GREK vs. DFJ

Last updated Jun 13, 2026

GREK (Global X MSCI Greece ETF) and DFJ (WisdomTree Japan SmallCap Dividend Fund) are both exchange-traded funds - GREK is a Emerging Markets Equities fund tracking the MSCI All Greece Select 25-50, while DFJ is a Japan Equities fund tracking the WisdomTree Japan SmallCap Dividend Index. Both are passively managed. Over the past 10 years, GREK returned 16.01%/yr vs 9.18%/yr for DFJ. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.58% expense ratio.

Performance

GREK vs. DFJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Greece ETF (GREK) and WisdomTree Japan SmallCap Dividend Fund (DFJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GREK achieves a 15.45% return, which is significantly higher than DFJ's 10.31% return. Over the past 10 years, GREK has outperformed DFJ with an annualized return of 16.01%, while DFJ has yielded a comparatively lower 9.18% annualized return.

GREK

• 1D: 0.87%
• 1M: 4.95%
• YTD: 15.45%
• 6M: 15.54%
• 1Y: 40.83%
• 3Y*: 32.67%
• 5Y*: 24.30%
• 10Y*: 16.01%

DFJ

• 1D: 0.31%
• 1M: -1.56%
• YTD: 10.31%
• 6M: 11.99%
• 1Y: 28.50%
• 3Y*: 18.53%
• 5Y*: 9.75%
• 10Y*: 9.18%

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

GREK vs. DFJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GREK Global X MSCI Greece ETF	15.45%	76.11%	9.53%	42.72%	3.64%	6.14%	-13.89%	50.20%	-31.25%	34.80%
DFJ WisdomTree Japan SmallCap Dividend Fund	10.31%	31.90%	2.80%	21.81%	-9.00%	0.38%	1.29%	16.98%	-18.53%	32.14%

Correlation

The correlation between GREK and DFJ is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Dec 8, 2011	0.38

GREK vs. DFJ - Sectors Allocation Comparison

Sectors	GREK	DFJ
Financial Services	47.1%	13.3%
Industrials	13.5%	27.0%
Utilities	11.6%	1.6%
Consumer Cyclical	9.6%	16.1%
Energy	8.4%	0.6%
Communication Services	4.6%	1.5%
Basic Materials	3.2%	13.3%
Consumer Defensive	1.1%	7.1%
Real Estate	1.0%	2.9%
Healthcare	-	4.1%
Technology	-	12.6%

Return for Risk

GREK vs. DFJ — Risk / Return Rank

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

GREK

GREK Risk / Return Rank: 49
GREK Sharpe Ratio Rank: 54
GREK Sortino Ratio Rank: 57
GREK Omega Ratio Rank: 51
GREK Calmar Ratio Rank: 41
GREK Martin Ratio Rank: 40

DFJ

DFJ Risk / Return Rank: 50
DFJ Sharpe Ratio Rank: 55
DFJ Sortino Ratio Rank: 55
DFJ Omega Ratio Rank: 52
DFJ Calmar Ratio Rank: 48
DFJ Martin Ratio Rank: 42

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.

GREK vs. DFJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Greece ETF (GREK) and WisdomTree Japan SmallCap Dividend Fund (DFJ). 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.

	GREK	DFJ	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.65	-0.06
Sortino ratio: Return per unit of downside risk	2.38	2.34	+0.04
Omega ratio: Gain probability vs. loss probability	1.28	1.29	0.00
Calmar ratio: Return relative to maximum drawdown	1.82	2.11	-0.29
Martin ratio: Return relative to average drawdown	5.62	5.97	-0.35

GREK vs. DFJ - Sharpe Ratio Comparison

The current GREK Sharpe Ratio is 1.59, which is comparable to the DFJ Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of GREK and DFJ, 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

GREK vs. DFJ - Drawdown Comparison

The maximum GREK drawdown since its inception was -79.50%, which is greater than DFJ's maximum drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for GREK and DFJ.

Drawdown Indicators

	GREK	DFJ	Difference
Max Drawdown Largest peak-to-trough decline	-79.50%	-46.00%	-33.50%
Max Drawdown (1Y) Largest decline over 1 year	-21.32%	-13.03%	-8.29%
Max Drawdown (3Y) Largest decline over 3 years	-22.63%	-13.03%	-9.60%
Max Drawdown (5Y) Largest decline over 5 years	-30.46%	-29.71%	-0.75%
Max Drawdown (10Y) Largest decline over 10 years	-57.04%	-40.02%	-17.02%
Current Drawdown Current decline from peak	-1.44%	-5.85%	+4.41%
Average Drawdown Average peak-to-trough decline	-45.25%	-11.15%	-34.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.90%	4.61%	+2.29%

Volatility

GREK vs. DFJ - Volatility Comparison

Global X MSCI Greece ETF (GREK) has a higher volatility of 8.69% compared to WisdomTree Japan SmallCap Dividend Fund (DFJ) at 4.87%. This indicates that GREK's price experiences larger fluctuations and is considered to be riskier than DFJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GREK	DFJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	4.87%	+3.82%
Volatility (6M) Calculated over the trailing 6-month period	20.65%	13.79%	+6.86%
Volatility (1Y) Calculated over the trailing 1-year period	24.35%	16.68%	+7.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.44%	15.94%	+8.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.71%	16.97%	+12.74%

GREK vs. DFJ - Expense Ratio Comparison

Both GREK and DFJ have an expense ratio of 0.58%.

Dividends

GREK vs. DFJ - Dividend Comparison

GREK's dividend yield for the trailing twelve months is around 3.00%, more than DFJ's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJ WisdomTree Japan SmallCap Dividend Fund	2.41%	2.68%	2.46%	2.43%	2.62%	2.07%	2.59%	2.24%	1.89%	1.60%	1.76%	1.23%
GREK Global X MSCI Greece ETF	3.00%	3.46%	4.63%	2.61%	2.82%	2.16%	2.62%	2.25%	2.41%	2.13%	1.95%	1.52%

Frequently Asked Questions

Can I hold both GREK and DFJ in my portfolio?

GREK and DFJ have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GREK or DFJ?

GREK has higher volatility (8.69%) compared to DFJ (4.87%). In terms of maximum drawdown, GREK dropped -79.50% vs DFJ's -46.00%.

Which ETF is better, GREK or DFJ?

On 10-year performance, GREK leads with 16.01% vs 9.18% for DFJ. Both ETFs have the same 0.58% expense ratio. On volatility, DFJ has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GREK or DFJ?

Over the 10-year period, GREK has performed better with a 16.01% return vs 9.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GREK or DFJ?

GREK and DFJ have the same expense ratio: 0.58% per year.

Which ETF pays a higher dividend yield, GREK or DFJ?

GREK has the higher dividend yield at 3.00%, compared with 2.41% for DFJ.

What is the main difference between GREK and DFJ?

GREK is categorized as Emerging Markets Equities, while DFJ is Japan Equities. GREK tracks MSCI All Greece Select 25-50, while DFJ tracks WisdomTree Japan SmallCap Dividend Index. They also come from different issuers: Global X and WisdomTree.

Which has better risk-adjusted returns?

DFJ currently has the higher Sharpe Ratio (1.65 vs 1.59), 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.