DON vs. DES

Last updated Jun 4, 2026

DON (WisdomTree US MidCap Dividend ETF) and DES (WisdomTree U.S. SmallCap Dividend Fund) are both exchange-traded funds - DON is a Mid Cap Value Equities fund tracking the WisdomTree U.S. MidCap Dividend Index, while DES is a Small Cap Blend Equities fund tracking the WisdomTree SmallCap Dividend (TR). Both are passively managed. Over the past 10 years, DON returned 9.16%/yr vs 8.04%/yr for DES. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.38% expense ratio.

Performance

DON vs. DES - Performance Comparison

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

Returns By Period

In the year-to-date period, DON achieves a 7.24% return, which is significantly lower than DES's 15.19% return. Over the past 10 years, DON has outperformed DES with an annualized return of 9.16%, while DES has yielded a comparatively lower 8.04% annualized return.

DON

• 1D: -0.45%
• 1M: 0.47%
• YTD: 7.24%
• 6M: 6.89%
• 1Y: 14.24%
• 3Y*: 13.37%
• 5Y*: 7.54%
• 10Y*: 9.16%

DES

• 1D: -1.24%
• 1M: 0.67%
• YTD: 15.19%
• 6M: 14.26%
• 1Y: 25.57%
• 3Y*: 14.17%
• 5Y*: 5.96%
• 10Y*: 8.04%

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

DON vs. DES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DON WisdomTree US MidCap Dividend ETF	7.24%	3.86%	14.20%	14.04%	-4.72%	30.29%	-5.40%	23.31%	-8.26%	14.86%
DES WisdomTree U.S. SmallCap Dividend Fund	15.19%	0.25%	9.93%	16.50%	-10.96%	26.51%	-4.26%	20.26%	-12.85%	8.64%

Correlation

The correlation between DON and DES is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jun 19, 2006	0.93

The correlation between DON and DES has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

DON vs. DES - Sectors Allocation Comparison

Sectors	DON	DES
Financial Services	21.1%	23.7%
Industrials	17.1%	13.3%
Consumer Cyclical	11.5%	14.8%
Real Estate	9.3%	9.6%
Energy	7.9%	10.7%
Utilities	6.9%	4.6%
Basic Materials	6.4%	6.0%
Technology	4.5%	5.5%
Communication Services	3.9%	2.8%
Consumer Defensive	3.6%	4.3%
Healthcare	2.4%	1.7%

Return for Risk

DON vs. DES — Risk / Return Rank

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

DON

DON Risk / Return Rank: 31
DON Sharpe Ratio Rank: 30
DON Sortino Ratio Rank: 31
DON Omega Ratio Rank: 27
DON Calmar Ratio Rank: 31
DON Martin Ratio Rank: 32

DES

DES Risk / Return Rank: 51
DES Sharpe Ratio Rank: 44
DES Sortino Ratio Rank: 47
DES Omega Ratio Rank: 43
DES Calmar Ratio Rank: 67
DES Martin Ratio Rank: 55

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.

DON vs. DES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree US MidCap Dividend ETF (DON) and WisdomTree U.S. SmallCap Dividend Fund (DES). 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.

	DON	DES	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.57	-0.46
Sortino ratio: Return per unit of downside risk	1.71	2.36	-0.66
Omega ratio: Gain probability vs. loss probability	1.19	1.28	-0.09
Calmar ratio: Return relative to maximum drawdown	1.58	3.36	-1.78
Martin ratio: Return relative to average drawdown	4.93	9.57	-4.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DON vs. DES - Sharpe Ratio Comparison

The current DON Sharpe Ratio is 1.10, which is comparable to the DES Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of DON and DES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DON	DES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	1.57	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.31	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.37	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.31	+0.11

Drawdowns

DON vs. DES - Drawdown Comparison

The maximum DON drawdown since its inception was -61.94%, smaller than the maximum DES drawdown of -65.48%. Use the drawdown chart below to compare losses from any high point for DON and DES.

Drawdown Indicators

	DON	DES	Difference
Max Drawdown Largest peak-to-trough decline	-61.94%	-65.48%	+3.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.05%	-7.64%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-21.46%	-25.16%	+3.70%
Max Drawdown (5Y) Largest decline over 5 years	-21.46%	-25.16%	+3.70%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	-45.65%	-1.15%
Current Drawdown Current decline from peak	-1.93%	-1.52%	-0.41%
Average Drawdown Average peak-to-trough decline	-7.90%	-9.68%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.68%	+0.22%

Volatility

DON vs. DES - Volatility Comparison

The current volatility for WisdomTree US MidCap Dividend ETF (DON) is 3.06%, while WisdomTree U.S. SmallCap Dividend Fund (DES) has a volatility of 4.19%. This indicates that DON experiences smaller price fluctuations and is considered to be less risky than DES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DON	DES	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	4.19%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	11.02%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.97%	16.46%	-3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	19.57%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	21.97%	-1.71%

DON vs. DES - Expense Ratio Comparison

Both DON and DES have an expense ratio of 0.38%.

Dividends

DON vs. DES - Dividend Comparison

DON's dividend yield for the trailing twelve months is around 2.36%, less than DES's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DES WisdomTree U.S. SmallCap Dividend Fund	2.40%	2.85%	2.81%	2.65%	2.89%	2.31%	2.75%	2.68%	3.65%	2.89%	2.70%	3.09%
DON WisdomTree US MidCap Dividend ETF	2.36%	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 DON and DES in my portfolio?

With a correlation of 0.92, DON and DES move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DON or DES?

DES has higher volatility (4.19%) compared to DON (3.06%). In terms of maximum drawdown, DON dropped -61.94% vs DES's -65.48%.

Which ETF is better, DON or DES?

On 10-year performance, DON leads with 9.16% vs 8.04% for DES. Both ETFs have the same 0.38% expense ratio. On volatility, DON has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DON or DES?

Over the 10-year period, DON has performed better with a 9.16% return vs 8.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DON or DES?

DON and DES have the same expense ratio: 0.38% per year.

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

DES has the higher dividend yield at 2.40%, compared with 2.36% for DON.

What is the main difference between DON and DES?

DON is categorized as Mid Cap Value Equities, while DES is Small Cap Blend Equities. DON tracks WisdomTree U.S. MidCap Dividend Index, while DES tracks WisdomTree SmallCap Dividend (TR).

Which has better risk-adjusted returns?

DES currently has the higher Sharpe Ratio (1.56 vs 1.10), 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.