FEMS vs. DGS
FEMS (First Trust Emerging Markets Small Cap AlphaDEX Fund) and DGS (WisdomTree Emerging Markets SmallCap Dividend Fund) are both exchange-traded funds - FEMS is a Emerging Markets Equities fund tracking the NASDAQ AlphaDEX EM Small Cap Index, while DGS is a Emerging Markets Diversified fund tracking the WisdomTree Emerging Markets SmallCap Dividend Index. Both are passively managed. Over the past 10 years, FEMS returned 9.49%/yr vs 9.93%/yr for DGS. Their correlation of 0.80 suggests significant overlap in exposure. FEMS charges 0.80%/yr vs 0.58%/yr for DGS.
Performance
FEMS vs. DGS - Performance Comparison
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Returns By Period
In the year-to-date period, FEMS achieves a 12.16% return, which is significantly lower than DGS's 14.53% return. Both investments have delivered pretty close results over the past 10 years, with FEMS having a 9.49% annualized return and DGS not far ahead at 9.93%.
FEMS
- 1D
- -1.87%
- 1M
- -0.95%
- YTD
- 12.16%
- 6M
- 11.13%
- 1Y
- 24.48%
- 3Y*
- 13.68%
- 5Y*
- 4.43%
- 10Y*
- 9.49%
DGS
- 1D
- -1.37%
- 1M
- 2.58%
- YTD
- 14.53%
- 6M
- 15.57%
- 1Y
- 27.26%
- 3Y*
- 16.17%
- 5Y*
- 7.85%
- 10Y*
- 9.93%
FEMS vs. DGS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund | 12.16% | 16.48% | 1.88% | 3.55% | 1.85% | 3.76% | 7.85% | 28.88% | -22.63% | 49.02% |
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 14.53% | 21.18% | 1.13% | 19.08% | -12.35% | 15.33% | 4.06% | 18.90% | -16.52% | 37.47% |
Correlation
The correlation between FEMS and DGS is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2012 | 0.80 |
The correlation between FEMS and DGS has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.
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Return for Risk
FEMS vs. DGS — Risk / Return Rank
FEMS
DGS
FEMS vs. DGS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) and WisdomTree Emerging Markets SmallCap Dividend Fund (DGS). 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.
| FEMS | DGS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.32 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 2.72 | +0.14 |
| Martin ratioReturn relative to average drawdown | 7.50 | 9.16 | -1.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FEMS | DGS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.55 | 1.76 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.53 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.58 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.23 | +0.05 |
Drawdowns
FEMS vs. DGS - Drawdown Comparison
The maximum FEMS drawdown since its inception was -47.85%, smaller than the maximum DGS drawdown of -61.83%. Use the drawdown chart below to compare losses from any high point for FEMS and DGS.
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Drawdown Indicators
| FEMS | DGS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.85% | -61.83% | +13.98% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -10.06% | +1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -21.09% | -19.31% | -1.78% |
Max Drawdown (5Y)Largest decline over 5 years | -26.89% | -24.86% | -2.03% |
Max Drawdown (10Y)Largest decline over 10 years | -47.85% | -44.08% | -3.77% |
Current DrawdownCurrent decline from peak | -4.88% | -1.40% | -3.48% |
Average DrawdownAverage peak-to-trough decline | -17.41% | -12.59% | -4.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 2.98% | +0.29% |
Volatility
FEMS vs. DGS - Volatility Comparison
First Trust Emerging Markets Small Cap AlphaDEX Fund (FEMS) has a higher volatility of 6.37% compared to WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) at 5.24%. This indicates that FEMS's price experiences larger fluctuations and is considered to be riskier than DGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEMS | DGS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.37% | 5.24% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 12.98% | 13.03% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.84% | 15.56% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.79% | 14.87% | +2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.97% | 17.32% | +2.65% |
FEMS vs. DGS - Expense Ratio Comparison
FEMS has a 0.80% expense ratio, which is higher than DGS's 0.58% expense ratio.
Dividends
FEMS vs. DGS - Dividend Comparison
FEMS's dividend yield for the trailing twelve months is around 4.28%, more than DGS's 3.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DGS WisdomTree Emerging Markets SmallCap Dividend Fund | 3.21% | 3.45% | 3.36% | 4.55% | 5.34% | 3.98% | 3.69% | 3.95% | 4.24% | 2.81% | 3.42% | 3.28% |
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund | 4.28% | 4.27% | 3.97% | 4.65% | 4.55% | 6.25% | 2.90% | 4.37% | 4.68% | 3.39% | 2.42% | 3.28% |
Frequently Asked Questions
FEMS and DGS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FEMS has higher volatility (6.37%) compared to DGS (5.24%). In terms of maximum drawdown, FEMS dropped -47.85% vs DGS's -61.83%.
On 10-year performance, DGS leads with 9.93% vs 9.49% for FEMS. On fees, DGS is cheaper at 0.58% per year. On volatility, DGS has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGS has performed better with a 9.93% return vs 9.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGS is cheaper with a 0.58% expense ratio, compared with 0.80% for FEMS.
FEMS has the higher dividend yield at 4.28%, compared with 3.21% for DGS.
FEMS is categorized as Emerging Markets Equities, while DGS is Emerging Markets Diversified. FEMS tracks NASDAQ AlphaDEX EM Small Cap Index, while DGS tracks WisdomTree Emerging Markets SmallCap Dividend Index. They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 0.80% for FEMS and 0.58% for DGS.
DGS currently has the higher Sharpe Ratio (1.76 vs 1.55), 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.
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