DNL vs. DOL

Last updated Jun 26, 2026

DNL (WisdomTree Global ex-U.S. Quality Dividend Growth Fund) and DOL (WisdomTree International LargeCap Dividend Fund) are both Foreign Large Cap Equities funds from WisdomTree - DNL tracks the WisdomTree Global ex-U.S. Quality Dividend Growth Index while DOL tracks the WisdomTree International LargeCap Dividend Index. Both are passively managed. Over the past 10 years, DNL returned 9.82%/yr vs 10.54%/yr for DOL. Their correlation of 0.83 suggests significant overlap in exposure. DNL charges 0.58%/yr vs 0.48%/yr for DOL.

Performance

DNL vs. DOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL) and WisdomTree International LargeCap Dividend Fund (DOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DNL achieves a 10.65% return, which is significantly lower than DOL's 13.94% return. Over the past 10 years, DNL has underperformed DOL with an annualized return of 9.82%, while DOL has yielded a comparatively higher 10.54% annualized return.

DNL

• 1D: 0.97%
• 1M: 1.75%
• YTD: 10.65%
• 6M: 10.38%
• 1Y: 17.11%
• 3Y*: 10.81%
• 5Y*: 4.06%
• 10Y*: 9.82%

DOL

• 1D: 0.64%
• 1M: -0.46%
• YTD: 13.94%
• 6M: 14.34%
• 1Y: 29.63%
• 3Y*: 20.59%
• 5Y*: 12.30%
• 10Y*: 10.54%

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

DNL vs. DOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DNL WisdomTree Global ex-U.S. Quality Dividend Growth Fund	10.65%	17.03%	-0.61%	17.00%	-22.38%	16.14%	18.22%	36.23%	-14.76%	31.11%
DOL WisdomTree International LargeCap Dividend Fund	13.94%	37.35%	4.08%	16.77%	-6.72%	11.54%	-3.22%	19.47%	-12.93%	22.25%

Correlation

The correlation between DNL and DOL is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.83

The correlation between DNL and DOL has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

DNL vs. DOL - Sectors Allocation Comparison

Sectors	DNL	DOL
Technology	35.1%	14.3%
Consumer Cyclical	18.3%	6.9%
Industrials	15.9%	13.9%
Healthcare	10.1%	7.9%
Communication Services	6.0%	5.0%
Energy	5.8%	4.3%
Financial Services	4.0%	20.9%
Basic Materials	3.2%	5.3%
Consumer Defensive	1.1%	7.2%
Utilities	0.5%	5.6%
Real Estate	-	1.1%

Return for Risk

DNL vs. DOL — Risk / Return Rank

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

DNL

DNL Risk / Return Rank: 29
DNL Sharpe Ratio Rank: 27
DNL Sortino Ratio Rank: 27
DNL Omega Ratio Rank: 26
DNL Calmar Ratio Rank: 30
DNL Martin Ratio Rank: 35

DOL

DOL Risk / Return Rank: 64
DOL Sharpe Ratio Rank: 67
DOL Sortino Ratio Rank: 63
DOL Omega Ratio Rank: 66
DOL Calmar Ratio Rank: 61
DOL Martin Ratio Rank: 62

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.

DNL vs. DOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL) and WisdomTree International LargeCap Dividend Fund (DOL). 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.

	DNL	DOL	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.89	-0.98
Sortino ratio: Return per unit of downside risk	1.39	2.57	-1.18
Omega ratio: Gain probability vs. loss probability	1.17	1.35	-0.17
Calmar ratio: Return relative to maximum drawdown	1.38	2.63	-1.24
Martin ratio: Return relative to average drawdown	4.92	9.81	-4.90

DNL vs. DOL - Sharpe Ratio Comparison

The current DNL Sharpe Ratio is 0.92, which is lower than the DOL Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of DNL and DOL, 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

DNL vs. DOL - Drawdown Comparison

The maximum DNL drawdown since its inception was -44.53%, smaller than the maximum DOL drawdown of -60.79%. Use the drawdown chart below to compare losses from any high point for DNL and DOL.

Drawdown Indicators

	DNL	DOL	Difference
Max Drawdown Largest peak-to-trough decline	-44.53%	-60.79%	+16.26%
Max Drawdown (1Y) Largest decline over 1 year	-12.42%	-11.33%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-20.15%	-12.44%	-7.71%
Max Drawdown (5Y) Largest decline over 5 years	-34.85%	-24.57%	-10.28%
Max Drawdown (10Y) Largest decline over 10 years	-34.85%	-35.99%	+1.14%
Current Drawdown Current decline from peak	-2.29%	-1.95%	-0.34%
Average Drawdown Average peak-to-trough decline	-10.14%	-13.60%	+3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	3.03%	+0.46%

Volatility

DNL vs. DOL - Volatility Comparison

WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL) has a higher volatility of 7.16% compared to WisdomTree International LargeCap Dividend Fund (DOL) at 5.63%. This indicates that DNL's price experiences larger fluctuations and is considered to be riskier than DOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNL	DOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	5.63%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	16.16%	13.69%	+2.47%
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	15.75%	+3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.42%	15.53%	+2.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.60%	16.43%	+2.17%

DNL vs. DOL - Expense Ratio Comparison

DNL has a 0.58% expense ratio, which is higher than DOL's 0.48% expense ratio.

Dividends

DNL vs. DOL - Dividend Comparison

DNL's dividend yield for the trailing twelve months is around 1.31%, less than DOL's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DNL WisdomTree Global ex-U.S. Quality Dividend Growth Fund	1.31%	2.06%	2.30%	1.81%	4.82%	1.38%	1.76%	1.93%	2.55%	1.86%	2.51%	1.98%
DOL WisdomTree International LargeCap Dividend Fund	2.51%	2.83%	3.78%	4.02%	4.47%	3.58%	2.82%	3.50%	4.03%	3.17%	3.58%	3.66%

Frequently Asked Questions

Can I hold both DNL and DOL in my portfolio?

DNL and DOL have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DNL or DOL?

DNL has higher volatility (7.16%) compared to DOL (5.63%). In terms of maximum drawdown, DNL dropped -44.53% vs DOL's -60.79%.

Which ETF is better, DNL or DOL?

On 10-year performance, DOL leads with 10.54% vs 9.82% for DNL. On fees, DOL is cheaper at 0.48% per year. On volatility, DOL has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DNL or DOL?

Over the 10-year period, DOL has performed better with a 10.54% return vs 9.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DNL or DOL?

DOL is cheaper with a 0.48% expense ratio, compared with 0.58% for DNL.

Which ETF pays a higher dividend yield, DNL or DOL?

DOL has the higher dividend yield at 2.51%, compared with 1.31% for DNL.

What is the main difference between DNL and DOL?

DNL tracks WisdomTree Global ex-U.S. Quality Dividend Growth Index, while DOL tracks WisdomTree International LargeCap Dividend Index. Their fees differ too: 0.58% for DNL and 0.48% for DOL.

Which has better risk-adjusted returns?

DOL currently has the higher Sharpe Ratio (1.89 vs 0.92), 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.