DWM vs. HDMV

Last updated Jul 14, 2026

DWM (WisdomTree International Equity Fund) and HDMV (First Trust Horizon Managed Volatility Developed Intl ETF) are both Foreign Large Cap Equities funds. DWM is passively managed, while HDMV is actively managed. Over the past 5 years, DWM returned 9.90%/yr vs 7.05%/yr for HDMV. Their correlation of 0.89 suggests significant overlap in exposure. DWM charges 0.48%/yr vs 0.80%/yr for HDMV.

Performance

DWM vs. HDMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree International Equity Fund (DWM) and First Trust Horizon Managed Volatility Developed Intl ETF (HDMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DWM having a 8.22% return and HDMV slightly higher at 8.53%.

DWM

• 1D: -0.91%
• 1M: 0.02%
• 6M: 4.95%
• YTD: 8.22%
• 1Y: 18.52%
• 3Y*: 16.54%
• 5Y*: 9.90%
• 10Y*: 8.63%

HDMV

• 1D: -0.34%
• 1M: 1.99%
• 6M: 6.95%
• YTD: 8.53%
• 1Y: 13.35%
• 3Y*: 13.59%
• 5Y*: 7.05%
• 10Y*: —

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

DWM vs. HDMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWM WisdomTree International Equity Fund	8.22%	34.83%	4.15%	16.63%	-9.04%	10.76%	-2.33%	18.98%	-13.53%	24.08%
HDMV First Trust Horizon Managed Volatility Developed Intl ETF	8.53%	29.31%	2.99%	9.62%	-11.47%	7.39%	-9.42%	15.00%	-7.60%	27.49%

Correlation

The correlation between DWM and HDMV is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 26, 2016	0.89

The correlation between DWM and HDMV has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

DWM vs. HDMV - Sectors Allocation Comparison

Sectors	DWM	HDMV
Industrials	18.9%	15.4%
Financial Services	18.1%	24.5%
Consumer Cyclical	9.6%	2.7%
Healthcare	8.1%	3.2%
Technology	7.7%	0.9%
Consumer Defensive	6.9%	13.1%
Basic Materials	5.5%	1.0%
Utilities	5.2%	14.4%
Communication Services	4.7%	9.5%
Energy	3.8%	1.7%
Real Estate	2.8%	13.7%

Return for Risk

DWM vs. HDMV — Risk / Return Rank

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

DWM

DWM Risk / Return Rank: 45
DWM Sharpe Ratio Rank: 46
DWM Sortino Ratio Rank: 46
DWM Omega Ratio Rank: 47
DWM Calmar Ratio Rank: 42
DWM Martin Ratio Rank: 46

HDMV

HDMV Risk / Return Rank: 38
HDMV Sharpe Ratio Rank: 41
HDMV Sortino Ratio Rank: 39
HDMV Omega Ratio Rank: 40
HDMV Calmar Ratio Rank: 37
HDMV Martin Ratio Rank: 35

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. HDMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree International Equity Fund (DWM) and First Trust Horizon Managed Volatility Developed Intl ETF (HDMV). 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	HDMV	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.16	+0.12
Sortino ratio: Return per unit of downside risk	1.89	1.64	+0.25
Omega ratio: Gain probability vs. loss probability	1.24	1.21	+0.03
Calmar ratio: Return relative to maximum drawdown	1.70	1.53	+0.17
Martin ratio: Return relative to average drawdown	6.10	4.29	+1.81

DWM vs. HDMV - Sharpe Ratio Comparison

The current DWM Sharpe Ratio is 1.28, which is comparable to the HDMV Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of DWM and HDMV, 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. HDMV - Drawdown Comparison

The maximum DWM drawdown since its inception was -62.10%, which is greater than HDMV's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for DWM and HDMV.

Drawdown Indicators

	DWM	HDMV	Difference
Max Drawdown Largest peak-to-trough decline	-62.10%	-32.01%	-30.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.93%	-8.73%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-12.69%	-10.33%	-2.36%
Max Drawdown (5Y) Largest decline over 5 years	-25.64%	-24.11%	-1.53%
Max Drawdown (10Y) Largest decline over 10 years	-37.82%	—	—
Current Drawdown Current decline from peak	-2.13%	-2.17%	+0.04%
Average Drawdown Average peak-to-trough decline	-13.44%	-6.74%	-6.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	3.12%	-0.07%

Volatility

DWM vs. HDMV - Volatility Comparison

WisdomTree International Equity Fund (DWM) has a higher volatility of 4.01% compared to First Trust Horizon Managed Volatility Developed Intl ETF (HDMV) at 3.38%. This indicates that DWM's price experiences larger fluctuations and is considered to be riskier than HDMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWM	HDMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	3.38%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	12.48%	9.85%	+2.63%
Volatility (1Y) Calculated over the trailing 1-year period	14.53%	11.54%	+2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.32%	12.08%	+3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	13.22%	+3.03%

DWM vs. HDMV - Expense Ratio Comparison

DWM has a 0.48% expense ratio, which is lower than HDMV's 0.80% expense ratio.

Dividends

DWM vs. HDMV - Dividend Comparison

DWM's dividend yield for the trailing twelve months is around 2.77%, less than HDMV's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWM WisdomTree International Equity Fund	2.77%	3.06%	3.86%	4.15%	4.36%	3.64%	2.74%	3.46%	3.86%	2.99%	3.43%	3.55%
HDMV First Trust Horizon Managed Volatility Developed Intl ETF	4.11%	5.09%	3.24%	3.14%	3.53%	3.11%	1.45%	3.63%	2.88%	3.23%	0.18%	0.00%

Frequently Asked Questions

Can I hold both DWM and HDMV in my portfolio?

DWM and HDMV have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWM or HDMV?

DWM has higher volatility (4.01%) compared to HDMV (3.38%). In terms of maximum drawdown, DWM dropped -62.10% vs HDMV's -32.01%.

Which ETF is better, DWM or HDMV?

On 5-year performance, DWM leads with 9.90% vs 7.05% for HDMV. On fees, DWM is cheaper at 0.48% per year. On volatility, HDMV 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, DWM or HDMV?

Over the 5-year period, DWM has performed better with a 9.90% return vs 7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWM or HDMV?

DWM is cheaper with a 0.48% expense ratio, compared with 0.80% for HDMV.

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

HDMV has the higher dividend yield at 4.11%, compared with 2.77% for DWM.

What is the main difference between DWM and HDMV?

They also come from different issuers: WisdomTree and First Trust. Their fees differ too: 0.48% for DWM and 0.80% for HDMV.

Which has better risk-adjusted returns?

DWM currently has the higher Sharpe Ratio (1.28 vs 1.16), 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.