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IEFA vs. DLS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. DLS

Last updated Jun 9, 2026

IEFA (iShares Core MSCI EAFE ETF) and DLS (WisdomTree International SmallCap Dividend) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), while DLS is a Foreign Small & Mid Cap Equities fund tracking the WisdomTree International SmallCap Dividend Index. Both are passively managed. Over the past 10 years, IEFA returned 9.37%/yr vs 7.53%/yr for DLS. Their correlation of 0.93 suggests significant overlap in exposure. IEFA charges 0.07%/yr vs 0.58%/yr for DLS.

Performance

IEFA vs. DLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and WisdomTree International SmallCap Dividend (DLS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEFA achieves a 7.49% return, which is significantly higher than DLS's 5.42% return. Over the past 10 years, IEFA has outperformed DLS with an annualized return of 9.37%, while DLS has yielded a comparatively lower 7.53% annualized return.

IEFA

1D
0.63%
1M
-1.17%
YTD
7.49%
6M
10.04%
1Y
19.61%
3Y*
16.13%
5Y*
7.82%
10Y*
9.37%

DLS

1D
0.26%
1M
-3.66%
YTD
5.42%
6M
8.27%
1Y
20.18%
3Y*
16.61%
5Y*
6.41%
10Y*
7.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEFA vs. DLS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEFA
iShares Core MSCI EAFE ETF		7.49%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%
DLS
WisdomTree International SmallCap Dividend		5.42%34.11%3.06%15.33%-17.31%11.71%-1.28%22.20%-18.95%31.83%

Correlation

The correlation between IEFA and DLS is 0.93, 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

0.93

Correlation (3Y)
Calculated over the trailing 3-year period

0.93

Correlation (5Y)
Calculated over the trailing 5-year period

0.95

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Oct 25, 2012

0.93

The correlation between IEFA and DLS has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

IEFA vs. DLS - Sectors Allocation Comparison

Sectors
IEFA
DLS

Financial Services

22.5%
13.3%

Industrials

20.1%
27.8%

Technology

10.8%
8.4%

Healthcare

9.5%
3.7%

Consumer Cyclical

8.0%
12.8%

Basic Materials

7.0%
8.9%

Consumer Defensive

6.6%
7.9%

Communication Services

4.4%
4.4%

Energy

3.8%
3.0%

Utilities

3.6%
2.1%

Real Estate

3.0%
7.8%

Financial Services

IEFA
22.5%
DLS
13.3%

Industrials

IEFA
20.1%
DLS
27.8%

Technology

IEFA
10.8%
DLS
8.4%

Healthcare

IEFA
9.5%
DLS
3.7%

Consumer Cyclical

IEFA
8.0%
DLS
12.8%

Basic Materials

IEFA
7.0%
DLS
8.9%

Consumer Defensive

IEFA
6.6%
DLS
7.9%

Communication Services

IEFA
4.4%
DLS
4.4%

Energy

IEFA
3.8%
DLS
3.0%

Utilities

IEFA
3.6%
DLS
2.1%

Real Estate

IEFA
3.0%
DLS
7.8%

Compare stocks, funds, or ETFs

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iShares Core MSCI EAFE ETF

WisdomTree International SmallCap Dividend

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with DLS:
DLS vs. AVDVDLS vs. DDLSDLS vs. VSSDLS vs. DGSDLS vs. ISVLDLS vs. FNDCDLS vs. VEA

Return for Risk

IEFA vs. DLS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEFA
IEFA Risk / Return Rank: 4040
Overall Rank
IEFA Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4040
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4040
Omega Ratio Rank
IEFA Calmar Ratio Rank: 3838
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4343
Martin Ratio Rank
DLS
DLS Risk / Return Rank: 4646
Overall Rank
DLS Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
DLS Sortino Ratio Rank: 4848
Sortino Ratio Rank
DLS Omega Ratio Rank: 4848
Omega Ratio Rank
DLS Calmar Ratio Rank: 4040
Calmar Ratio Rank
DLS Martin Ratio Rank: 4444
Martin Ratio Rank
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.

IEFA vs. DLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and WisdomTree International SmallCap Dividend (DLS). 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.

IEFADLSDifference
Sharpe ratioReturn per unit of total volatility
1.30
1.50

-0.20

Sortino ratioReturn per unit of downside risk
1.88
2.14

-0.27

Omega ratioGain probability vs. loss probability

1.24

1.27

-0.03

Calmar ratioReturn relative to maximum drawdown

1.71

1.84

-0.12

Martin ratioReturn relative to average drawdown

6.52

6.69

-0.17

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEFA vs. DLS - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.30, which is comparable to the DLS Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of IEFA and DLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IEFADLSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.30

1.50

-0.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

0.41

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.45

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.33

+0.17

Drawdowns

IEFA vs. DLS - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, smaller than the maximum DLS drawdown of -63.13%. Use the drawdown chart below to compare losses from any high point for IEFA and DLS.

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Drawdown Indicators

IEFADLSDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-63.13%

+28.35%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-11.04%

-0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-12.69%

-1.07%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-32.22%

+1.81%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-44.77%

+9.99%

Current Drawdown

Current decline from peak

-2.44%

-4.30%

+1.86%

Average Drawdown

Average peak-to-trough decline

-6.69%

-13.64%

+6.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.02%

3.03%

-0.01%

Volatility

IEFA vs. DLS - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 4.54% compared to WisdomTree International SmallCap Dividend (DLS) at 4.19%. This indicates that IEFA's price experiences larger fluctuations and is considered to be riskier than DLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IEFADLSDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.54%

4.19%

+0.35%

Volatility (6M)

Calculated over the trailing 6-month period

12.74%

11.16%

+1.58%

Volatility (1Y)

Calculated over the trailing 1-year period

15.22%

13.54%

+1.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.55%

15.59%

+0.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.32%

16.69%

+0.63%

IEFA vs. DLS - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than DLS's 0.58% expense ratio.

Dividends

IEFA vs. DLS - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.30%, less than DLS's 3.54% yield.

PositionTTM20252024202320222021202020192018201720162015
DLS
WisdomTree International SmallCap Dividend		3.54%3.87%4.56%4.29%4.96%3.29%2.50%3.37%3.66%2.79%3.29%2.72%
IEFA
iShares Core MSCI EAFE ETF		3.30%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%

Frequently Asked Questions

With a correlation of 0.93, IEFA and DLS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

IEFA has higher volatility (4.54%) compared to DLS (4.19%). In terms of maximum drawdown, IEFA dropped -34.78% vs DLS's -63.13%.

On 10-year performance, IEFA leads with 9.37% vs 7.53% for DLS. On fees, IEFA is cheaper at 0.07% per year. On volatility, DLS has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEFA has performed better with a 9.37% return vs 7.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.58% for DLS.

DLS has the higher dividend yield at 3.54%, compared with 3.30% for IEFA.

IEFA is categorized as Foreign Large Cap Equities, while DLS is Foreign Small & Mid Cap Equities. IEFA tracks MSCI EAFE IMI Index (Net), while DLS tracks WisdomTree International SmallCap Dividend Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.07% for IEFA and 0.58% for DLS.

DLS currently has the higher Sharpe Ratio (1.50 vs 1.30), 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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