HEDG.L vs. DHSCX

Last updated Jun 4, 2026

HEDG.L (WisdomTree Issuer ICAV - WisdomTree Europe Equity UCITS ETF) and DHSCX (Diamond Hill Small Cap Fund) are both funds - HEDG.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while DHSCX is a Small Cap Value Equities fund managed by Diamond Hill. Over the past 5 years, HEDG.L returned 9.03%/yr vs 11.20%/yr for DHSCX. At a 0.14 correlation, their price movements are largely independent. HEDG.L charges 0.32%/yr vs 1.26%/yr for DHSCX.

Performance

HEDG.L vs. DHSCX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Issuer ICAV - WisdomTree Europe Equity UCITS ETF (HEDG.L) and Diamond Hill Small Cap Fund (DHSCX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HEDG.L is traded in GBp, while DHSCX is traded in USD. To make them comparable, the DHSCX values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HEDG.L achieves a 4.52% return, which is significantly lower than DHSCX's 15.66% return.

HEDG.L

• 1D: -0.79%
• 1M: 3.39%
• YTD: 4.52%
• 6M: 5.95%
• 1Y: 17.00%
• 3Y*: 13.36%
• 5Y*: 9.03%
• 10Y*: —

DHSCX

• 1D: 0.08%
• 1M: 3.77%
• YTD: 15.66%
• 6M: 17.14%
• 1Y: 36.23%
• 3Y*: 15.72%
• 5Y*: 11.20%
• 10Y*: 10.54%

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

HEDG.L vs. DHSCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEDG.L WisdomTree Issuer ICAV - WisdomTree Europe Equity UCITS ETF	4.52%	27.46%	-0.46%	21.61%	-8.76%	15.18%	-0.53%	16.73%	-8.10%	21.47%
DHSCX Diamond Hill Small Cap Fund	15.66%	3.54%	14.72%	17.79%	-5.02%	33.55%	-3.47%	16.83%	-10.20%	1.00%

Correlation

The correlation between HEDG.L and DHSCX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 6, 2016	0.14

Over the past year, HEDG.L and DHSCX have become more correlated (0.35) than their long-term average of 0.14, meaning their price movements have been converging.

Return for Risk

HEDG.L vs. DHSCX — Risk / Return Rank

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

HEDG.L

HEDG.L Risk / Return Rank: 32
HEDG.L Sharpe Ratio Rank: 33
HEDG.L Sortino Ratio Rank: 33
HEDG.L Omega Ratio Rank: 33
HEDG.L Calmar Ratio Rank: 29
HEDG.L Martin Ratio Rank: 32

DHSCX

DHSCX Risk / Return Rank: 52
DHSCX Sharpe Ratio Rank: 44
DHSCX Sortino Ratio Rank: 45
DHSCX Omega Ratio Rank: 39
DHSCX Calmar Ratio Rank: 77
DHSCX Martin Ratio Rank: 56

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.

HEDG.L vs. DHSCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Issuer ICAV - WisdomTree Europe Equity UCITS ETF (HEDG.L) and Diamond Hill Small Cap Fund (DHSCX). 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.

	HEDG.L	DHSCX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	2.10	-0.91
Sortino ratio: Return per unit of downside risk	1.75	2.91	-1.16
Omega ratio: Gain probability vs. loss probability	1.22	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	1.39	4.15	-2.76
Martin ratio: Return relative to average drawdown	4.77	14.24	-9.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEDG.L vs. DHSCX - Sharpe Ratio Comparison

The current HEDG.L Sharpe Ratio is 1.19, which is lower than the DHSCX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of HEDG.L and DHSCX, 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

	HEDG.L	DHSCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	2.10	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.55	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.45	+0.59

Drawdowns

HEDG.L vs. DHSCX - Drawdown Comparison

The maximum HEDG.L drawdown since its inception was -28.32%, smaller than the maximum DHSCX drawdown of -40.32%. Use the drawdown chart below to compare losses from any high point for HEDG.L and DHSCX.

Drawdown Indicators

	HEDG.L	DHSCX	Difference
Max Drawdown Largest peak-to-trough decline	-28.32%	-40.32%	+12.00%
Max Drawdown (1Y) Largest decline over 1 year	-12.22%	-9.45%	-2.77%
Max Drawdown (3Y) Largest decline over 3 years	-13.02%	-30.36%	+17.34%
Max Drawdown (5Y) Largest decline over 5 years	-18.10%	-30.36%	+12.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.32%	—
Current Drawdown Current decline from peak	-2.28%	-0.92%	-1.36%
Average Drawdown Average peak-to-trough decline	-4.20%	-7.25%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	2.75%	+0.81%

Volatility

HEDG.L vs. DHSCX - Volatility Comparison

WisdomTree Issuer ICAV - WisdomTree Europe Equity UCITS ETF (HEDG.L) and Diamond Hill Small Cap Fund (DHSCX) have volatilities of 4.41% and 4.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEDG.L	DHSCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	4.60%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	11.65%	12.67%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.23%	18.70%	-4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.94%	20.31%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.84%	21.82%	+5.02%

HEDG.L vs. DHSCX - Expense Ratio Comparison

HEDG.L has a 0.32% expense ratio, which is lower than DHSCX's 1.26% expense ratio.

Dividends

HEDG.L vs. DHSCX - Dividend Comparison

HEDG.L has not paid dividends to shareholders, while DHSCX's dividend yield for the trailing twelve months is around 5.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHSCX Diamond Hill Small Cap Fund	5.02%	5.80%	16.10%	30.73%	18.17%	17.43%	0.32%	6.94%	10.29%	6.68%	2.50%	1.63%
HEDG.L WisdomTree Issuer ICAV - WisdomTree Europe Equity UCITS ETF	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 HEDG.L and DHSCX in my portfolio?

HEDG.L and DHSCX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.