.36%	-11.37%	30.67%	2.81%	24.44%	-12.85%	11.54%

Correlation

The correlation between DLS and VIOV is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (10Y) Provides a long-term view across more market conditions.	0.65
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.64

The correlation between DLS and VIOV has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.

DLS vs. VIOV - Sectors Allocation Comparison

Sectors	DLS	VIOV
Industrials	28.0%	12.2%
Financial Services	13.8%	20.3%
Consumer Cyclical	12.9%	15.3%
Technology	9.1%	13.5%
Basic Materials	9.0%	6.1%
Consumer Defensive	7.7%	5.0%
Real Estate	7.4%	8.5%
Communication Services	4.2%	3.8%
Healthcare	3.6%	7.5%
Energy	2.4%	6.0%
Utilities	2.0%	2.0%

Return for Risk

DLS vs. VIOV — Risk / Return Rank

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

DLS

DLS Risk / Return Rank: 52
DLS Sharpe Ratio Rank: 54
DLS Sortino Ratio Rank: 55
DLS Omega Ratio Rank: 54
DLS Calmar Ratio Rank: 46
DLS Martin Ratio Rank: 49

VIOV

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

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.

DLS vs. VIOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree International SmallCap Dividend Fund (DLS) and Vanguard S&P Small-Cap 600 Value ETF (VIOV). 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	VIOV	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.37	-1.01
Sortino ratio: Return per unit of downside risk	1.99	3.39	-1.40
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	1.71	4.50	-2.79
Martin ratio: Return relative to average drawdown	5.78	15.40	-9.62

DLS vs. VIOV - Sharpe Ratio Comparison

The current DLS Sharpe Ratio is 1.36, which is lower than the VIOV Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of DLS and VIOV, 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

DLS vs. VIOV - Drawdown Comparison

The maximum DLS drawdown since its inception was -63.13%, which is greater than VIOV's maximum drawdown of -47.36%. Use the drawdown chart below to compare losses from any high point for DLS and VIOV.

Drawdown Indicators

	DLS	VIOV	Difference
Max Drawdown Largest peak-to-trough decline	-63.13%	-47.36%	-15.77%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-9.33%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-12.69%	-28.44%	+15.75%
Max Drawdown (5Y) Largest decline over 5 years	-32.22%	-28.44%	-3.78%
Max Drawdown (10Y) Largest decline over 10 years	-44.77%	-47.36%	+2.59%
Current Drawdown Current decline from peak	-1.21%	0.00%	-1.21%
Average Drawdown Average peak-to-trough decline	-13.56%	-7.31%	-6.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.72%	+0.54%

Volatility

DLS vs. VIOV - Volatility Comparison

WisdomTree International SmallCap Dividend Fund (DLS) has a higher volatility of 4.11% compared to Vanguard S&P Small-Cap 600 Value ETF (VIOV) at 3.81%. This indicates that DLS's price experiences larger fluctuations and is considered to be riskier than VIOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLS	VIOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	3.81%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	11.78%	11.17%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	13.92%	17.73%	-3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.64%	21.69%	-6.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.38%	23.84%	-7.46%

DLS vs. VIOV - Expense Ratio Comparison

DLS has a 0.58% expense ratio, which is higher than VIOV's 0.10% expense ratio.

Dividends

DLS vs. VIOV - Dividend Comparison

DLS's dividend yield for the trailing twelve months is around 3.49%, more than VIOV's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLS WisdomTree International SmallCap Dividend Fund	3.49%	3.87%	4.56%	4.29%	4.96%	3.29%	2.50%	3.37%	3.66%	2.79%	3.29%	2.72%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.65%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%

Frequently Asked Questions

Can I hold both DLS and VIOV in my portfolio?

DLS and VIOV have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLS or VIOV?

DLS has higher volatility (4.11%) compared to VIOV (3.81%). In terms of maximum drawdown, DLS dropped -63.13% vs VIOV's -47.36%.

Which ETF is better, DLS or VIOV?

On 10-year performance, VIOV leads with 10.31% vs 7.86% for DLS. On fees, VIOV is cheaper at 0.10% per year. On volatility, VIOV has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DLS or VIOV?

Over the 10-year period, VIOV has performed better with a 10.31% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DLS or VIOV?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.58% for DLS.

Which ETF pays a higher dividend yield, DLS or VIOV?

DLS has the higher dividend yield at 3.49%, compared with 1.65% for VIOV.

What is the main difference between DLS and VIOV?

DLS is categorized as Foreign Small & Mid Cap Equities, while VIOV is Small Cap Value Equities. DLS tracks WisdomTree International SmallCap Dividend Index, while VIOV tracks S&P SmallCap 600 Value Index. They also come from different issuers: WisdomTree and Vanguard. Their fees differ too: 0.58% for DLS and 0.10% for VIOV.

Which has better risk-adjusted returns?

VIOV currently has the higher Sharpe Ratio (2.37 vs 1.36), 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.