ISVL vs. DLS

Last updated Jun 24, 2026

ISVL (iShares International Developed Small Cap Value Factor ETF) and DLS (WisdomTree International SmallCap Dividend) are both exchange-traded funds - ISVL is a Small Cap Value Equities fund tracking the FTSE Developed ex US ex Korea Small Cap Focused Value Index, while DLS is a Foreign Small & Mid Cap Equities fund tracking the WisdomTree International SmallCap Dividend Index. Both are passively managed. Over the past 5 years, ISVL returned 10.69%/yr vs 6.77%/yr for DLS. With a 0.96 correlation, they move nearly in lockstep. ISVL charges 0.30%/yr vs 0.58%/yr for DLS.

Performance

ISVL vs. DLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Developed Small Cap Value Factor ETF (ISVL) and WisdomTree International SmallCap Dividend (DLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISVL achieves a 7.81% return, which is significantly higher than DLS's 5.03% return.

ISVL

• 1D: -1.20%
• 1M: -1.07%
• YTD: 7.81%
• 6M: 7.79%
• 1Y: 27.75%
• 3Y*: 21.81%
• 5Y*: 10.69%
• 10Y*: —

DLS

• 1D: -1.53%
• 1M: -2.19%
• YTD: 5.03%
• 6M: 5.39%
• 1Y: 19.99%
• 3Y*: 17.29%
• 5Y*: 6.77%
• 10Y*: 8.17%

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

ISVL vs. DLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ISVL iShares International Developed Small Cap Value Factor ETF	7.81%	42.84%	4.58%	17.56%	-13.69%	8.32%
DLS WisdomTree International SmallCap Dividend	5.03%	34.11%	3.06%	15.33%	-17.31%	6.11%

Correlation

The correlation between ISVL 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	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021	0.96

The correlation between ISVL and DLS has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

ISVL vs. DLS - Sectors Allocation Comparison

Sectors	ISVL	DLS
Industrials	22.1%	27.8%
Financial Services	21.4%	13.4%
Consumer Cyclical	11.1%	12.7%
Real Estate	10.8%	7.6%
Basic Materials	10.1%	9.2%
Energy	6.0%	2.7%
Technology	4.9%	8.9%
Consumer Defensive	4.7%	7.6%
Healthcare	3.5%	3.6%
Communication Services	2.8%	4.3%
Utilities	1.3%	2.0%

Return for Risk

ISVL vs. DLS — Risk / Return Rank

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

ISVL

ISVL Risk / Return Rank: 56
ISVL Sharpe Ratio Rank: 59
ISVL Sortino Ratio Rank: 60
ISVL Omega Ratio Rank: 58
ISVL Calmar Ratio Rank: 48
ISVL Martin Ratio Rank: 53

DLS

DLS Risk / Return Rank: 42
DLS Sharpe Ratio Rank: 43
DLS Sortino Ratio Rank: 43
DLS Omega Ratio Rank: 42
DLS Calmar Ratio Rank: 38
DLS 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.

ISVL vs. DLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Developed Small Cap Value Factor ETF (ISVL) 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.

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.

	ISVL	DLS	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.45	+0.43
Sortino ratio: Return per unit of downside risk	2.66	2.10	+0.56
Omega ratio: Gain probability vs. loss probability	1.34	1.26	+0.08
Calmar ratio: Return relative to maximum drawdown	2.23	1.82	+0.42
Martin ratio: Return relative to average drawdown	8.70	6.48	+2.23

ISVL vs. DLS - Sharpe Ratio Comparison

The current ISVL Sharpe Ratio is 1.88, which is comparable to the DLS Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of ISVL 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.

Drawdowns

ISVL vs. DLS - Drawdown Comparison

The maximum ISVL drawdown since its inception was -30.48%, smaller than the maximum DLS drawdown of -63.13%. Use the drawdown chart below to compare losses from any high point for ISVL and DLS.

Drawdown Indicators

	ISVL	DLS	Difference
Max Drawdown Largest peak-to-trough decline	-30.48%	-63.13%	+32.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-11.04%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-12.93%	-12.69%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-32.22%	+1.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.77%	—
Current Drawdown Current decline from peak	-2.74%	-4.66%	+1.92%
Average Drawdown Average peak-to-trough decline	-6.61%	-13.62%	+7.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.09%	+0.11%

Volatility

ISVL vs. DLS - Volatility Comparison

iShares International Developed Small Cap Value Factor ETF (ISVL) and WisdomTree International SmallCap Dividend (DLS) have volatilities of 4.58% and 4.61%, 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

	ISVL	DLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.61%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	12.50%	11.58%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	14.82%	13.85%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	15.63%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	16.45%	+0.32%

ISVL vs. DLS - Expense Ratio Comparison

ISVL has a 0.30% expense ratio, which is lower than DLS's 0.58% expense ratio.

Dividends

ISVL vs. DLS - Dividend Comparison

ISVL's dividend yield for the trailing twelve months is around 3.20%, less than DLS's 3.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLS WisdomTree International SmallCap Dividend	3.55%	3.87%	4.56%	4.29%	4.96%	3.29%	2.50%	3.37%	3.66%	2.79%	3.29%	2.72%
ISVL iShares International Developed Small Cap Value Factor ETF	3.20%	2.69%	3.92%	3.82%	3.37%	2.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISVL and DLS in my portfolio?

With a correlation of 0.93, ISVL 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.

Which is riskier, ISVL or DLS?

DLS has higher volatility (4.61%) compared to ISVL (4.58%). In terms of maximum drawdown, ISVL dropped -30.48% vs DLS's -63.13%.

Which ETF is better, ISVL or DLS?

On 5-year performance, ISVL leads with 10.69% vs 6.77% for DLS. On fees, ISVL is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISVL or DLS?

Over the 5-year period, ISVL has performed better with a 10.69% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISVL or DLS?

ISVL is cheaper with a 0.30% expense ratio, compared with 0.58% for DLS.

Which ETF pays a higher dividend yield, ISVL or DLS?

DLS has the higher dividend yield at 3.55%, compared with 3.20% for ISVL.

What is the main difference between ISVL and DLS?

ISVL is categorized as Small Cap Value Equities, while DLS is Foreign Small & Mid Cap Equities. ISVL tracks FTSE Developed ex US ex Korea Small Cap Focused Value Index, while DLS tracks WisdomTree International SmallCap Dividend Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.30% for ISVL and 0.58% for DLS.

Which has better risk-adjusted returns?

ISVL currently has the higher Sharpe Ratio (1.88 vs 1.45), 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.