EIRL vs. DFE

Last updated Jul 15, 2026

EIRL (iShares MSCI Ireland ETF) and DFE (WisdomTree Europe SmallCap Dividend Fund) are both Europe Equities funds - EIRL tracks the MSCI Ireland Investable Market 25/50 Index while DFE tracks the WisdomTree Europe SmallCap Dividend Index. Both are passively managed. Over the past 10 years, EIRL returned 9.64%/yr vs 7.78%/yr for DFE. A 0.73 correlation means they provide meaningful diversification when combined. EIRL charges 0.49%/yr vs 0.58%/yr for DFE.

Performance

EIRL vs. DFE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Ireland ETF (EIRL) and WisdomTree Europe SmallCap Dividend Fund (DFE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIRL achieves a 8.53% return, which is significantly higher than DFE's 4.45% return. Over the past 10 years, EIRL has outperformed DFE with an annualized return of 9.64%, while DFE has yielded a comparatively lower 7.78% annualized return.

EIRL

• 1D: 0.27%
• 1M: 1.53%
• 6M: 8.67%
• YTD: 8.53%
• 1Y: 21.59%
• 3Y*: 12.09%
• 5Y*: 8.81%
• 10Y*: 9.64%

DFE

• 1D: 0.41%
• 1M: -2.19%
• 6M: 3.19%
• YTD: 4.45%
• 1Y: 8.71%
• 3Y*: 12.94%
• 5Y*: 4.53%
• 10Y*: 7.78%

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

EIRL vs. DFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIRL iShares MSCI Ireland ETF	8.53%	28.82%	-1.64%	35.13%	-18.83%	13.72%	9.63%	28.15%	-21.92%	29.82%
DFE WisdomTree Europe SmallCap Dividend Fund	4.45%	32.85%	-0.61%	14.94%	-22.15%	18.44%	2.15%	27.15%	-21.23%	32.71%

Correlation

The correlation between EIRL and DFE is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since May 11, 2010	0.73

The correlation between EIRL and DFE has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

EIRL vs. DFE - Sectors Allocation Comparison

Sectors	EIRL	DFE
Financial Services	38.6%	10.8%
Consumer Defensive	19.0%	4.2%
Industrials	15.8%	31.1%
Healthcare	10.3%	5.6%
Consumer Cyclical	8.5%	12.4%
Energy	4.5%	4.6%
Real Estate	2.3%	7.0%
Basic Materials	0.7%	8.3%
Technology	0.3%	6.8%
Communication Services	-	5.8%
Utilities	-	3.4%

Return for Risk

EIRL vs. DFE — Risk / Return Rank

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

EIRL

EIRL Risk / Return Rank: 41
EIRL Sharpe Ratio Rank: 42
EIRL Sortino Ratio Rank: 44
EIRL Omega Ratio Rank: 42
EIRL Calmar Ratio Rank: 37
EIRL Martin Ratio Rank: 39

DFE

DFE Risk / Return Rank: 21
DFE Sharpe Ratio Rank: 20
DFE Sortino Ratio Rank: 20
DFE Omega Ratio Rank: 19
DFE Calmar Ratio Rank: 21
DFE Martin Ratio Rank: 24

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.

EIRL vs. DFE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Ireland ETF (EIRL) and WisdomTree Europe SmallCap Dividend Fund (DFE). 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.

	EIRL	DFE	Difference
Sharpe ratio: Return per unit of total volatility	1.21	0.58	+0.63
Sortino ratio: Return per unit of downside risk	1.82	0.92	+0.90
Omega ratio: Gain probability vs. loss probability	1.23	1.11	+0.11
Calmar ratio: Return relative to maximum drawdown	1.52	0.77	+0.75
Martin ratio: Return relative to average drawdown	5.01	2.44	+2.57

EIRL vs. DFE - Sharpe Ratio Comparison

The current EIRL Sharpe Ratio is 1.21, which is higher than the DFE Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of EIRL and DFE, 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

EIRL vs. DFE - Drawdown Comparison

The maximum EIRL drawdown since its inception was -46.48%, smaller than the maximum DFE drawdown of -69.38%. Use the drawdown chart below to compare losses from any high point for EIRL and DFE.

Drawdown Indicators

	EIRL	DFE	Difference
Max Drawdown Largest peak-to-trough decline	-46.48%	-69.38%	+22.90%
Max Drawdown (1Y) Largest decline over 1 year	-14.28%	-11.41%	-2.87%
Max Drawdown (3Y) Largest decline over 3 years	-23.04%	-16.05%	-6.99%
Max Drawdown (5Y) Largest decline over 5 years	-40.14%	-40.34%	+0.20%
Max Drawdown (10Y) Largest decline over 10 years	-46.48%	-49.66%	+3.18%
Current Drawdown Current decline from peak	-1.56%	-3.79%	+2.23%
Average Drawdown Average peak-to-trough decline	-9.05%	-17.66%	+8.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	3.57%	+0.75%

Volatility

EIRL vs. DFE - Volatility Comparison

The current volatility for iShares MSCI Ireland ETF (EIRL) is 2.90%, while WisdomTree Europe SmallCap Dividend Fund (DFE) has a volatility of 3.77%. This indicates that EIRL experiences smaller price fluctuations and is considered to be less risky than DFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIRL	DFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	3.77%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	15.08%	12.87%	+2.21%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	15.07%	+2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.12%	19.08%	+2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	19.20%	+1.98%

EIRL vs. DFE - Expense Ratio Comparison

EIRL has a 0.49% expense ratio, which is lower than DFE's 0.58% expense ratio.

Dividends

EIRL vs. DFE - Dividend Comparison

EIRL's dividend yield for the trailing twelve months is around 2.40%, less than DFE's 4.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFE WisdomTree Europe SmallCap Dividend Fund	4.06%	4.38%	4.93%	4.97%	5.84%	2.56%	2.43%	3.39%	4.97%	2.53%	4.05%	2.78%
EIRL iShares MSCI Ireland ETF	2.40%	2.71%	2.56%	1.00%	1.13%	0.82%	0.50%	2.11%	1.52%	1.44%	1.34%	1.70%

Frequently Asked Questions

Can I hold both EIRL and DFE in my portfolio?

EIRL and DFE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIRL or DFE?

DFE has higher volatility (3.77%) compared to EIRL (2.90%). In terms of maximum drawdown, EIRL dropped -46.48% vs DFE's -69.38%.

Which ETF is better, EIRL or DFE?

On 10-year performance, EIRL leads with 9.64% vs 7.78% for DFE. On fees, EIRL is cheaper at 0.49% per year. On volatility, EIRL has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EIRL or DFE?

Over the 10-year period, EIRL has performed better with a 9.64% return vs 7.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EIRL or DFE?

EIRL is cheaper with a 0.49% expense ratio, compared with 0.58% for DFE.

Which ETF pays a higher dividend yield, EIRL or DFE?

DFE has the higher dividend yield at 4.06%, compared with 2.40% for EIRL.

What is the main difference between EIRL and DFE?

EIRL tracks MSCI Ireland Investable Market 25/50 Index, while DFE tracks WisdomTree Europe SmallCap Dividend Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.49% for EIRL and 0.58% for DFE.

Which has better risk-adjusted returns?

EIRL currently has the higher Sharpe Ratio (1.21 vs 0.58), 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.