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EEMS vs. DGS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEMS vs. DGS

Last updated Jun 4, 2026

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 9.29%/yr vs 9.93%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Small-Cap ETF (EEMS) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with EEMS having a 14.63% return and DGS slightly lower at 14.53%. Over the past 10 years, EEMS has underperformed DGS with an annualized return of 9.29%, while DGS has yielded a comparatively higher 9.93% annualized return.

EEMS

1D
-1.36%
1M
1.46%
YTD
14.63%
6M
16.52%
1Y
29.38%
3Y*
16.81%
5Y*
6.92%
10Y*
9.29%

DGS

1D
-1.37%
1M
2.58%
YTD
14.53%
6M
15.57%
1Y
27.26%
3Y*
16.17%
5Y*
7.85%
10Y*
9.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEMS vs. DGS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEMS
iShares MSCI Emerging Markets Small-Cap ETF		14.63%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		14.53%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 19, 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.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Emerging Markets Small-Cap ETF

WisdomTree Emerging Markets SmallCap Dividend Fund

Often compared with EEMS:
EEMS vs. EEMEEMS vs. EWXEEMS vs. VWOEEMS vs. EDIVEEMS vs. EYLDEEMS vs. DRESXEEMS vs. AVEE
Often compared with DGS:
DGS vs. AVESDGS vs. AVEEDGS vs. AVDVDGS vs. DLSDGS vs. AVEMDGS vs. VWODGS vs. VSS

Return for Risk

EEMS vs. DGS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEMS
EEMS Risk / Return Rank: 5151
Overall Rank
EEMS Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EEMS Sortino Ratio Rank: 4646
Sortino Ratio Rank
EEMS Omega Ratio Rank: 4949
Omega Ratio Rank
EEMS Calmar Ratio Rank: 5454
Calmar Ratio Rank
EEMS Martin Ratio Rank: 5555
Martin Ratio Rank
DGS
DGS Risk / Return Rank: 5151
Overall Rank
DGS Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
DGS Sortino Ratio Rank: 4949
Sortino Ratio Rank
DGS Omega Ratio Rank: 5050
Omega Ratio Rank
DGS Calmar Ratio Rank: 5454
Calmar Ratio Rank
DGS Martin Ratio Rank: 5353
Martin Ratio Rank
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.

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.

EEMSDGSDifference
Sharpe ratioReturn per unit of total volatility
1.71
1.76

-0.05

Sortino ratioReturn per unit of downside risk
2.31
2.43

-0.12

Omega ratioGain probability vs. loss probability

1.31

1.32

-0.01

Calmar ratioReturn relative to maximum drawdown

2.72

2.72

-0.01

Martin ratioReturn relative to average drawdown

9.56

9.16

+0.40

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEMS vs. DGS - Sharpe Ratio Comparison

The current EEMS Sharpe Ratio is 1.71, which is comparable to the DGS Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of EEMS and DGS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EEMSDGSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.71

1.76

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.53

-0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.58

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.32

0.23

+0.09

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

EEMSDGSDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-2.41%

-1.40%

-1.01%

Average Drawdown

Average peak-to-trough decline

-10.50%

-12.59%

+2.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.08%

2.98%

+0.10%

Volatility

EEMS vs. DGS - Volatility Comparison

iShares MSCI Emerging Markets Small-Cap ETF (EEMS) has a higher volatility of 7.07% compared to WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) at 5.24%. 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

EEMSDGSDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.07%

5.24%

+1.83%

Volatility (6M)

Calculated over the trailing 6-month period

14.90%

13.03%

+1.87%

Volatility (1Y)

Calculated over the trailing 1-year period

17.30%

15.56%

+1.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.06%

14.87%

+1.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.99%

17.32%

+0.67%

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 2.69%, less than DGS's 3.21% yield.

PositionTTM20252024202320222021202020192018201720162015
DGS
WisdomTree Emerging Markets SmallCap Dividend Fund		3.21%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		2.69%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 (7.07%) compared to DGS (5.24%). In terms of maximum drawdown, EEMS dropped -48.89% vs DGS's -61.83%.

On 10-year performance, DGS leads with 9.93% vs 9.29% for EEMS. On fees, DGS is cheaper at 0.58% per year. On volatility, DGS has been the lower-risk option at 5.24%. 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 9.93% return vs 9.29%. 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 3.21%, compared with 2.69% 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 (1.76 vs 1.71), 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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