FDM vs. DES

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Dow Jones Select MicroCap Index Fund (FDM) and WisdomTree U.S. SmallCap Dividend Fund (DES).

FDM and DES are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FDM is a passively managed fund by First Trust that tracks the performance of the Dow Jones Select Microcap Index. It was launched on Sep 27, 2005. DES is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree SmallCap Dividend (TR). It was launched on Jun 16, 2006. Both FDM and DES are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FDM vs. DES - Performance Comparison

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

FDM vs. DES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDM First Trust Dow Jones Select MicroCap Index Fund	4.15%	18.64%	13.00%	12.76%	-11.61%	35.08%	-4.04%	27.45%	-13.53%	8.72%
DES WisdomTree U.S. SmallCap Dividend Fund	8.16%	0.25%	9.93%	16.50%	-10.96%	26.51%	-4.26%	20.26%	-12.85%	8.64%

Returns By Period

In the year-to-date period, FDM achieves a 4.15% return, which is significantly lower than DES's 8.16% return. Over the past 10 years, FDM has outperformed DES with an annualized return of 11.30%, while DES has yielded a comparatively lower 7.73% annualized return.

FDM

• 1D: 0.73%
• 1M: -3.49%
• YTD: 4.15%
• 6M: 10.52%
• 1Y: 34.37%
• 3Y*: 17.51%
• 5Y*: 8.11%
• 10Y*: 11.30%

DES

• 1D: 0.39%
• 1M: -2.82%
• YTD: 8.16%
• 6M: 8.34%
• 1Y: 15.75%
• 3Y*: 11.21%
• 5Y*: 5.72%
• 10Y*: 7.73%

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

FDM vs. DES - Expense Ratio Comparison

FDM has a 0.60% expense ratio, which is higher than DES's 0.38% expense ratio.

FDM

First Trust Dow Jones Select MicroCap Index Fund

DES

WisdomTree U.S. SmallCap Dividend Fund

Return for Risk

FDM vs. DES — Risk / Return Rank

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

FDM

FDM Risk / Return Rank: 81
FDM Sharpe Ratio Rank: 80
FDM Sortino Ratio Rank: 82
FDM Omega Ratio Rank: 75
FDM Calmar Ratio Rank: 87
FDM Martin Ratio Rank: 83

DES

DES Risk / Return Rank: 41
DES Sharpe Ratio Rank: 39
DES Sortino Ratio Rank: 42
DES Omega Ratio Rank: 38
DES Calmar Ratio Rank: 43
DES Martin Ratio Rank: 43

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.

FDM vs. DES - Risk-Adjusted Trends Comparison

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

	FDM	DES	Difference
Sharpe ratio Return per unit of total volatility	1.55	0.77	+0.78
Sortino ratio Return per unit of downside risk	2.25	1.22	+1.02
Omega ratio Gain probability vs. loss probability	1.29	1.16	+0.13
Calmar ratio Return relative to maximum drawdown	2.91	1.19	+1.71
Martin ratio Return relative to average drawdown	10.02	4.22	+5.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDM vs. DES - Sharpe Ratio Comparison

The current FDM Sharpe Ratio is 1.55, which is higher than the DES Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of FDM and DES, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FDM	DES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	0.77	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.29	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.35	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.30	+0.04

Correlation

The correlation between FDM and DES is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FDM vs. DES - Dividend Comparison

FDM's dividend yield for the trailing twelve months is around 1.32%, less than DES's 2.53% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDM First Trust Dow Jones Select MicroCap Index Fund	1.32%	1.43%	1.56%	1.81%	1.80%	1.08%	1.68%	1.37%	1.26%	0.97%	1.13%	1.45%
DES WisdomTree U.S. SmallCap Dividend Fund	2.53%	2.85%	2.81%	2.65%	2.89%	2.31%	2.75%	2.68%	3.65%	2.89%	2.70%	3.09%

Drawdowns

FDM vs. DES - Drawdown Comparison

The maximum FDM drawdown since its inception was -63.45%, roughly equal to the maximum DES drawdown of -65.48%. Use the drawdown chart below to compare losses from any high point for FDM and DES.

Drawdown Indicators

	FDM	DES	Difference
Max Drawdown Largest peak-to-trough decline	-63.45%	-65.48%	+2.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.99%	-13.44%	+1.45%
Max Drawdown (5Y) Largest decline over 5 years	-23.74%	-25.16%	+1.42%
Max Drawdown (10Y) Largest decline over 10 years	-47.76%	-45.65%	-2.11%
Current Drawdown Current decline from peak	-5.05%	-4.03%	-1.02%
Average Drawdown Average peak-to-trough decline	-11.43%	-9.76%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	3.80%	-0.32%

Volatility

FDM vs. DES - Volatility Comparison

First Trust Dow Jones Select MicroCap Index Fund (FDM) has a higher volatility of 6.34% compared to WisdomTree U.S. SmallCap Dividend Fund (DES) at 4.89%. This indicates that FDM's price experiences larger fluctuations and is considered to be riskier than DES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDM	DES	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	4.89%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	14.19%	11.88%	+2.31%
Volatility (1Y) Calculated over the trailing 1-year period	22.29%	20.51%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	19.66%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.33%	21.97%	+1.36%