EES vs. FDM

Last updated Jun 24, 2026

EES (WisdomTree U.S. SmallCap Fund) and FDM (First Trust Dow Jones Select MicroCap Index Fund) are both Small Cap Blend Equities funds - EES tracks the WisdomTree U.S. Small Cap Index while FDM tracks the Dow Jones Select Microcap Index. Both are passively managed. Over the past 10 years, EES returned 11.27%/yr vs 12.29%/yr for FDM. Their correlation of 0.91 suggests significant overlap in exposure. EES charges 0.38%/yr vs 0.60%/yr for FDM.

Performance

EES vs. FDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree U.S. SmallCap Fund (EES) and First Trust Dow Jones Select MicroCap Index Fund (FDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EES achieves a 15.85% return, which is significantly higher than FDM's 13.86% return. Over the past 10 years, EES has underperformed FDM with an annualized return of 11.27%, while FDM has yielded a comparatively higher 12.29% annualized return.

EES

• 1D: 0.22%
• 1M: 3.53%
• YTD: 15.85%
• 6M: 14.28%
• 1Y: 32.65%
• 3Y*: 16.43%
• 5Y*: 7.13%
• 10Y*: 11.27%

FDM

• 1D: 0.76%
• 1M: 4.64%
• YTD: 13.86%
• 6M: 12.43%
• 1Y: 30.56%
• 3Y*: 19.96%
• 5Y*: 9.37%
• 10Y*: 12.29%

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

EES vs. FDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EES WisdomTree U.S. SmallCap Fund	15.85%	6.99%	9.86%	18.53%	-16.18%	34.39%	3.06%	21.68%	-10.12%	12.42%
FDM First Trust Dow Jones Select MicroCap Index Fund	13.86%	18.64%	13.00%	12.76%	-11.61%	35.08%	-4.04%	27.45%	-13.53%	8.72%

Correlation

The correlation between EES and FDM is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 23, 2007	0.91

The correlation between EES and FDM has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

EES vs. FDM - Sectors Allocation Comparison

Sectors	EES	FDM
Financial Services	21.8%	42.2%
Technology	15.7%	6.8%
Consumer Cyclical	13.1%	10.4%
Industrials	12.6%	14.9%
Healthcare	10.1%	6.2%
Energy	7.2%	4.6%
Basic Materials	5.0%	4.5%
Consumer Defensive	4.9%	4.5%
Real Estate	4.7%	1.4%
Communication Services	3.3%	3.3%
Utilities	1.7%	1.0%

Return for Risk

EES vs. FDM — Risk / Return Rank

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

EES

EES Risk / Return Rank: 67
EES Sharpe Ratio Rank: 61
EES Sortino Ratio Rank: 64
EES Omega Ratio Rank: 57
EES Calmar Ratio Rank: 83
EES Martin Ratio Rank: 70

FDM

FDM Risk / Return Rank: 55
FDM Sharpe Ratio Rank: 50
FDM Sortino Ratio Rank: 52
FDM Omega Ratio Rank: 47
FDM Calmar Ratio Rank: 70
FDM Martin Ratio Rank: 59

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.

EES vs. FDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. SmallCap Fund (EES) and First Trust Dow Jones Select MicroCap Index Fund (FDM). 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.

	EES	FDM	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.63	+0.25
Sortino ratio: Return per unit of downside risk	2.73	2.38	+0.35
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	4.11	3.30	+0.81
Martin ratio: Return relative to average drawdown	12.18	9.96	+2.22

EES vs. FDM - Sharpe Ratio Comparison

The current EES Sharpe Ratio is 1.89, which is comparable to the FDM Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of EES and FDM, 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

EES vs. FDM - Drawdown Comparison

The maximum EES drawdown since its inception was -63.66%, roughly equal to the maximum FDM drawdown of -63.45%. Use the drawdown chart below to compare losses from any high point for EES and FDM.

Drawdown Indicators

	EES	FDM	Difference
Max Drawdown Largest peak-to-trough decline	-63.66%	-63.45%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-9.30%	+1.32%
Max Drawdown (3Y) Largest decline over 3 years	-27.15%	-23.47%	-3.68%
Max Drawdown (5Y) Largest decline over 5 years	-27.15%	-23.74%	-3.41%
Max Drawdown (10Y) Largest decline over 10 years	-50.52%	-47.76%	-2.76%
Current Drawdown Current decline from peak	-0.85%	0.00%	-0.85%
Average Drawdown Average peak-to-trough decline	-10.34%	-11.32%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	3.08%	-0.39%

Volatility

EES vs. FDM - Volatility Comparison

The current volatility for WisdomTree U.S. SmallCap Fund (EES) is 4.29%, while First Trust Dow Jones Select MicroCap Index Fund (FDM) has a volatility of 4.79%. This indicates that EES experiences smaller price fluctuations and is considered to be less risky than FDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EES	FDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	4.79%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	13.23%	-1.73%
Volatility (1Y) Calculated over the trailing 1-year period	17.42%	18.84%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.49%	21.40%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.77%	23.36%	+0.41%

EES vs. FDM - Expense Ratio Comparison

EES has a 0.38% expense ratio, which is lower than FDM's 0.60% expense ratio.

Dividends

EES vs. FDM - Dividend Comparison

EES's dividend yield for the trailing twelve months is around 1.09%, less than FDM's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EES WisdomTree U.S. SmallCap Fund	1.09%	1.29%	1.37%	1.18%	1.12%	1.69%	1.29%	1.31%	1.81%	0.93%	1.02%	1.38%
FDM First Trust Dow Jones Select MicroCap Index Fund	1.21%	1.43%	1.56%	1.81%	1.80%	1.08%	1.68%	1.37%	1.26%	0.97%	1.13%	1.45%

Frequently Asked Questions

Can I hold both EES and FDM in my portfolio?

EES and FDM have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EES or FDM?

FDM has higher volatility (4.79%) compared to EES (4.29%). In terms of maximum drawdown, EES dropped -63.66% vs FDM's -63.45%.

Which ETF is better, EES or FDM?

On 10-year performance, FDM leads with 12.29% vs 11.27% for EES. On fees, EES is cheaper at 0.38% per year. On volatility, EES has been the lower-risk option at 4.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EES or FDM?

Over the 10-year period, FDM has performed better with a 12.29% return vs 11.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EES or FDM?

EES is cheaper with a 0.38% expense ratio, compared with 0.60% for FDM.

Which ETF pays a higher dividend yield, EES or FDM?

FDM has the higher dividend yield at 1.21%, compared with 1.09% for EES.

What is the main difference between EES and FDM?

EES tracks WisdomTree U.S. Small Cap Index, while FDM tracks Dow Jones Select Microcap Index. They also come from different issuers: WisdomTree and First Trust. Their fees differ too: 0.38% for EES and 0.60% for FDM.

Which has better risk-adjusted returns?

EES currently has the higher Sharpe Ratio (1.89 vs 1.63), 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.