EWUS vs. DFE

Last updated Jun 4, 2026

EWUS (iShares MSCI United Kingdom Small-Cap ETF) and DFE (WisdomTree Europe SmallCap Dividend Fund) are both Europe Equities funds - EWUS tracks the MSCI United Kingdom Small Cap Index while DFE tracks the WisdomTree Europe SmallCap Dividend Index. Both are passively managed. Over the past 10 years, EWUS returned 3.77%/yr vs 6.78%/yr for DFE. A 0.79 correlation means they provide meaningful diversification when combined. EWUS charges 0.59%/yr vs 0.58%/yr for DFE.

Performance

EWUS vs. DFE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI United Kingdom Small-Cap ETF (EWUS) 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, EWUS achieves a 1.21% return, which is significantly lower than DFE's 5.19% return. Over the past 10 years, EWUS has underperformed DFE with an annualized return of 3.77%, while DFE has yielded a comparatively higher 6.78% annualized return.

EWUS

• 1D: -1.03%
• 1M: 2.10%
• YTD: 1.21%
• 6M: 5.28%
• 1Y: 8.92%
• 3Y*: 12.21%
• 5Y*: -0.15%
• 10Y*: 3.77%

DFE

• 1D: -1.08%
• 1M: 1.12%
• YTD: 5.19%
• 6M: 8.60%
• 1Y: 14.01%
• 3Y*: 14.44%
• 5Y*: 4.05%
• 10Y*: 6.78%

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

EWUS vs. DFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWUS iShares MSCI United Kingdom Small-Cap ETF	1.21%	25.13%	3.55%	15.41%	-31.19%	12.55%	-2.58%	35.16%	-20.16%	32.17%
DFE WisdomTree Europe SmallCap Dividend Fund	5.19%	32.85%	-0.61%	14.94%	-22.15%	18.44%	2.15%	27.15%	-21.23%	32.71%

Correlation

The correlation between EWUS and DFE is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 27, 2012	0.79

The correlation between EWUS and DFE shifts across timeframes, from 0.79 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.

EWUS vs. DFE - Sectors Allocation Comparison

Sectors	EWUS	DFE
Financial Services	22.9%	9.7%
Industrials	20.7%	25.3%
Consumer Cyclical	14.6%	9.5%
Real Estate	10.1%	6.3%
Basic Materials	6.7%	7.5%
Communication Services	5.7%	5.5%
Consumer Defensive	4.6%	4.3%
Technology	4.3%	7.1%
Energy	3.3%	6.9%
Healthcare	3.2%	3.5%
Utilities	3.0%	3.5%

Return for Risk

EWUS vs. DFE — Risk / Return Rank

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

EWUS

EWUS Risk / Return Rank: 17
EWUS Sharpe Ratio Rank: 17
EWUS Sortino Ratio Rank: 17
EWUS Omega Ratio Rank: 16
EWUS Calmar Ratio Rank: 17
EWUS Martin Ratio Rank: 18

DFE

DFE Risk / Return Rank: 27
DFE Sharpe Ratio Rank: 27
DFE Sortino Ratio Rank: 26
DFE Omega Ratio Rank: 26
DFE Calmar Ratio Rank: 26
DFE Martin Ratio Rank: 29

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.

EWUS vs. DFE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom Small-Cap ETF (EWUS) 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.

	EWUS	DFE	Difference
Sharpe ratio: Return per unit of total volatility	0.50	0.96	-0.46
Sortino ratio: Return per unit of downside risk	0.86	1.43	-0.57
Omega ratio: Gain probability vs. loss probability	1.10	1.18	-0.08
Calmar ratio: Return relative to maximum drawdown	0.59	1.23	-0.64
Martin ratio: Return relative to average drawdown	1.92	4.24	-2.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWUS vs. DFE - Sharpe Ratio Comparison

The current EWUS Sharpe Ratio is 0.50, which is lower than the DFE Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of EWUS 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.

Sharpe Ratios by Period

	EWUS	DFE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	0.96	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.21	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.34	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.29	+0.01

Drawdowns

EWUS vs. DFE - Drawdown Comparison

The maximum EWUS drawdown since its inception was -49.33%, smaller than the maximum DFE drawdown of -69.38%. Use the drawdown chart below to compare losses from any high point for EWUS and DFE.

Drawdown Indicators

	EWUS	DFE	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-69.38%	+20.05%
Max Drawdown (1Y) Largest decline over 1 year	-15.21%	-11.41%	-3.80%
Max Drawdown (3Y) Largest decline over 3 years	-19.84%	-16.41%	-3.43%
Max Drawdown (5Y) Largest decline over 5 years	-48.14%	-40.34%	-7.80%
Max Drawdown (10Y) Largest decline over 10 years	-49.33%	-49.66%	+0.33%
Current Drawdown Current decline from peak	-5.93%	-3.11%	-2.82%
Average Drawdown Average peak-to-trough decline	-13.08%	-17.73%	+4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.65%	3.31%	+1.34%

Volatility

EWUS vs. DFE - Volatility Comparison

iShares MSCI United Kingdom Small-Cap ETF (EWUS) has a higher volatility of 6.12% compared to WisdomTree Europe SmallCap Dividend Fund (DFE) at 5.06%. This indicates that EWUS's price experiences larger fluctuations and is considered to be riskier than DFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWUS	DFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	5.06%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	14.52%	11.98%	+2.54%
Volatility (1Y) Calculated over the trailing 1-year period	17.78%	14.64%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.12%	19.01%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.59%	19.77%	+2.82%

EWUS vs. DFE - Expense Ratio Comparison

EWUS has a 0.59% expense ratio, which is higher than DFE's 0.58% expense ratio.

Dividends

EWUS vs. DFE - Dividend Comparison

EWUS's dividend yield for the trailing twelve months is around 3.55%, less than DFE's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFE WisdomTree Europe SmallCap Dividend Fund	3.89%	4.38%	4.93%	4.97%	5.84%	2.56%	2.43%	3.39%	4.97%	2.53%	4.05%	2.78%
EWUS iShares MSCI United Kingdom Small-Cap ETF	3.55%	3.59%	3.67%	2.88%	2.03%	3.54%	1.97%	2.59%	3.53%	2.61%	3.18%	2.85%

Frequently Asked Questions

Can I hold both EWUS and DFE in my portfolio?

EWUS and DFE have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWUS or DFE?

EWUS has higher volatility (6.12%) compared to DFE (5.06%). In terms of maximum drawdown, EWUS dropped -49.33% vs DFE's -69.38%.

Which ETF is better, EWUS or DFE?

On 10-year performance, DFE leads with 6.78% vs 3.77% for EWUS. On fees, DFE is cheaper at 0.58% per year. On volatility, DFE has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWUS or DFE?

Over the 10-year period, DFE has performed better with a 6.78% return vs 3.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWUS or DFE?

DFE is cheaper with a 0.58% expense ratio, compared with 0.59% for EWUS.

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

DFE has the higher dividend yield at 3.89%, compared with 3.55% for EWUS.

What is the main difference between EWUS and DFE?

EWUS tracks MSCI United Kingdom Small Cap Index, while DFE tracks WisdomTree Europe SmallCap Dividend Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.59% for EWUS and 0.58% for DFE.

Which has better risk-adjusted returns?

DFE currently has the higher Sharpe Ratio (0.96 vs 0.50), 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.