EEMS vs. DGS
EEMS (iShares MSCI Emerging Markets Small-Cap ETF) and DGS (WisdomTree Emerging Markets SmallCap Dividend Fund) are both Emerging Markets Diversified funds - EEMS tracks the MSCI Emerging Markets Small Cap Index while DGS tracks the WisdomTree Emerging Markets SmallCap Dividend Index. Both are passively managed. Over the past 10 years, EEMS returned 9.32%/yr vs 9.87%/yr for DGS. Their correlation of 0.87 suggests significant overlap in exposure. EEMS charges 0.73%/yr vs 0.58%/yr for DGS.
Performance
EEMS vs. DGS - Performance Comparison
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Returns By Period
In the year-to-date period, EEMS achieves a 11.49% return, which is significantly lower than DGS's 12.85% return. Over the past 10 years, EEMS has underperformed DGS with an annualized return of 9.32%, while DGS has yielded a comparatively higher 9.87% annualized return.
EEMS
- 1D
- -4.01%
- 1M
- -2.11%
- YTD
- 11.49%
- 6M
- 12.59%
- 1Y
- 23.79%
- 3Y*
- 15.45%
- 5Y*
- 6.33%
- 10Y*
- 9.32%
DGS
- 1D
- -2.97%
- 1M
- -0.76%
- YTD
- 12.85%
- 6M
- 13.23%
- 1Y
- 23.97%
- 3Y*
- 15.58%
- 5Y*
- 7.67%
- 10Y*
- 9.87%
EEMS vs. DGS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEMS iShares MSCI Emerging Markets Small-Cap ETF | 11.49% | 19.78% | 3.13% | 23.09% | -19.12% | 18.12% | 19.47% | 11.25% | -18.98% | 34.80% |
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 12.85% | 21.18% | 1.13% | 19.08% | -12.35% | 15.33% | 4.06% | 18.90% | -16.52% | 37.47% |
Correlation
The correlation between EEMS and DGS is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2011 | 0.87 |
The correlation between EEMS and DGS has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.
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Return for Risk
EEMS vs. DGS — Risk / Return Rank
EEMS
DGS
EEMS vs. DGS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). 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.
| EEMS | DGS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.27 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 2.39 | -0.19 |
| Martin ratioReturn relative to average drawdown | 7.37 | 7.88 | -0.51 |
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Drawdowns
EEMS vs. DGS - Drawdown Comparison
The maximum EEMS drawdown since its inception was -48.89%, smaller than the maximum DGS drawdown of -61.83%. Use the drawdown chart below to compare losses from any high point for EEMS and DGS.
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Drawdown Indicators
| EEMS | DGS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.89% | -61.83% | +12.94% |
Max Drawdown (1Y)Largest decline over 1 year | -10.87% | -10.06% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -19.71% | -19.31% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -27.07% | -24.86% | -2.21% |
Max Drawdown (10Y)Largest decline over 10 years | -48.89% | -44.08% | -4.81% |
Current DrawdownCurrent decline from peak | -5.08% | -3.33% | -1.75% |
Average DrawdownAverage peak-to-trough decline | -10.48% | -12.56% | +2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 3.05% | +0.19% |
Volatility
EEMS vs. DGS - Volatility Comparison
iShares MSCI Emerging Markets Small-Cap ETF (EEMS) has a higher volatility of 9.86% compared to WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) at 7.86%. This indicates that EEMS's price experiences larger fluctuations and is considered to be riskier than DGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EEMS | DGS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.86% | 7.86% | +2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 17.19% | 14.73% | +2.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.11% | 16.88% | +2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.50% | 15.19% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.12% | 17.33% | +0.79% |
EEMS vs. DGS - Expense Ratio Comparison
EEMS has a 0.73% expense ratio, which is higher than DGS's 0.58% expense ratio.
Dividends
EEMS vs. DGS - Dividend Comparison
EEMS's dividend yield for the trailing twelve months is around 2.86%, less than DGS's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 3.26% | 3.45% | 3.36% | 4.55% | 5.34% | 3.98% | 3.69% | 3.95% | 4.24% | 2.81% | 3.42% | 3.28% |
EEMS iShares MSCI Emerging Markets Small-Cap ETF | 2.86% | 3.09% | 2.60% | 2.69% | 0.89% | 3.56% | 2.14% | 2.64% | 3.06% | 2.47% | 2.51% | 2.33% |
Frequently Asked Questions
With a correlation of 0.93, EEMS and DGS 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.
EEMS has higher volatility (9.86%) compared to DGS (7.86%). In terms of maximum drawdown, EEMS dropped -48.89% vs DGS's -61.83%.
On 10-year performance, DGS leads with 9.87% vs 9.32% for EEMS. On fees, DGS is cheaper at 0.58% per year. On volatility, DGS has been the lower-risk option at 7.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGS has performed better with a 9.87% return vs 9.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGS is cheaper with a 0.58% expense ratio, compared with 0.73% for EEMS.
DGS has the higher dividend yield at 3.26%, compared with 2.86% for EEMS.
EEMS tracks MSCI Emerging Markets Small Cap Index, while DGS tracks WisdomTree Emerging Markets SmallCap Dividend Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.73% for EEMS and 0.58% for DGS.
DGS currently has the higher Sharpe Ratio (1.43 vs 1.25), 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.
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