DWM vs. DOL

Last updated Jun 23, 2026

DWM (WisdomTree International Equity Fund) and DOL (WisdomTree International LargeCap Dividend Fund) are both Foreign Large Cap Equities funds from WisdomTree - DWM tracks the WisdomTree International Equity Index while DOL tracks the WisdomTree International LargeCap Dividend Index. Both are passively managed. Over the past 10 years, DWM returned 9.36%/yr vs 10.54%/yr for DOL. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.48% expense ratio.

Performance

DWM vs. DOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree International Equity Fund (DWM) 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, DWM achieves a 8.70% return, which is significantly lower than DOL's 15.82% return. Over the past 10 years, DWM has underperformed DOL with an annualized return of 9.36%, while DOL has yielded a comparatively higher 10.54% annualized return.

DWM

• 1D: -0.15%
• 1M: 0.84%
• YTD: 8.70%
• 6M: 9.37%
• 1Y: 23.33%
• 3Y*: 18.29%
• 5Y*: 10.34%
• 10Y*: 9.36%

DOL

• 1D: -0.33%
• 1M: 2.69%
• YTD: 15.82%
• 6M: 17.03%
• 1Y: 33.04%
• 3Y*: 21.33%
• 5Y*: 12.90%
• 10Y*: 10.54%

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

DWM vs. DOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWM WisdomTree International Equity Fund	8.70%	34.83%	4.15%	16.63%	-9.04%	10.76%	-2.33%	18.98%	-13.53%	24.08%
DOL WisdomTree International LargeCap Dividend Fund	15.82%	37.35%	4.08%	16.77%	-6.72%	11.54%	-3.22%	19.47%	-12.93%	22.25%

Correlation

The correlation between DWM and DOL is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.96

The correlation between DWM and DOL has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

DWM vs. DOL - Sectors Allocation Comparison

Sectors	DWM	DOL
Industrials	18.8%	13.9%
Financial Services	18.1%	20.9%
Consumer Cyclical	9.7%	6.9%
Healthcare	8.0%	7.9%
Technology	7.5%	14.3%
Consumer Defensive	7.1%	7.2%
Basic Materials	5.5%	5.3%
Utilities	5.2%	5.6%
Communication Services	4.8%	5.0%
Energy	3.8%	4.3%
Real Estate	2.8%	1.1%

Return for Risk

DWM vs. DOL — Risk / Return Rank

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

DWM

DWM Risk / Return Rank: 47
DWM Sharpe Ratio Rank: 48
DWM Sortino Ratio Rank: 48
DWM Omega Ratio Rank: 48
DWM Calmar Ratio Rank: 44
DWM Martin Ratio Rank: 48

DOL

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

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.

DWM vs. DOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree International Equity Fund (DWM) 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.

	DWM	DOL	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.13	-0.51
Sortino ratio: Return per unit of downside risk	2.34	2.87	-0.53
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	2.14	2.93	-0.78
Martin ratio: Return relative to average drawdown	7.76	10.98	-3.22

DWM vs. DOL - Sharpe Ratio Comparison

The current DWM Sharpe Ratio is 1.62, which is comparable to the DOL Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of DWM 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

DWM vs. DOL - Drawdown Comparison

The maximum DWM drawdown since its inception was -62.10%, roughly equal to the maximum DOL drawdown of -60.79%. Use the drawdown chart below to compare losses from any high point for DWM and DOL.

Drawdown Indicators

	DWM	DOL	Difference
Max Drawdown Largest peak-to-trough decline	-62.10%	-60.79%	-1.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.93%	-11.33%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-12.69%	-12.44%	-0.25%
Max Drawdown (5Y) Largest decline over 5 years	-25.64%	-24.57%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-37.82%	-35.99%	-1.83%
Current Drawdown Current decline from peak	-1.63%	-0.33%	-1.30%
Average Drawdown Average peak-to-trough decline	-13.47%	-13.60%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	3.02%	-0.01%

Volatility

DWM vs. DOL - Volatility Comparison

The current volatility for WisdomTree International Equity Fund (DWM) is 4.02%, while WisdomTree International LargeCap Dividend Fund (DOL) has a volatility of 5.31%. This indicates that DWM experiences smaller price fluctuations and is considered to be less risky than DOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWM	DOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	5.31%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	13.49%	-1.24%
Volatility (1Y) Calculated over the trailing 1-year period	14.50%	15.64%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.33%	15.50%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	16.69%	-0.14%

DWM vs. DOL - Expense Ratio Comparison

Both DWM and DOL have an expense ratio of 0.48%.

Dividends

DWM vs. DOL - Dividend Comparison

DWM's dividend yield for the trailing twelve months is around 2.73%, more than DOL's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DOL WisdomTree International LargeCap Dividend Fund	2.41%	2.83%	3.78%	4.02%	4.47%	3.58%	2.82%	3.50%	4.03%	3.17%	3.58%	3.66%
DWM WisdomTree International Equity Fund	2.73%	3.06%	3.86%	4.15%	4.36%	3.64%	2.74%	3.46%	3.86%	2.99%	3.43%	3.55%

Frequently Asked Questions

Can I hold both DWM and DOL in my portfolio?

With a correlation of 0.95, DWM and DOL 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, DWM or DOL?

DOL has higher volatility (5.31%) compared to DWM (4.02%). In terms of maximum drawdown, DWM dropped -62.10% vs DOL's -60.79%.

Which ETF is better, DWM or DOL?

On 10-year performance, DOL leads with 10.54% vs 9.36% for DWM. Both ETFs have the same 0.48% expense ratio. On volatility, DWM has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWM or DOL?

Over the 10-year period, DOL has performed better with a 10.54% return vs 9.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWM or DOL?

DWM and DOL have the same expense ratio: 0.48% per year.

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

DWM has the higher dividend yield at 2.73%, compared with 2.41% for DOL.

What is the main difference between DWM and DOL?

DWM tracks WisdomTree International Equity Index, while DOL tracks WisdomTree International LargeCap Dividend Index.

Which has better risk-adjusted returns?

DOL currently has the higher Sharpe Ratio (2.13 vs 1.62), 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.