GLDW.L vs. DHS.L

Last updated Jul 16, 2026

GLDW.L (WisdomTree Core Physical Gold) and DHS.L (WisdomTree US High Dividend UCITS ETF USD (Dist)) are both exchange-traded funds - GLDW.L is a Gold fund tracking the Gold, while DHS.L is a Dividend fund tracking the WisdomTree US High Dividend UCITS Index. Both are passively managed. Over the past 5 years, GLDW.L returned 17.81%/yr vs 12.35%/yr for DHS.L. At a 0.03 correlation, their price movements are largely independent. GLDW.L charges 0.12%/yr vs 0.29%/yr for DHS.L.

Performance

GLDW.L vs. DHS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Core Physical Gold (GLDW.L) and WisdomTree US High Dividend UCITS ETF USD (Dist) (DHS.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 -6.33% return, which is significantly lower than DHS.L's 12.15% return.

GLDW.L

• 1D: -1.59%
• 1M: -7.44%
• 6M: -12.74%
• YTD: -6.33%
• 1Y: 20.52%
• 3Y*: 26.03%
• 5Y*: 17.81%
• 10Y*: —

DHS.L

• 1D: -0.35%
• 1M: 1.99%
• 6M: 8.98%
• YTD: 12.15%
• 1Y: 21.91%
• 3Y*: 16.07%
• 5Y*: 12.35%
• 10Y*: 9.13%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GLDW.L WisdomTree Core Physical Gold	-6.33%	53.57%	28.18%	7.26%	11.82%	7,024.45%	7.28%
DHS.L WisdomTree US High Dividend UCITS ETF USD (Dist)	12.15%	4.77%	20.38%	-4.02%	19.92%	25.61%	-1.54%

Correlation

The correlation between GLDW.L and DHS.L is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Nov 30, 2020	0.03

Return for Risk

GLDW.L vs. DHS.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: 25
GLDW.L Sharpe Ratio Rank: 27
GLDW.L Sortino Ratio Rank: 26
GLDW.L Omega Ratio Rank: 29
GLDW.L Calmar Ratio Rank: 22
GLDW.L Martin Ratio Rank: 22

DHS.L

DHS.L Risk / Return Rank: 83
DHS.L Sharpe Ratio Rank: 85
DHS.L Sortino Ratio Rank: 85
DHS.L Omega Ratio Rank: 81
DHS.L Calmar Ratio Rank: 83
DHS.L Martin Ratio Rank: 81

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. DHS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Core Physical Gold (GLDW.L) and WisdomTree US High Dividend UCITS ETF USD (Dist) (DHS.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GLDW.L	DHS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.18	-1.34
Sortino ratio: Return per unit of downside risk	1.21	3.07	-1.85
Omega ratio: Gain probability vs. loss probability	1.17	1.38	-0.21
Calmar ratio: Return relative to maximum drawdown	0.84	3.58	-2.73
Martin ratio: Return relative to average drawdown	2.08	12.31	-10.22

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

The current GLDW.L Sharpe Ratio is 0.84, which is lower than the DHS.L Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of GLDW.L and DHS.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.

Drawdowns

GLDW.L vs. DHS.L - Drawdown Comparison

The maximum GLDW.L drawdown since its inception was -24.25%, smaller than the maximum DHS.L drawdown of -38.98%. Use the drawdown chart below to compare losses from any high point for GLDW.L and DHS.L.

Drawdown Indicators

	GLDW.L	DHS.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.25%	-38.98%	+14.73%
Max Drawdown (1Y) Largest decline over 1 year	-24.25%	-6.40%	-17.85%
Max Drawdown (3Y) Largest decline over 3 years	-24.25%	-17.50%	-6.75%
Max Drawdown (5Y) Largest decline over 5 years	-24.25%	-18.39%	-5.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.93%	—
Current Drawdown Current decline from peak	-24.25%	-1.32%	-22.93%
Average Drawdown Average peak-to-trough decline	-5.30%	-9.19%	+3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.83%	1.86%	+7.97%

Volatility

GLDW.L vs. DHS.L - Volatility Comparison

WisdomTree Core Physical Gold (GLDW.L) has a higher volatility of 6.79% compared to WisdomTree US High Dividend UCITS ETF USD (Dist) (DHS.L) at 2.57%. This indicates that GLDW.L's price experiences larger fluctuations and is considered to be riskier than DHS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDW.L	DHS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.79%	2.57%	+4.22%
Volatility (6M) Calculated over the trailing 6-month period	20.97%	8.13%	+12.84%
Volatility (1Y) Calculated over the trailing 1-year period	24.26%	10.53%	+13.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.88%	13.84%	+8.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2,990.38%	14.89%	+2,975.49%

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

GLDW.L has a 0.12% expense ratio, which is lower than DHS.L's 0.29% expense ratio.

Dividends

GLDW.L vs. DHS.L - Dividend Comparison

GLDW.L has not paid dividends to shareholders, while DHS.L's dividend yield for the trailing twelve months is around 2.63%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHS.L WisdomTree US High Dividend UCITS ETF USD (Dist)	2.63%	2.89%	5.19%	5.19%	2.83%	2.87%	5.63%	4.86%	3.06%	2.70%	2.51%	2.46%
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 DHS.L in my portfolio?

GLDW.L and DHS.L have a correlation of 0.05, 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 DHS.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 DHS.L?

GLDW.L is cheaper with a 0.12% expense ratio, compared with 0.29% for DHS.L.

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

GLDW.L is categorized as Gold, while DHS.L is Dividend. GLDW.L tracks Gold, while DHS.L tracks WisdomTree US High Dividend UCITS Index. Their fees differ too: 0.12% for GLDW.L and 0.29% for DHS.L.