DON vs. IWS

Last updated Jun 24, 2026

DON (WisdomTree US MidCap Dividend ETF) and IWS (iShares Russell Mid-Cap Value ETF) are both Mid Cap Value Equities funds - DON tracks the WisdomTree U.S. MidCap Dividend Index while IWS tracks the Russell Midcap Value Index. Both are passively managed. Over the past 10 years, DON returned 9.54%/yr vs 10.56%/yr for IWS. With a 0.96 correlation, they move nearly in lockstep. DON charges 0.38%/yr vs 0.23%/yr for IWS.

Performance

DON vs. IWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree US MidCap Dividend ETF (DON) and iShares Russell Mid-Cap Value ETF (IWS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DON achieves a 9.19% return, which is significantly lower than IWS's 15.78% return. Over the past 10 years, DON has underperformed IWS with an annualized return of 9.54%, while IWS has yielded a comparatively higher 10.56% annualized return.

DON

• 1D: -0.11%
• 1M: 1.38%
• YTD: 9.19%
• 6M: 7.93%
• 1Y: 15.25%
• 3Y*: 14.11%
• 5Y*: 8.59%
• 10Y*: 9.54%

IWS

• 1D: -1.08%
• 1M: 2.64%
• YTD: 15.78%
• 6M: 14.47%
• 1Y: 26.77%
• 3Y*: 17.23%
• 5Y*: 8.94%
• 10Y*: 10.56%

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

DON vs. IWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DON WisdomTree US MidCap Dividend ETF	9.19%	3.86%	14.20%	14.04%	-4.72%	30.29%	-5.40%	23.31%	-8.26%	14.86%
IWS iShares Russell Mid-Cap Value ETF	15.78%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%

Correlation

The correlation between DON and IWS 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	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.96

The correlation between DON and IWS has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

DON vs. IWS - Sectors Allocation Comparison

Sectors	DON	IWS
Financial Services	21.1%	13.7%
Industrials	17.1%	16.2%
Consumer Cyclical	11.5%	8.5%
Real Estate	9.3%	8.3%
Energy	7.9%	7.4%
Utilities	6.9%	6.6%
Basic Materials	6.4%	5.3%
Technology	4.5%	18.7%
Communication Services	3.9%	3.1%
Consumer Defensive	3.6%	4.7%
Healthcare	2.4%	7.6%

Return for Risk

DON vs. IWS — Risk / Return Rank

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

DON

DON Risk / Return Rank: 35
DON Sharpe Ratio Rank: 34
DON Sortino Ratio Rank: 36
DON Omega Ratio Rank: 32
DON Calmar Ratio Rank: 36
DON Martin Ratio Rank: 36

IWS

IWS Risk / Return Rank: 67
IWS Sharpe Ratio Rank: 64
IWS Sortino Ratio Rank: 65
IWS Omega Ratio Rank: 59
IWS Calmar Ratio Rank: 74
IWS Martin Ratio Rank: 75

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. IWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree US MidCap Dividend ETF (DON) and iShares Russell Mid-Cap Value ETF (IWS). 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.

	DON	IWS	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.98	-0.81
Sortino ratio: Return per unit of downside risk	1.81	2.83	-1.02
Omega ratio: Gain probability vs. loss probability	1.21	1.34	-0.14
Calmar ratio: Return relative to maximum drawdown	1.69	3.57	-1.88
Martin ratio: Return relative to average drawdown	5.26	13.39	-8.12

DON vs. IWS - Sharpe Ratio Comparison

The current DON Sharpe Ratio is 1.17, which is lower than the IWS Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of DON and IWS, 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

DON vs. IWS - Drawdown Comparison

The maximum DON drawdown since its inception was -61.94%, roughly equal to the maximum IWS drawdown of -62.40%. Use the drawdown chart below to compare losses from any high point for DON and IWS.

Drawdown Indicators

	DON	IWS	Difference
Max Drawdown Largest peak-to-trough decline	-61.94%	-62.40%	+0.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.05%	-7.53%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-21.46%	-20.57%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-21.46%	-21.23%	-0.23%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	-43.83%	-2.97%
Current Drawdown Current decline from peak	-1.29%	-1.24%	-0.05%
Average Drawdown Average peak-to-trough decline	-7.88%	-8.00%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.00%	+0.90%

Volatility

DON vs. IWS - Volatility Comparison

The current volatility for WisdomTree US MidCap Dividend ETF (DON) is 3.38%, while iShares Russell Mid-Cap Value ETF (IWS) has a volatility of 4.37%. This indicates that DON experiences smaller price fluctuations and is considered to be less risky than IWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DON	IWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	4.37%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	8.98%	10.12%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	13.08%	13.57%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	17.33%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.25%	19.35%	+0.90%

DON vs. IWS - Expense Ratio Comparison

DON has a 0.38% expense ratio, which is higher than IWS's 0.23% expense ratio.

Dividends

DON vs. IWS - Dividend Comparison

DON's dividend yield for the trailing twelve months is around 2.32%, more than IWS's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DON WisdomTree US MidCap Dividend ETF	2.32%	2.53%	2.27%	2.41%	2.71%	2.12%	2.77%	2.38%	2.55%	2.25%	2.48%	2.89%
IWS iShares Russell Mid-Cap Value ETF	1.34%	1.53%	1.50%	1.76%	1.93%	1.39%	1.87%	1.97%	2.53%	1.96%	2.10%	2.14%

Frequently Asked Questions

Can I hold both DON and IWS in my portfolio?

With a correlation of 0.92, DON and IWS 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 IWS?

IWS has higher volatility (4.37%) compared to DON (3.38%). In terms of maximum drawdown, DON dropped -61.94% vs IWS's -62.40%.

Which ETF is better, DON or IWS?

On 10-year performance, IWS leads with 10.56% vs 9.54% for DON. On fees, IWS is cheaper at 0.23% per year. On volatility, DON has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DON or IWS?

Over the 10-year period, IWS has performed better with a 10.56% return vs 9.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DON or IWS?

IWS is cheaper with a 0.23% expense ratio, compared with 0.38% for DON.

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

DON has the higher dividend yield at 2.32%, compared with 1.34% for IWS.

What is the main difference between DON and IWS?

DON tracks WisdomTree U.S. MidCap Dividend Index, while IWS tracks Russell Midcap Value Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.38% for DON and 0.23% for IWS.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (1.98 vs 1.17), 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.