GLDW.L vs. DGSE.L

Last updated Jun 5, 2026

GLDW.L (WisdomTree Core Physical Gold) and DGSE.L (WisdomTree Emerging Markets SmallCap Dividend UCITS ETF) are both exchange-traded funds - GLDW.L is a Precious Metals fund tracking the Gold, while DGSE.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets SMID NR USD. Both are passively managed. Over the past 5 years, GLDW.L returned 19.87%/yr vs 4.59%/yr for DGSE.L. At a 0.17 correlation, their price movements are largely independent. GLDW.L charges 0.12%/yr vs 0.54%/yr for DGSE.L.

Performance

GLDW.L vs. DGSE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Core Physical Gold (GLDW.L) and WisdomTree Emerging Markets SmallCap Dividend UCITS ETF (DGSE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDW.L achieves a 3.96% return, which is significantly lower than DGSE.L's 10.61% return.

GLDW.L

• 1D: 0.63%
• 1M: -1.34%
• YTD: 3.96%
• 6M: 5.38%
• 1Y: 33.68%
• 3Y*: 28.15%
• 5Y*: 19.87%
• 10Y*: —

DGSE.L

• 1D: 0.15%
• 1M: 0.92%
• YTD: 10.61%
• 6M: 11.47%
• 1Y: 19.49%
• 3Y*: 8.09%
• 5Y*: 4.59%
• 10Y*: 6.84%

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

GLDW.L vs. DGSE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GLDW.L WisdomTree Core Physical Gold	3.96%	53.57%	28.18%	7.26%	11.82%	9.07%
DGSE.L WisdomTree Emerging Markets SmallCap Dividend UCITS ETF	10.61%	7.78%	-0.93%	9.14%	-4.67%	9.00%

Correlation

The correlation between GLDW.L and DGSE.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Mar 16, 2021	0.17

Return for Risk

GLDW.L vs. DGSE.L — Risk / Return Rank

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

GLDW.L

GLDW.L Risk / Return Rank: 40
GLDW.L Sharpe Ratio Rank: 42
GLDW.L Sortino Ratio Rank: 37
GLDW.L Omega Ratio Rank: 47
GLDW.L Calmar Ratio Rank: 39
GLDW.L Martin Ratio Rank: 34

DGSE.L

DGSE.L Risk / Return Rank: 43
DGSE.L Sharpe Ratio Rank: 42
DGSE.L Sortino Ratio Rank: 44
DGSE.L Omega Ratio Rank: 43
DGSE.L Calmar Ratio Rank: 45
DGSE.L 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.

GLDW.L vs. DGSE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Core Physical Gold (GLDW.L) and WisdomTree Emerging Markets SmallCap Dividend UCITS ETF (DGSE.L). 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.

	GLDW.L	DGSE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.46	0.00
Sortino ratio: Return per unit of downside risk	1.90	2.16	-0.27
Omega ratio: Gain probability vs. loss probability	1.29	1.27	+0.02
Calmar ratio: Return relative to maximum drawdown	1.88	2.19	-0.31
Martin ratio: Return relative to average drawdown	5.05	6.68	-1.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLDW.L vs. DGSE.L - Sharpe Ratio Comparison

The current GLDW.L Sharpe Ratio is 1.46, which is comparable to the DGSE.L Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of GLDW.L and DGSE.L, 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

	GLDW.L	DGSE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.46	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	0.34	+0.89
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	0.32	+0.98

Drawdowns

GLDW.L vs. DGSE.L - Drawdown Comparison

The maximum GLDW.L drawdown since its inception was -17.86%, smaller than the maximum DGSE.L drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for GLDW.L and DGSE.L.

Drawdown Indicators

	GLDW.L	DGSE.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.86%	-35.43%	+17.57%
Max Drawdown (1Y) Largest decline over 1 year	-17.86%	-8.87%	-8.99%
Max Drawdown (3Y) Largest decline over 3 years	-17.86%	-18.85%	+0.99%
Max Drawdown (5Y) Largest decline over 5 years	-17.86%	-18.85%	+0.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.43%	—
Current Drawdown Current decline from peak	-15.93%	-1.82%	-14.11%
Average Drawdown Average peak-to-trough decline	-3.58%	-7.71%	+4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.65%	2.91%	+3.74%

Volatility

GLDW.L vs. DGSE.L - Volatility Comparison

WisdomTree Core Physical Gold (GLDW.L) has a higher volatility of 5.09% compared to WisdomTree Emerging Markets SmallCap Dividend UCITS ETF (DGSE.L) at 4.43%. This indicates that GLDW.L's price experiences larger fluctuations and is considered to be riskier than DGSE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDW.L	DGSE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	4.43%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	19.81%	11.24%	+8.57%
Volatility (1Y) Calculated over the trailing 1-year period	22.95%	13.29%	+9.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.09%	13.37%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.94%	15.72%	+0.22%

GLDW.L vs. DGSE.L - Expense Ratio Comparison

GLDW.L has a 0.12% expense ratio, which is lower than DGSE.L's 0.54% expense ratio.

Dividends

GLDW.L vs. DGSE.L - Dividend Comparison

GLDW.L has not paid dividends to shareholders, while DGSE.L's dividend yield for the trailing twelve months is around 0.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGSE.L WisdomTree Emerging Markets SmallCap Dividend UCITS ETF	0.03%	0.03%	0.05%	0.04%	0.04%	0.03%	0.03%	0.03%	0.03%	0.02%	0.01%	0.03%
GLDW.L WisdomTree Core Physical Gold	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDW.L and DGSE.L in my portfolio?

GLDW.L and DGSE.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDW.L or DGSE.L?

On fees, GLDW.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDW.L or DGSE.L?

GLDW.L is cheaper with a 0.12% expense ratio, compared with 0.54% for DGSE.L.

What is the main difference between GLDW.L and DGSE.L?

GLDW.L is categorized as Precious Metals, while DGSE.L is Emerging Markets Equities. GLDW.L tracks Gold, while DGSE.L tracks MSCI Emerging Markets SMID NR USD. Their fees differ too: 0.12% for GLDW.L and 0.54% for DGSE.L.