SMLV vs. DXJ

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and WisdomTree Japan Hedged Equity Fund (DXJ).

SMLV and DXJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMLV is a passively managed fund by State Street that tracks the performance of the SSGA US Small Cap Low Volatility Index. It was launched on Feb 20, 2013. DXJ is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Japan Hedged Equity Index. It was launched on Jun 16, 2006. Both SMLV and DXJ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SMLV vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

SMLV vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	5.10%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%
DXJ WisdomTree Japan Hedged Equity Fund	10.00%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Returns By Period

In the year-to-date period, SMLV achieves a 5.10% return, which is significantly lower than DXJ's 10.00% return. Over the past 10 years, SMLV has underperformed DXJ with an annualized return of 9.50%, while DXJ has yielded a comparatively higher 17.25% annualized return.

SMLV

• 1D: 1.29%
• 1M: -2.65%
• YTD: 5.10%
• 6M: 7.05%
• 1Y: 14.56%
• 3Y*: 12.30%
• 5Y*: 6.79%
• 10Y*: 9.50%

DXJ

• 1D: 2.59%
• 1M: -6.49%
• YTD: 10.00%
• 6M: 24.19%
• 1Y: 46.21%
• 3Y*: 34.37%
• 5Y*: 24.33%
• 10Y*: 17.25%

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

SMLV vs. DXJ - Expense Ratio Comparison

SMLV has a 0.12% expense ratio, which is lower than DXJ's 0.48% expense ratio.

DXJ

WisdomTree Japan Hedged Equity Fund

SMLV

SPDR SSGA US Small Cap Low Volatility Index ETF

Return for Risk

SMLV vs. DXJ — Risk / Return Rank

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

SMLV

SMLV Risk / Return Rank: 47
SMLV Sharpe Ratio Rank: 44
SMLV Sortino Ratio Rank: 46
SMLV Omega Ratio Rank: 42
SMLV Calmar Ratio Rank: 53
SMLV Martin Ratio Rank: 48

DXJ

DXJ Risk / Return Rank: 93
DXJ Sharpe Ratio Rank: 92
DXJ Sortino Ratio Rank: 92
DXJ Omega Ratio Rank: 93
DXJ Calmar Ratio Rank: 93
DXJ Martin Ratio Rank: 94

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.

SMLV vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) and WisdomTree Japan Hedged Equity Fund (DXJ). 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.

	SMLV	DXJ	Difference
Sharpe ratio Return per unit of total volatility	0.78	2.04	-1.26
Sortino ratio Return per unit of downside risk	1.21	2.67	-1.46
Omega ratio Gain probability vs. loss probability	1.16	1.41	-0.25
Calmar ratio Return relative to maximum drawdown	1.31	3.46	-2.14
Martin ratio Return relative to average drawdown	4.41	13.69	-9.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLV vs. DXJ - Sharpe Ratio Comparison

The current SMLV Sharpe Ratio is 0.78, which is lower than the DXJ Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SMLV and DXJ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMLV	DXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	2.04	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	1.29	-0.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.84	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.41	+0.11

Correlation

The correlation between SMLV and DXJ is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SMLV vs. DXJ - Dividend Comparison

SMLV's dividend yield for the trailing twelve months is around 2.52%, more than DXJ's 1.18% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.52%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%
DXJ WisdomTree Japan Hedged Equity Fund	1.18%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%

Drawdowns

SMLV vs. DXJ - Drawdown Comparison

The maximum SMLV drawdown since its inception was -42.45%, smaller than the maximum DXJ drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for SMLV and DXJ.

Drawdown Indicators

	SMLV	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-42.45%	-49.63%	+7.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.10%	-12.65%	+1.55%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-22.19%	+1.79%
Max Drawdown (10Y) Largest decline over 10 years	-42.45%	-39.14%	-3.31%
Current Drawdown Current decline from peak	-4.33%	-6.79%	+2.46%
Average Drawdown Average peak-to-trough decline	-5.52%	-14.44%	+8.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.31%	0.00%

Volatility

SMLV vs. DXJ - Volatility Comparison

The current volatility for SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) is 4.80%, while WisdomTree Japan Hedged Equity Fund (DXJ) has a volatility of 7.80%. This indicates that SMLV experiences smaller price fluctuations and is considered to be less risky than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLV	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	7.80%	-3.00%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	13.70%	-3.13%
Volatility (1Y) Calculated over the trailing 1-year period	18.66%	22.77%	-4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	18.91%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	20.50%	+0.46%