VIOO vs. DLS

Last updated Aug 4, 2026

VIOO (Vanguard S&P Small-Cap 600 ETF) and DLS (WisdomTree International SmallCap Dividend Fund) are both exchange-traded funds - VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 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, VIOO returned 10.84%/yr vs 7.86%/yr for DLS. Their 0.67 correlation means they have sometimes moved together and sometimes differently. VIOO charges 0.07%/yr vs 0.58%/yr for DLS.

Performance

VIOO vs. DLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 ETF (VIOO) and WisdomTree International SmallCap Dividend Fund (DLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOO achieves a 23.60% return, which is significantly higher than DLS's 8.83% return. Over the past 10 years, VIOO has outperformed DLS with an annualized return of 10.84%, while DLS has yielded a comparatively lower 7.86% annualized return.

VIOO

• 1D: 1.70%
• 1M: 1.13%
• 6M: 15.75%
• YTD: 23.60%
• 1Y: 38.11%
• 3Y*: 14.55%
• 5Y*: 8.09%
• 10Y*: 10.84%
• ALL TIME*: 12.57%

DLS

• 1D: 0.38%
• 1M: 1.63%
• 6M: 3.76%
• YTD: 8.83%
• 1Y: 18.81%
• 3Y*: 17.23%
• 5Y*: 7.14%
• 10Y*: 7.86%
• ALL TIME*: 6.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DLS WisdomTree International SmallCap Dividend Fund	$1.55M	$1.40M	$1.52M
VIOO Vanguard S&P Small-Cap 600 ETF	$9.67M	$9.29M	$10.09M

VIOO vs. DLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOO Vanguard S&P Small-Cap 600 ETF	23.60%	6.04%	8.48%	16.16%	-16.26%	26.79%	11.47%	22.68%	-8.65%	13.16%
DLS WisdomTree International SmallCap Dividend Fund	8.83%	34.11%	3.06%	15.33%	-17.31%	11.71%	-1.28%	22.20%	-18.95%	31.83%

Correlation

The correlation between VIOO and DLS is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.67
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.67

The correlation between VIOO and DLS has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.

VIOO vs. DLS - Sectors Allocation Comparison

Sectors	VIOO	DLS
Financial Services	17.1%	13.8%
Industrials	15.6%	28.0%
Technology	15.6%	9.1%
Consumer Cyclical	13.2%	12.9%
Healthcare	12.2%	3.6%
Real Estate	7.6%	7.4%
Energy	4.9%	2.4%
Basic Materials	4.7%	9.0%
Consumer Defensive	4.2%	7.7%
Communication Services	3.2%	4.2%
Utilities	1.8%	2.0%

Return for Risk

VIOO vs. DLS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VIOO

VIOO Risk / Return Rank: 89
VIOO Sharpe Ratio Rank: 89
VIOO Sortino Ratio Rank: 90
VIOO Omega Ratio Rank: 86
VIOO Calmar Ratio Rank: 92
VIOO Martin Ratio Rank: 91

DLS

DLS Risk / Return Rank: 52
DLS Sharpe Ratio Rank: 54
DLS Sortino Ratio Rank: 55
DLS Omega Ratio Rank: 54
DLS Calmar Ratio Rank: 46
DLS Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VIOO vs. DLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 ETF (VIOO) and WisdomTree International SmallCap Dividend Fund (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.

	VIOO	DLS	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.36	+0.85
Sortino ratio: Return per unit of downside risk	3.19	1.99	+1.21
Omega ratio: Gain probability vs. loss probability	1.38	1.25	+0.13
Calmar ratio: Return relative to maximum drawdown	4.37	1.71	+2.65
Martin ratio: Return relative to average drawdown	14.95	5.78	+9.18

VIOO vs. DLS - Sharpe Ratio Comparison

The current VIOO Sharpe Ratio is 2.21, which is higher than the DLS Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of VIOO 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

VIOO vs. DLS - Drawdown Comparison

The maximum VIOO drawdown since its inception was -44.15%, smaller than the maximum DLS drawdown of -63.13%. Use the drawdown chart below to compare losses from any high point for VIOO and DLS.

Drawdown Indicators

	VIOO	DLS	Difference
Max Drawdown Largest peak-to-trough decline	-44.15%	-63.13%	+18.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.77%	-11.04%	+2.27%
Max Drawdown (3Y) Largest decline over 3 years	-27.93%	-12.69%	-15.24%
Max Drawdown (5Y) Largest decline over 5 years	-27.93%	-32.22%	+4.29%
Max Drawdown (10Y) Largest decline over 10 years	-44.15%	-44.77%	+0.62%
Current Drawdown Current decline from peak	-0.28%	-1.21%	+0.93%
Average Drawdown Average peak-to-trough decline	-7.27%	-13.56%	+6.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.26%	-0.70%

Volatility

VIOO vs. DLS - Volatility Comparison

The current volatility for Vanguard S&P Small-Cap 600 ETF (VIOO) is 3.78%, while WisdomTree International SmallCap Dividend Fund (DLS) has a volatility of 4.11%. This indicates that VIOO 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.

Volatility by Period

	VIOO	DLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	4.11%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	11.78%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.39%	13.92%	+3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.27%	15.64%	+5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.95%	16.38%	+6.57%

VIOO vs. DLS - Expense Ratio Comparison

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

Dividends

VIOO vs. DLS - Dividend Comparison

VIOO's dividend yield for the trailing twelve months is around 1.10%, less than DLS's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLS WisdomTree International SmallCap Dividend Fund	3.49%	3.87%	4.56%	4.29%	4.96%	3.29%	2.50%	3.37%	3.66%	2.79%	3.29%	2.72%
VIOO Vanguard S&P Small-Cap 600 ETF	1.10%	1.36%	1.48%	1.47%	1.51%	1.16%	1.09%	1.37%	1.32%	1.11%	1.06%	1.26%

Frequently Asked Questions

Can I hold both VIOO and DLS in my portfolio?

VIOO and DLS have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIOO or DLS?

DLS has higher volatility (4.11%) compared to VIOO (3.78%). In terms of maximum drawdown, VIOO dropped -44.15% vs DLS's -63.13%.

Which ETF is better, VIOO or DLS?

On 10-year performance, VIOO leads with 10.84% vs 7.86% for DLS. On fees, VIOO is cheaper at 0.07% per year. On volatility, VIOO has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOO or DLS?

Over the 10-year period, VIOO has performed better with a 10.84% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOO or DLS?

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

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

DLS has the higher dividend yield at 3.49%, compared with 1.10% for VIOO.

What is the main difference between VIOO and DLS?

VIOO is categorized as Small Cap Blend Equities, while DLS is Foreign Small & Mid Cap Equities. VIOO tracks S&P SmallCap 600 Index, while DLS tracks WisdomTree International SmallCap Dividend Index. They also come from different issuers: Vanguard and WisdomTree. Their fees differ too: 0.07% for VIOO and 0.58% for DLS.

Which has better risk-adjusted returns?

VIOO currently has the higher Sharpe Ratio (2.21 vs 1.36), 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.