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IWR vs. DLS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWR vs. DLS

Last updated Jun 14, 2026

IWR (iShares Russell Midcap ETF) and DLS (WisdomTree International SmallCap Dividend) are both exchange-traded funds - IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap 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 10 years, IWR returned 11.79%/yr vs 8.07%/yr for DLS. A 0.77 correlation means they provide meaningful diversification when combined. IWR charges 0.19%/yr vs 0.58%/yr for DLS.

Performance

IWR vs. DLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Midcap ETF (IWR) 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, IWR achieves a 13.23% return, which is significantly higher than DLS's 7.56% return. Over the past 10 years, IWR has outperformed DLS with an annualized return of 11.79%, while DLS has yielded a comparatively lower 8.07% annualized return.

IWR

1D
0.93%
1M
4.85%
YTD
13.23%
6M
11.96%
1Y
23.37%
3Y*
16.40%
5Y*
7.99%
10Y*
11.79%

DLS

1D
0.13%
1M
0.56%
YTD
7.56%
6M
9.92%
1Y
23.02%
3Y*
16.92%
5Y*
6.78%
10Y*
8.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWR vs. DLS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWR
iShares Russell Midcap ETF		13.23%10.37%15.21%17.05%-17.48%22.44%16.93%30.23%-9.10%18.25%
DLS
WisdomTree International SmallCap Dividend		7.56%34.11%3.06%15.33%-17.31%11.71%-1.28%22.20%-18.95%31.83%

Correlation

The correlation between IWR and DLS is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.68

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

0.68

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

0.73

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jun 16, 2006

0.77

The correlation between IWR and DLS has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

IWR vs. DLS - Sectors Allocation Comparison

Sectors
IWR
DLS

Technology

19.6%
8.9%

Industrials

18.1%
27.8%

Financial Services

12.1%
13.4%

Consumer Cyclical

11.1%
12.7%

Healthcare

8.7%
3.6%

Real Estate

6.8%
7.6%

Energy

6.5%
2.7%

Utilities

5.7%
2.0%

Basic Materials

4.2%
9.2%

Consumer Defensive

3.9%
7.6%

Communication Services

3.3%
4.3%

Technology

IWR
19.6%
DLS
8.9%

Industrials

IWR
18.1%
DLS
27.8%

Financial Services

IWR
12.1%
DLS
13.4%

Consumer Cyclical

IWR
11.1%
DLS
12.7%

Healthcare

IWR
8.7%
DLS
3.6%

Real Estate

IWR
6.8%
DLS
7.6%

Energy

IWR
6.5%
DLS
2.7%

Utilities

IWR
5.7%
DLS
2.0%

Basic Materials

IWR
4.2%
DLS
9.2%

Consumer Defensive

IWR
3.9%
DLS
7.6%

Communication Services

IWR
3.3%
DLS
4.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Russell Midcap ETF

WisdomTree International SmallCap Dividend

Often compared with IWR:
IWR vs. VOIWR vs. IWDIWR vs. SPMDIWR vs. IWNIWR vs. SCHMIWR vs. VXFIWR vs. REGL
Often compared with DLS:
DLS vs. AVDVDLS vs. DDLSDLS vs. VSSDLS vs. DGSDLS vs. ISVLDLS vs. FNDCDLS vs. VEA

Return for Risk

IWR vs. DLS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWR
IWR Risk / Return Rank: 5656
Overall Rank
IWR Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
IWR Sortino Ratio Rank: 5454
Sortino Ratio Rank
IWR Omega Ratio Rank: 4949
Omega Ratio Rank
IWR Calmar Ratio Rank: 6161
Calmar Ratio Rank
IWR Martin Ratio Rank: 6565
Martin Ratio Rank
DLS
DLS Risk / Return Rank: 5050
Overall Rank
DLS Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
DLS Sortino Ratio Rank: 5353
Sortino Ratio Rank
DLS Omega Ratio Rank: 5252
Omega Ratio Rank
DLS Calmar Ratio Rank: 4545
Calmar Ratio Rank
DLS Martin Ratio Rank: 4848
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.

IWR vs. DLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) 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.

IWRDLSDifference
Sharpe ratioReturn per unit of total volatility
1.59
1.58

+0.01

Sortino ratioReturn per unit of downside risk
2.28
2.27

+0.01

Omega ratioGain probability vs. loss probability

1.28

1.29

-0.01

Calmar ratioReturn relative to maximum drawdown

2.68

1.97

+0.71

Martin ratioReturn relative to average drawdown

10.26

7.11

+3.15

IWR vs. DLS - Sharpe Ratio Comparison

The current IWR Sharpe Ratio is 1.59, which is comparable to the DLS Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of IWR 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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Drawdowns

IWR vs. DLS - Drawdown Comparison

The maximum IWR drawdown since its inception was -58.78%, smaller than the maximum DLS drawdown of -63.13%. Use the drawdown chart below to compare losses from any high point for IWR and DLS.

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Drawdown Indicators

IWRDLSDifference

Max Drawdown

Largest peak-to-trough decline

-58.78%

-63.13%

+4.35%

Max Drawdown (1Y)

Largest decline over 1 year

-8.17%

-11.04%

+2.87%

Max Drawdown (3Y)

Largest decline over 3 years

-21.09%

-12.69%

-8.40%

Max Drawdown (5Y)

Largest decline over 5 years

-26.18%

-32.22%

+6.04%

Max Drawdown (10Y)

Largest decline over 10 years

-40.59%

-44.77%

+4.18%

Current Drawdown

Current decline from peak

0.00%

-2.36%

+2.36%

Average Drawdown

Average peak-to-trough decline

-7.80%

-13.63%

+5.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

3.06%

-0.93%

Volatility

IWR vs. DLS - Volatility Comparison

The current volatility for iShares Russell Midcap ETF (IWR) is 4.49%, while WisdomTree International SmallCap Dividend (DLS) has a volatility of 4.90%. This indicates that IWR experiences smaller price fluctuations and is considered to be less risky 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

IWRDLSDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.49%

4.90%

-0.41%

Volatility (6M)

Calculated over the trailing 6-month period

10.34%

11.48%

-1.14%

Volatility (1Y)

Calculated over the trailing 1-year period

13.79%

13.81%

-0.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.28%

15.64%

+2.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.38%

16.68%

+2.70%

IWR vs. DLS - Expense Ratio Comparison

IWR has a 0.19% expense ratio, which is lower than DLS's 0.58% expense ratio.

Dividends

IWR vs. DLS - Dividend Comparison

IWR's dividend yield for the trailing twelve months is around 1.14%, less than DLS's 3.47% yield.

PositionTTM20252024202320222021202020192018201720162015
DLS
WisdomTree International SmallCap Dividend		3.47%3.87%4.56%4.29%4.96%3.29%2.50%3.37%3.66%2.79%3.29%2.72%
IWR
iShares Russell Midcap ETF		1.14%1.29%1.27%1.43%1.59%1.04%1.28%1.43%1.98%1.52%1.72%1.59%

Frequently Asked Questions

IWR and DLS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DLS has higher volatility (4.90%) compared to IWR (4.49%). In terms of maximum drawdown, IWR dropped -58.78% vs DLS's -63.13%.

On 10-year performance, IWR leads with 11.79% vs 8.07% for DLS. On fees, IWR is cheaper at 0.19% per year. On volatility, IWR has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWR has performed better with a 11.79% return vs 8.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWR is cheaper with a 0.19% expense ratio, compared with 0.58% for DLS.

DLS has the higher dividend yield at 3.47%, compared with 1.14% for IWR.

IWR is categorized as Mid Cap Growth Equities, while DLS is Foreign Small & Mid Cap Equities. IWR tracks Russell Midcap Index, while DLS tracks WisdomTree International SmallCap Dividend Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.19% for IWR and 0.58% for DLS.

IWR currently has the higher Sharpe Ratio (1.59 vs 1.58), 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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