EWMC vs. DES

Last updated Jun 4, 2026

EWMC (Invesco S&P MidCap 400 GARP ETF) and DES (WisdomTree U.S. SmallCap Dividend Fund) are both Small Cap Blend Equities funds - EWMC tracks the S&P MidCap 400 GARP Index while DES tracks the WisdomTree SmallCap Dividend (TR). Both are passively managed. Over the past 10 years, EWMC returned 10.99%/yr vs 8.04%/yr for DES. Their correlation of 0.89 suggests significant overlap in exposure. EWMC charges 0.35%/yr vs 0.38%/yr for DES.

Performance

EWMC vs. DES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 GARP ETF (EWMC) and WisdomTree U.S. SmallCap Dividend Fund (DES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWMC achieves a 7.11% return, which is significantly lower than DES's 15.19% return. Over the past 10 years, EWMC has outperformed DES with an annualized return of 10.99%, while DES has yielded a comparatively lower 8.04% annualized return.

EWMC

• 1D: -0.11%
• 1M: 2.30%
• YTD: 7.11%
• 6M: 6.51%
• 1Y: 21.90%
• 3Y*: 14.94%
• 5Y*: 7.66%
• 10Y*: 10.99%

DES

• 1D: -1.24%
• 1M: 0.67%
• YTD: 15.19%
• 6M: 14.26%
• 1Y: 25.57%
• 3Y*: 14.17%
• 5Y*: 5.96%
• 10Y*: 8.04%

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

EWMC vs. DES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWMC Invesco S&P MidCap 400 GARP ETF	7.11%	7.81%	15.67%	18.79%	-11.63%	26.35%	15.60%	23.05%	-12.45%	13.05%
DES WisdomTree U.S. SmallCap Dividend Fund	15.19%	0.25%	9.93%	16.50%	-10.96%	26.51%	-4.26%	20.26%	-12.85%	8.64%

Correlation

The correlation between EWMC and DES is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	0.89

The correlation between EWMC and DES has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

EWMC vs. DES - Sectors Allocation Comparison

Sectors	EWMC	DES
Industrials	17.9%	13.3%
Consumer Cyclical	16.0%	14.8%
Financial Services	13.8%	23.7%
Technology	13.3%	5.5%
Healthcare	9.8%	1.7%
Real Estate	7.8%	9.6%
Basic Materials	5.9%	6.0%
Energy	5.1%	10.7%
Consumer Defensive	5.0%	4.3%
Utilities	3.4%	4.6%
Communication Services	2.0%	2.8%

Return for Risk

EWMC vs. DES — Risk / Return Rank

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

EWMC

EWMC Risk / Return Rank: 44
EWMC Sharpe Ratio Rank: 38
EWMC Sortino Ratio Rank: 39
EWMC Omega Ratio Rank: 36
EWMC Calmar Ratio Rank: 58
EWMC Martin Ratio Rank: 51

DES

DES Risk / Return Rank: 51
DES Sharpe Ratio Rank: 44
DES Sortino Ratio Rank: 47
DES Omega Ratio Rank: 43
DES Calmar Ratio Rank: 67
DES Martin Ratio Rank: 55

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.

EWMC vs. DES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 GARP ETF (EWMC) and WisdomTree U.S. SmallCap Dividend Fund (DES). 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.

	EWMC	DES	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.57	-0.19
Sortino ratio: Return per unit of downside risk	2.04	2.36	-0.33
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	2.89	3.36	-0.47
Martin ratio: Return relative to average drawdown	8.54	9.57	-1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWMC vs. DES - Sharpe Ratio Comparison

The current EWMC Sharpe Ratio is 1.37, which is comparable to the DES Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of EWMC and DES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWMC	DES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.57	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.31	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.37	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.31	+0.23

Drawdowns

EWMC vs. DES - Drawdown Comparison

The maximum EWMC drawdown since its inception was -43.12%, smaller than the maximum DES drawdown of -65.48%. Use the drawdown chart below to compare losses from any high point for EWMC and DES.

Drawdown Indicators

	EWMC	DES	Difference
Max Drawdown Largest peak-to-trough decline	-43.12%	-65.48%	+22.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-7.64%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-28.09%	-25.16%	-2.93%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-25.16%	-2.93%
Max Drawdown (10Y) Largest decline over 10 years	-43.12%	-45.65%	+2.53%
Current Drawdown Current decline from peak	-0.11%	-1.52%	+1.41%
Average Drawdown Average peak-to-trough decline	-5.71%	-9.68%	+3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	2.68%	-0.11%

Volatility

EWMC vs. DES - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 GARP ETF (EWMC) is 3.82%, while WisdomTree U.S. SmallCap Dividend Fund (DES) has a volatility of 4.19%. This indicates that EWMC experiences smaller price fluctuations and is considered to be less risky than DES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWMC	DES	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	4.19%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	11.02%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	16.46%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.90%	19.57%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.25%	21.97%	+0.28%

EWMC vs. DES - Expense Ratio Comparison

EWMC has a 0.35% expense ratio, which is lower than DES's 0.38% expense ratio.

Dividends

EWMC vs. DES - Dividend Comparison

EWMC's dividend yield for the trailing twelve months is around 0.96%, less than DES's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DES WisdomTree U.S. SmallCap Dividend Fund	2.40%	2.85%	2.81%	2.65%	2.89%	2.31%	2.75%	2.68%	3.65%	2.89%	2.70%	3.09%
EWMC Invesco S&P MidCap 400 GARP ETF	0.96%	1.19%	0.95%	0.96%	1.28%	0.92%	1.16%	1.25%	1.50%	1.14%	1.00%	1.43%

Frequently Asked Questions

Can I hold both EWMC and DES in my portfolio?

EWMC and DES have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWMC or DES?

DES has higher volatility (4.19%) compared to EWMC (3.82%). In terms of maximum drawdown, EWMC dropped -43.12% vs DES's -65.48%.

Which ETF is better, EWMC or DES?

On 10-year performance, EWMC leads with 10.99% vs 8.04% for DES. On fees, EWMC is cheaper at 0.35% per year. On volatility, EWMC has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWMC or DES?

Over the 10-year period, EWMC has performed better with a 10.99% return vs 8.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWMC or DES?

EWMC is cheaper with a 0.35% expense ratio, compared with 0.38% for DES.

Which ETF pays a higher dividend yield, EWMC or DES?

DES has the higher dividend yield at 2.40%, compared with 0.96% for EWMC.

What is the main difference between EWMC and DES?

EWMC tracks S&P MidCap 400 GARP Index, while DES tracks WisdomTree SmallCap Dividend (TR). They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.35% for EWMC and 0.38% for DES.

Which has better risk-adjusted returns?

DES currently has the higher Sharpe Ratio (1.56 vs 1.37), 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.